Andrew's Pitchfork


Andrew's Pitchfork
Andrew's Pitchfork (originally called "median line studies") is a drawing tool which, if correctly aligned, is also a geometric indicator. Andrew's Pitchfork consists of three parallel lines and is especially useful for finding resistance and support levels.

You can find the tool in the Chart Tools group in the toolbar.

Entering Andrew's Pitchfork

Three points are necessary to enter a Andrew's Pitchfork.
  • The start (pivot) point of a trend (high or low). This is the starting point of the handle.
  • The two corner points of a major correction against the trend. These will be the starting points of the prongs.
Proceed as follows:
  1. Open a symbol chart.
  2. Click on the Andrew's Pitchfork tool in the toolbar.
  3. Click into the chart on one of the corners of the correction movement.
  4. Keep the mouse button pressed and move the pointer to the second corner of the correction movement. Release the mouse button.
  5. Drag the start point (anchor point of the handle) to the correct position by moving it to the start point of the trend.
The resulting pitchfork consists of a handle with a middle line and two prongs. All lines can serve as resistance and support levels in price movements.

Editing Andrew's Pitchfork

  • To move Andrew's Pitchfork, drag it with the mouse (the mouse pointer turns into a hand symbol) and move it freely. Release the mouse button when done.
  • To change the direction of Andrew's Pitchfork, click the pivot point of the handle (the mouse pointer changes into an x-y axis symbol) and move it. This will make the fork rotate.
  • You can edit the corner points of the prongs. Click these anchor points (the mouse pointer turns into an x-y axis symbol) and drag them to another position. Due to the line coupling, the fork's appearance changes.
  • You can duplicate Andrew's Pitchfork by double-clicking on it.
  • When Andrew's Pitchfork is selected, you can edit the properties in the toolbox.
  • The alert function is available for Andrew's Pitchfork. To set an alert, set the Alert Mode from Disabled to one of the options (see below).
  • To delete Andrew's Pitchfork, right-click on it and select Delete from the context menu. Alternatively, select Andrew's Pitchfork and press the DEL key.

Properties

Graphic Properties

The following properties can be set for the Andrew's Pitchfork tool:

Handle Color - Here you can select a color for the handle line.

Prongs Color - Here you can select a color for the prong lines.

Width - Here you can set a width for all lines by entering a number.

Handle Style - Here you can select a line style for the handle, e.g. solid or dotted.

Prongs Style - Here you can select a line style for the prongs, e.g. solid or dotted.

Shadow - Here you can set a shadow for emphasizing all lines with a 3D effect. Four settings are available.

Base - Here you can select whether the base line (the line connecting the two anchor points of the prongs) is to be visible or hidden.

Label - Here you can set the value label for the current data point to visible or hidden. In Tradesignal you can also specifiy the location at which the label should be displayed

Alert Properties

The Andrew's Pitchfork tool can be used with various kinds of alerts.

Alert Direction - Here you can select from the list whether crossings of all types lead to alerts or only crossings in a certain direction.

Alert Mode - Here you can select an alert mode from the list. Select whether every crossing is considered or only one crossing per trading period or trend line.

Alert Name - Here you can specify a name for alerts generated by this tool. It will be included in the signal field of the alert.

Alert Trigger - Here you can select when an alert should be triggered.
  • Crossed: Triggers when the price crosses the tool, e.g. goes from below the tool to above the tool
  • Hit or Crossed: Same as above, but also triggers when the price merely hits the tool. This setting is useful for a Point&Figure Chart.
  • Break-in/Break-out: Treats the tool not as two separate lines but as a channel instead and triggers an alert, when the price breaks into or out of the tool's channel.
For further information on alert modes, see the chapter Alerts.

Links and Books

http://www.investopedia.com/articles/forex/05/AndrewsPitchfork.asp