Automatic Andrews Pitchfork Indicator Download for MT4 - Free - [TFlab] - MetaTrader 4 Resource

The Auto Andrews Pitchfork Indicator is one of the MT4 Bands and Channels indicators designed to identify market dynamic support and resistance points.

The (AAP) indicator versus the MACD indicator draws three pitchfork-like parallel lines in red by identifying the chart's three closest pivot points.

The midline of this pitchfork can be identified as a potential reversal point or, if breached, could mark a continuation of the recent trend.

Automotive Andrews Pitchfork Indicator Table

Automotive Andrews Indicators Overview

The Andrews Pitchfork indicator uses three pivots on the chart and calculates the price difference between them to draw two related pitchforks.

Each pitchfork consists of three parallel lines and can be used as a reversal point or to indicate a trend continuation upon a breakout.

Indicator’s Uptrend Signal

The chart below shows the AUDNZD currency pair on the 4-hour time frame. This indicator uses the three most recent pivot points (low-high-low) to plot the Andrews Pitchfork dotted line. After the midline breaks, the Buy Position signal is generated.

Indicator’s downtrend signal

Based on the price chart of the EURAUD currency pair on the 30-minute time frame, the indicator uses the three most recent pivot points (high-low-high) to draw a dotted Andrews Pitchfork.

The Sell Position signal is generated when the price touches the upper band of the Pitchfork, with the upper band acting as a resistor.

Automatic Andrews Pitchfork Indicator Settings

• MACD fast moving average period: MACD's fast moving average period is set to 26;
• MACD slow moving average period: MACD slow moving average period is set to 12;
• MACD signal line period: MACD signal line period is set to 9;
• MACD Applied Price: MACD calculation is based on closing price;
• Pitchfork #1 Color: The color of the first pitchfork is set to red;
• Pitchfork #1 Line Style: The line style of the first pitchfork is set to solid;
• Pitchfork #1 line width: The line width of the first pitchfork is set to 2;
• Pitchfork #2 Color: The color of the second pitchfork is set to blue;
• Pitchfork #2 Line Style: The line style for the second pitchfork is dashed;
• Pitchfork #2 line width: The line width of the second pitchfork is set to 1;
• Calculate n bars: the indicator is calculated based on the last 1000 candles.

Conclusion

The Andrews Pitchfork indicator is one of the MetaTrader 4 indicators that uses pivot points on the price chart to identify retracement areas and potential retracement areas. Breakout points provide traders with this information for the continuation of the trend. Additionally, this trading tool can be used to place take profit (TP) and stop loss (SL) levels in trading.