Price can reverse at the Median Line or at the Upper or Lower Median line. When price zooms through the ML, it will always pullback and retest the Median line. When price is trading close to the ML, they will either reverse, consolidate or zoom through the Median Line. When prices are trading away from the Median Line, there is high probability that prices will reach the latest Median line (or ML for short). Andrews defined 5 rules governing how prices react to the Median lines, they are summarized as follows: Andrew’s PitchFork Strategy Trading Rulesĭr. Rising Pitchfork, drawn by connecting Low-High-LowĪs shown in the above two charts, once the Median lines are dawn, the next step is to look at the rules defined by Dr. The following charts illustrate an upward rising median line and a falling median line.įalling Pitchfork, drawn by connecting High-Low-High Once these pivot or reference points are established (which can be highs and lows of price) the Median line is projected accordingly. High – Low – High or Low – High – Low in consecutive waves. Traders need to locate three reference points on the charts, or pivots. #Andrews pitchfork mt4 indicator download how to#
Andrew’s PitchFork Strategy – How to Set it Up! In order to understand how to trade with Andrews’ Pitchfork, traders should first understand how to plot or use the median line tool. The Median line tool is basically built on the principles of trend lines and is used to dissect a parallel trend line, thus giving rise to the famed pitchfork pattern. Developed by Alan Andrews and Roger Babson, the Median line or Pitchfork is based on Newton’s laws of physics, most importantly the tenet which states that prices which are in motion tend to react and move in the opposite direction when acted upon by external forces.
Ray Left – infinite duration of the pitchfork to the left.Ĭommon parameters of object are described in a separate section.The Andrew’s Pitchfork Strategy, also known as the Pitchfork tool is a rather unique trading tool that is widely used among price action traders. Ray Right – infinite duration of the pitchfork to the right. Point – coordinates of the point of the upper "tooth" (upper pivot point) of Andrews' Pitchfork (date/value of the price scale). Point – coordinates of the point of the lower "tooth" (lower pivot point) of Andrews' Pitchfork (date/value of the price scale). Point – coordinates of the beginning point of Andrews' Pitchfork "handle" (date/value of the price scale). Points of "teeth" beginning allow changing the position of teeth separately when one point is moved, the second stays in its place. The second point of the "handle" allows moving Andrews' Pitchfork in the chart without changing its dimensions. Moving of the "handle" beginning point will change the direction of "teeth" only. The second and third pairs of numbers show distance along the time axis and price axis from the "teeth" to the "handle" beginning point. The first pair indicates the "handle" beginning, the first value is always equal to zero (because it is the initial point of the object) the second number indicates the distance between "teeth". Additional parameters will be shown at the top of the chart - three pairs of numbers. After that one should add the second point of the "handle" in a chart and drag the finger to add "teeth" of the pitchfork and signal lines at the necessary distance. To draw Andrews' Pitchfork, one should select this object and then tap on the chart to add the first point (beginning of the "handle"). 
The distance between the median line (continuation of a "handle") and "teeth" of the pitchfork is considered 100%. They are drawn at distances proportional to Fibonacci numbers. Signal lines are drawn parallel to "tines" of the pitchfork. Then, the second and the third trendlines outgoing from the above-mentioned rightmost points (significant peak and trough) are drawn in parallel to the first trendline. The first trend line starts in a selected extreme left point (it is an important peak or trough) and is drawn exactly between two extreme right points.
Interpretation of Andrews Pitchfork is based on standard rules of interpretation of support and resistance.
Request a presentation of MetaTrader 5 for Hedge FundsĪndrews Pitchfork is an instrument consisting of three parallel trendlines. Request a presentation of MetaTrader 5 for Brokers.
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