PC Draw Andrews' Pitchfork
This article was :
published 933 days ago
updated 31 days ago
On MetaTrader4 (MT4) / MetaTrader5 (MT5), you can draw the Andrews' Pitchfork developed by Dr. Alan Andrews. It is made up of 3 parallel lines, which resemble a pitchfork as indicated by the name. The line on top represents the resistance line and the bottom represents the support line.
Here we'll take a look at how to draw and set up the Andrews' Pitchfork in MT4/MT5.
Switch between MT4/MT5 tabs to check the steps for each.
Step 1
Click "Insert" in the menu and select "Andrews Pitchfork".
In MT4, 5 types of channels are available, including the Andrews' Pitchfork.
-
Fibonacci
Fibonacci channel uses the trendline and creates parallel channel lines using the Fibonacci ratio.
-
Linear regression
Draws a center line (regression line) using the close price of each candle, and then draws equally spaced two parallel lines above and below it. The parallel lines pass through the close price farthest from the center line.
-
Equidistant channel
Draws two parallel lines. Each line can be moved separately while keeping them parallel.
-
Standard deviation
Draws a center line (regression line) using the close price of each candle, and then draws two parallel lines at a distance of standard deviation from the center line.
-
Andrews' Pitchfork
Three parallel lines are drawn using three points: the starting point of the trend and the high and low just after the trend.
Step 2
Click the starting point of the Andrews' Pitchfork on the chart. Click again on the second and third points, which are the reaction high or low.
Values displayed during drawing Andrews' Pitchfork
Values displayed when dragging indicate the numbers of candlesticks and points from the starting point to the end point.
Step 3
If you want to adjust the position of Andrews' Pitchfork, make sure the white dots are being displayed on the Andrews' Pitchfork and move each dot as necessary. If you cannot see the white dots, double-click near the Andrews' Pitchfork to display the white dots.
Step 4
To modify the Andrews' Pitchfork settings, right-click near the Andrews' Pitchfork and select "Andrews Pitchfork properties...".
Step 5
On the Andrews' Pitchfork settings window, edit the parameters in the "Common", "Parameters", and "Visualization" tabs and click "OK".
"Common" tab
"Parameters" tab
"Levels" for Andrews' Pitchfork can be set on MT5
On MT5, the Andrews' Pitchfork uses the Fibonacci ratio and draws lines at the 61.8%, 100%, 161.8%, and 261.8% marks.
"Visualization" tab
On the "Visualization" tab, you can specify the timeframes to use the Andrews' Pitchfork with.
Step 1
Click "Insert" in the menu. Hover the pointer over "Objects" > "Channels" and select "Andrews Pitchfork".
On MT5, five types of channels can be drawn including the Fibonacci channel in the "Fibonacci" menu.
-
Equidistant channel
Draws two parallel lines. Each line can be moved separately while keeping them parallel.
-
Standard deviation
Draws a center line (regression line) using the close price of each candle, and then draws two parallel lines at a distance of standard deviation from the center line.
-
Linear regression
Draws a center line (regression line) using the close price of each candle, and then draws equally spaced two parallel lines above and below it. The parallel lines pass through the close price farthest from the center line.
-
Andrews' Pitchfork
Three parallel lines are drawn using three points: the starting point of the trend and the high and low just after the trend.
-
Fibonacci
Fibonacci channel uses the trendline and creates parallel channel lines using the Fibonacci ratio.
Step 2
Click the starting point of the Andrews' Pitchfork on the chart. Click again at the midpoint, then drag the pointer to the end point to draw the Andrews' Pitchfork.
Step 3
If you want to adjust the position of Andrews' Pitchfork, make sure the white dots are being displayed on the Andrews' Pitchfork and move each dot as necessary. If you cannot see the white dots, double-click near the Andrews' Pitchfork to display the white dots.
Values displayed during drawing Andrews' Pitchfork
Values displayed when dragging indicate the numbers of candlesticks and points from the starting point to the end point.
Step 4
To modify the Andrews' Pitchfork settings, right-click near the Andrews' Pitchfork and select "Properties of (Andrews' Pitchfork name)".
Step 5
On the "Properties" window, edit the parameters in the "Common", "Levels", "Parameters", and "Visualization" tabs and click "OK".
"Common" tab
"Levels" tab
The Andrews' Pitchfork uses the Fibonacci ratio and draws lines at the 61.8%, 100%, 161.8%, and 261.8% marks. If you wish to change these numbers, double-click the number and enter your preferred value. If you wish to add a line, click "Add" and adjust the value/settings.
"Parameters" tab
When "Ray right" is checked
When "Ray left" is checked
"Visualization" tab
On the "Visualization" tab, you can specify the timeframes to use the Andrews' Pitchfork with.
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