Automatic Andrews Pitchfork Indicator for MT5 Download - Free - [TFlab] - MetaTrader 5 Resource

The Auto Andrews Pitchfork Indicator is one of the MetaTrader 5 indicators that uses 3 pivot points (market turning points) and calculates the middle distance between them by drawing 3 parallel equally spaced lines.

These lines act as dynamic support and resistance areas on the price chart, meaning that trading signals are generated when price touches or breaks through them.

The indicator draws two pitchforks on the chart with the most relevant dynamic lines, one as a dotted line and the other as a solid red line.

Automotive Andrews Pitchfork Indicator Table

Auto Andrews Pitchfork Indicators Overview

The Andrews Pitchfork tool is available by default on the MetaTrader 4 and 5 platforms. Nonetheless, the indicator automatically plots two potentially relevant pitchforks based on the pivot of the price chart, eliminating the need for manual analysis and plotting.

This reduces the chance of error in identifying the appropriate point to draw the pitchfork.

Indicator’s Uptrend Signal

In the chart below, the indicator plots a dotted Andrews Pitchfork using the last three pivot points of the EURAUD trading symbol and the 15-minute time frame on the chart (High - Low - High).

After the price returns to the midline, the Buy Position signal is generated.

Indicator’s downtrend signal

In the chart below, the indicator plots a dotted Andrews Pitchfork using the last three pivot points (High - Low - High) on the WTI crude oil symbol on the one-hour time frame.

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 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 is calculated based on the closing price;
• Pitchfork #1 Color: The first pitchfork color is set to red;
• Pitchfork #1 Line Style: The first Pitchfork line style is Solid;
• Pitchfork #1 line width: The first pitchfork line width is set to 2;
• Pitchfork #2 Color: The second pitchfork color is blue;
• Pitchfork #2 Line Style: The second pitchfork line style is dashed;
• Pitchfork #2 line width: The second pitchfork line width is set to 1;
• Calculate n bars: the indicator calculates the last 1000 candles.

Conclusion

The Andrews Pitchfork indicator is one of the MT5 signals and prediction indicators that independently generates trading signals .

However, to avoid false signals, it can be used in conjunction with other trading tools such as static support and resistance levels, divergence, and alignment with higher time frames.