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Andrews Pitchfork indicator for MT5

This indicator is designed for automated drawing of Andrews Pitchfork. The Andrews Pitchfork tool is usually drawn according to three main prices of a chart. The method of finding abovementioned prices was developed on the basis of a thorough study and drawing dozens of Andrews Pitchforks. What we offer in this indicator represents a result of our conducted work. This indicator has particular settings and when you change them, the Pitchfork drawing principle stays the same. And changed data will be a signal to draw the next Andrews Pitchfork. At the same time, another important parameter is a distance from resistance/support level. After reaching this level, Pitchfork's lines are considered to be invalid and the indicator will draw a new Andrews Pitchfork.

Traditional employment of Andrews Pitchfork lines - buying on support level and selling on resistance level - will always ensure a good balance of profit and risk.

This indicator can also be used for determining possible future price direction.

The indicator settings

  • UpTrendPitchforkName — upward channel name;
  • UpTrendPitchforkName — downward channel name;
  • minVdis23 — minimum distance between points 2 and 3 of Andrews Pitchfork;
  • maxVdis23 — maximum distance between points 2 and 3 of Andrews Pitchfork;
  • minVdis12 — minimum distance between points 2 and 3 of Andrews Pitchfork;
  • maxVdis 12 — maximum distance between points 1 and 2 of Andrews Pitchfork;
  • breakDown — coefficient calculated basing of the width of Andrews Pitchfork. Used for determining distance from resistance/support level. After reaching this level, lines are considered to be invalid and the indicator will draw a new Andrews Pitchfork.

You can find a version of this indicator for Metatrader 4 here: Andrews Pitchfork indicator for MT4

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