The Auto Andrew Pitchfork Indicator for MetaTrader 4 is a custom indicator developed based on the trading approach of Dr. Alan Andrews. It identifies significant support and resistance zones for potential trend reversal.
The indicator automatically detects extreme zones of the price using the MACD indicator to construct a pitchfork figure on the chart. The pitchfork is drawn using three extreme key zones named P1, P2, and P3, represented by red dots.
The indicator works on the principle observed by Dr. Alan Andrews, which suggests that the price tends to return 80% of the time to the median line after it reverses at the upper or lower extreme dots. So, a Forex trader may look for buying/selling opportunities when the price rejects the upper/lower lines, respectively. Furthermore, Take Profit should be set at a few pips to the median line.
Features of the Indicator
The Auto Andrew Pitchfork is compatible with the MT4 platform and works on all time frames, which makes it suitable for scalpers, day/intraday, and swing traders. It also enables users to customize the parameters to suit their trading approach.
Benefits of Using the Indicator
- Visual Representation of Pivot Zones: The indicator displays the significant support and resistance zones on the chart for potential trend reversal.
- Displays optimal trade entry/exit zone: The upper, middle, and lower lines of the indicator assist Forex traders in identifying optimal trade entry and exit zones.
Indicator Description Settings
The indicator comes with the following customizable settings:
MACD_fastEmaPeriod: MACD period of the fast-moving average.
MACD_slowEmaPeriod: MACD period of the slow-moving average.
MACD_signalPeriod: MACD period of the signal line.
MACD_appliedPrice: Period of the MACD applied price.
Pitchfork1_color: Color of Pitchfork 2.
Pitchfork1_style: Determines the line style of the pitchfork1.
Pitchfork1_width: Width of the Pitchfork 1.
Pitchfork2_color: Color of Pitchfork 2.
Pitchfork2_style: Determines the line style of the pitchfork2.
Pitchfork2_width: Width of the Pitchfork 2.
removePitchfork: Enables/Disables Pitchfork on the chart.
isPitchforkBaseonMajor: Determines how the pitchfork is displayed.
isPitchforkFromMiddle: Determines how the pitchfork is displayed.