Auto Andrews Pitchfork Indicator, Unlock Profitable Trading Insights

Description

Discover crucial levels of support and resistance as well as trend lines with this fantastic tool. Auto Andrews Pitchfork Indicator You can use the Pitchfork indicator with confidence in the Forex market and beyond. Suitable for any duration.

Andrews’ Pitchfork: What is it?

As a teacher, technical analyst, and trader, Dr. Alan H. Andrews was well-known.

According to Andrews, price fluctuations might be explained by the principles of physics. In the 1960s and 1970s, his “Median Line Method” course sold for $1,500.

Andrews explained that in order to create a median line, you must:

• Determine the P1, P2, and P3 points of extreme (as indicated in the chart below).
• Draw a line in the middle of lines P2 and P3 from point P1.

From points P2 and P3, the Upper Line and the Lower Line must be drawn parallel to the Median Line. A figure like a pitchfork with a “handle” at point P1 is the end result.

In classical technical analysis, this pitchfork is called after Andrews, however in the 1920s and 1930s, George Marechal and Roger Ward Babson (who was worth over $50 million) debated the concept of the Median Line.

What is Auto Andrews Pitchfork Indicator?

When used with the median line, Auto Andrews’ Pitchfork Indicator is an excellent tool because:

• identifies extreme points by utilising the integrated classic MACD indicator.
• Creates the two most pertinent pitchforks.
• eliminates pointless pitchforks to maintain the pricing chart

Furthermore, the indicator functions across all timeframes and hardly ever redraws. Why “almost”? Let’s clarify.

This is what you will see when you add the Auto Andrews’ Pitchfork Indicator to your price chart on the MT4 terminal:

Auto Andrews Pitchfork Indicator automatically recognises the red points as extreme points. Four of them were numbered from right to left.

With the median line going downward, the indicator uses points 2, 3, and 4 to construct a pitchfork with dotted lines. There is no redraw on that pitchfork.

The indicator depicts pitchforks as solid lines with the median line pointing upward using points 1, 2, and 3. However, a pitchfork constructed with solid lines is automatically partially corrected by the indicator because point 1 can be modified.

How to trade whit Auto Andrews Pitchfork Indicator

Andrews claims that 80% of the time, prices tend to return to the median line after bouncing off parallel lines. This is a fundamental concept that intraday traders and investors on daily and weekly timeframes use.

Sell Signal

The aforementioned chart illustrates how to initiate a short trade when the price gets close to the pitchfork’s upper parallel line, which is indicated by a dotted line. It makes sense to position the take-profit around the median line and the stop-loss behind the parallel line.

Make sure you have a favourable R:R ratio.

Manage the dangers. Although the price has not yet reached the median line on the chart, it has already made significant progress in that direction. You may move a position to breakeven if you had one.

Buy Signal

The dotted lines on this chart indicate the pitchforks, which are not redrawn, and we also provide an example of how to open a trade on them. When the lower parallel line is touched this time, the trade is a buy.

The stop loss should be positioned behind the parallel line. It should be sufficiently broad to prevent the price from hitting it without being too so that the R:R ratio was at least 1:2.

When the median line is reached, the deal should be closed off, either completely or in part.

Conclusion

MACD is used by the Auto Andrews Pitchfork Indicator for Metatrader to construct:

• The major trend line, or median line.
• The resistance and support lines are parallel.

Because the median line tends to indicate the market’s direction, the Auto Andrews’ Pitchfork Indicator for MT 4 aids in trend trading.

Despite being a century-old classical indication, Auto Andrews Pitchfork Indicator is still useful in today’s markets for intraday trading as well as for investing on daily and weekly charts. To improve signal accuracy, you can use Andrews’ Pitchfork Indicator in conjunction with additional instruments and methods.

It should be noted that the Auto Andrews’ Pitchfork Indicator for Metatrader does not promise the best buy and sell signals in history. Make sure that trading with this indicator won’t damage your deposit as a result. Train trading on a demo account with a preferred broker first in order to do this.

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