What is Andrew’s Pitchfork: A technical analysis indicator that is drawn on a chart, Andrew’s Pitchfork consists of straight, parallel lines that serve as dynamic support and resistance levels within a trend.
Category: Technical analysis indicator
How is Andrew’s Pitchfork Used: Outer lines are often used to denote support and resistance within the context of a trend. In an uptrend, the lower line is viewed as support while the upper line is seen as resistance. In a downtrend, the upper line is viewed as resistance while the lower line is viewed as support. The “median” line (in the middle) can be used as a mean reversion measure within a trend.
What Does Andrew’s Pitchfork Consist of: Three consecutive and alternating peaks and troughs are pinpointed and used to draw the pitchfork. Once these three points are chosen, a pitchfork is automatically formed with a median line and parallel trend lines above and below the median line.
What Does Andrew’s Pitchfork Look Like:
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