Education

Know Your Pitchforks

Pitchfork is drawn when price forms ABC pattern. Pitchfork draws a series of parallel lines in the direction of trend which can be used for support and resistance.

There are many methods of drawing pitchfork. In all cases, a line joining BC will make the base of pitchfork and fork lines are drawn from different points of the base. All the fork lines will be parallel. But, the handle of the base defines the direction of fork lines. Classification of pitchfork is mainly based on the starting and ending points of the handle.

🎲 Regular Types

Here, end of the handle is always fixed and it will be the mid point of B and C.

🎯 Andrews Pitchfork

Handle starts from A and joins the base at mid of B and C.
Forks are drawn based on fib ratios from the handle

🎯 Schiff Pitchfork

Handle starts from Bar of A and price of middle of AB and joins the base at mid of B and C
Forks are drawn based on fib ratios from the handle

🎯 Modified Schiff Pitchfork

Handle starts from mid of A and B and joins the base at mid of B and C
Forks are drawn based on fib ratios from the handle

🎲 Inside Types

Here, C will act as end of the handle which joins the Base BC .

🎯 Andrews Pitchfork (Inside)

Handle starts from A and joins the base at C
Forks are drawn based on fib ratios from the handle

🎯 Schiff Pitchfork (Inside)

Handle starts from Bar of A and price of (A+B)/2 and joins the base at C
Forks are drawn based on fib ratios from the handle

🎯 Modified Schiff Pitchfork (Inside)

Handle starts from mid of A and B and joins the base at C
Forks are drawn based on fib ratios from the handle

Feel free to explore the open source indicator Recursive Auto-Pitchfork

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Recursive Auto-Pitchfork [Trendoscope]

by Trendoscope

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