By skyforbes 
The Auto Andrews Pitchfork indicator for MetaTrader 5 utilizes three pivot points (market turning points) to calculate intermediate distances, drawing three parallel lines with equal spacing.
🔹source :
https://tradingfinder.com/products/indicators/mt5/auto-andrews-pitchfork-free-download/
🔹free indicator download:
https://cdn.tradingfinder.com/file/247863/auto-andrews-pitchfork-mt5-by-tflab-v1-2.zip
These lines serve as dynamic support and resistance zones on the price chart, generating trading signals when the price touches or breaks them. The indicator displays two pitchforks with the most relevant dynamic lines: one in dashed lines and the other in solid red lines.
Auto Andrews Pitchfork Indicator Table
Uptrend Signals of the Indicator
In the EURAUD trading symbol with a 15-minute time frame, the indicator uses the last three pivot points (high — low — high) to draw the dashed Andrews Pitchfork. After the price returns to the median band, a Buy Position signal is generated.
🔺Downtrend Signals of the Indicator
On the WTI crude oil symbol with a one-hour time frame, the indicator utilizes the last three pivot points (high — low — high) to draw the dashed Andrews Pitchfork. As the price touches the upper band of the pitchfork, a Sell Position signal is generated, with the upper band acting as resistance.
Auto Andrews Pitchfork Indicator Settings
- MACD Fast Moving Average Period: 26
- MACD Slow Moving Average Period: 12
- MACD Signal Line Period: 9
- MACD Applied Price: Close price
- Pitchfork #1 Color: Red
- Pitchfork #1 Line Style: Solid
- Pitchfork #1 Line Width: 2
- Pitchfork #2 Color: Blue
- Pitchfork #2 Line Style: Dashed
- Pitchfork #2 Line Width: 1
- Calculate for n Bars: 1000 candles
Key Features of the Auto Andrews Pitchfork Indicator
✅ Automated Calculation — Automatically detects three pivot points and draws the pitchfork lines.
✅ Dynamic Support & Resistance — Helps traders identify key price levels where reversals or breakouts may occur.
✅ Multi-Timeframe Analysis — Works across different timeframes, making it useful for both short-term and long-term traders.
✅ Customizable Settings — Allows users to modify line colors, styles, and widths for better visibility.
✅ Breakout & Reversal Signals — Provides insights into potential entry and exit points for trades.
🔍How the Indicator Works
The Andrews Pitchfork is constructed using three significant market turning points (highs and lows). Once these points are selected, three parallel lines are drawn:
- Median Line (ML) — Acts as a central reference for price movements.
- Upper Parallel Line (UPL) — Represents potential resistance.
- Lower Parallel Line (LPL) — Serves as potential support.
The price tends to move within these boundaries, and traders use these lines to anticipate market movements. If the price touches or breaks these lines, it may signal a trading opportunity.
Trading Signals Generated by the Indicator
Bullish Signals (Uptrend)
- The price moves above the median line, indicating strong buying momentum.
- A bounce from the lower parallel line suggests a potential buy opportunity.
- If the price breaks above the upper parallel line, it signals a continuation of the bullish trend.
Bearish Signals (Downtrend)
- The price falls below the median line, indicating selling pressure.
- A rejection from the upper parallel line suggests a short-selling opportunity.
- If the price breaks below the lower parallel line, it confirms a bearish trend continuation.
📊Conclusion
The Auto Andrews Pitchfork Indicator for MT5 is a valuable tool for traders looking to identify market trends, reversals, and breakout points. By utilizing three pivot points, the indicator creates a structured framework for price action analysis.
To maximize effectiveness, traders should use this indicator alongside other technical analysis methods, such as support/resistance levels, MACD, and RSI. This approach helps filter out false signals and improves overall trading accuracy.
FAQs
❓Can the Andrews Pitchfork indicator be used alone?
Yes, but it is recommended to combine it with other analytical tools, such as static chart levels, to filter out false signals.
❓How can you get trading signals from the Andrews Pitchfork indicator?
When the price touches the pitchfork lines, a price reversal may be expected; if the lines are broken, a continuation of the trend is anticipated.
Learn more Auto Andrews Pitchfork indicator for MT5 Download — Free — [TFlab]
