Andrews pitchfork indicator.

Andrews' Pitchfork is a fairly well-known graphical technique applicable in Forex trading; in fact, these are three lines, the first of which is built along significant lows, the second along significant highs, and the third is the beginning of an existing trend.

The Andrews Pitchfork indicator takes all the work of constructing into your own hands; the script will be an excellent assistant for both a novice trader and a professional in the Forex market.

Advanced functionality will not only help you complete all the work, but will also help you choose the most attractive time period for trading.

Download the Andrews Pitchfork indicator.

In the default settings, it is set that the script builds pitchforks simultaneously on all time intervals; a large number sometimes makes it difficult to correctly assess the situation, so it is recommended to mark the working time frame and two adjacent ones - high and low.

You will find how to make all the additional settings in the text file that you will download along with the Andrews Pitchfork indicator.

The strategy for using this tool is quite simple, since it draws three parallel lines on the chart of a currency pair, two of which act as lines of support and resistance , and the third plays the role of a kind of guideline, then trading is carried out according to the corresponding pattern.

For example, during an uptrend, buy transactions are opened when there is a reversal at the lower line and the upward movement begins; the transaction is closed when it approaches the middle line, which characterizes the price of the beginning of the trend.

You can also use a breakout trading strategy , the main thing is that it is directed against the existing trend and has a fairly large size relative to the working time frame.