Auto Andrews Pitchfork indicator for MT5 Download - Free - [TFlab]

The Auto Andrews Pitchfork indicator is one of the tools in MetaTrader 5 that draw three parallel lines with equal spacing, using three pivot points (market swings) and calculating the intermediate distances between them.

These lines act as dynamic support and resistance zones on the price chart, meaning that a trading signal is generated when the price touches or breaks them. This indicator draws two pitchforks with the most relevant dynamic lines on the chart, one in dashed lines and the other in solid red lines.

Auto Andrews Pitchfork Indicator Table

Uptrend Signals of the Indicator

In the image below, the indicator uses the last three pivot points on the EURAUD trading symbol with a 15-minute time frame on the chart (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

In the image below, on the WTI crude oil symbol with a one-hour time frame, the indicator uses 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, 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 is calculated based on the Close price;
• Pitchfork #1 Color: The first pitchfork colour 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 colour 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 for n Bars: The indicator calculates for the last 1000 candles.

Summary

Like channel and band indicators, the Andrews Pitchfork indicator independently generates trading signals. However, to avoid false signals, it can be combined with other technical analysis tools, such as static support and resistance levels, divergences, and alignment with higher time frames.