Auto Andrews Pitchfork indicator for MT4 Download - Free - [TFlab]

The Auto Andrews Pitchfork indicator for MetaTrader 4 is one of the technical analysis tools used to determine the market's dynamic support and resistance levels. The (AAP) indicator works alongside the MACD indicator by identifying the chart's three most recent pivot points, drawing three parallel lines in red resembling a pitchfork. The median line of this pitchfork can be identified as a potential Reversal point or, if broken, can signal the continuation of the recent trend.

Auto Andrews Pitchfork Indicator Table

Uptrend Signals of the Indicator

The following image shows the AUDNZD currency pair in a 4-hour time frame. The indicator uses the most recent three pivots (low—high—low) to draw the dashed Andrews Pitchfork. After the median band breaks out, a Buy Position signal is generated.

Downtrend Signals of the Indicator

According to the EURAUD currency pair's price chart on a 30-minute time frame, the indicator uses the three most recent pivots (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, and the upper band acts as Resistance.

Auto Andrews Pitchfork Indicator Settings

• MACD Fast Moving Average Period: The fast-moving average period of the MACD is set to 26;
• MACD Slow Moving Average Period: The slow-moving average period of the MACD is set to 12;
• MACD Signal Line Period: The MACD signal line period is set to 9;
• MACD Applied Price: The MACD calculation is based on the Close 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 of the second pitchfork is Dashed;
• Pitchfork #2 Line Width: The line width of the second pitchfork is set to 1;
• Calculate for n Bars: The indicator calculates based on the last 1000 candles.

Summary

The Andrews Pitchfork Indicator is a classic technical analysis tool. It uses pivot points on the price chart to identify Reversal zones and potential breakout points for trend continuation. Additionally, this pitchfork can be used to set Take Profit (TP) and Stop Loss (SL) levels in trades.