What it does
Pitchfork is a line study developed by Dr. Alan Andrews, consisting of three user-selected parallel trendlines. Based on the normal trendline support and resistance principles, the first point or "pitchfork handle" begins at a leftmost point (usually a major peak or trough). The second or third trendlines are then drawn beginning at the two rightmost points (a major peak and a major trough) and are constructed parallel to the first line.
How to use it
1. Right-click the chart, point to Pointer Tools, then click Pitchfork. The cursor becomes a pitchfork.
2. Click the a starting point on the chart to start the handle of the pitchfork.
3. Move the cursor to extend the length of the handle, and click. The prongs of the pitchfork appear.
4. Move the cursor until the pitchfork is in the desired location, and click to park it.
Pitchfork Lines parameters
|
Parameter |
Description |
|
Value |
PFork 1 Value: Determines the first value selected for the PitchFork. Enter a value or choose to attach to the Open, High, Low, or Close. PFork 2 Value: Determines the second value selected for the Pitchfork and is the location of the system defaulted scale line of 1.000. PFork 3 Value: Determines the location of the system defaulted scale line of -1.000 followed by the positioning of the other defaulted PitchFork lines. |
|
Date |
Defines the date of the reference bar. This parameter is only displayed after the initial pitchfork is displayed. It is not displayed if you select Pitchfork from the Add Study window. |
|
Time |
Defines the time of day for the reference bar. This applies to intraday use. It is not displayed if you select Pitchfork from the Add Study window. |
|
Display |
Opens sub-window with Color, Weight, Scale, and Display parameters. Color = Select colors for bars. Weight = Select thickness of bar. Scale = Adjusts the default ratios for placement of lines. Display = Select the check box to show the line on the chart. |
|
Direction |
Determines whether the pitchfork points forward (toward the right) or backward (toward the left) on the chart. |
|
Id |
Turns on and off the labels for the PitchFork lines, and sets the position of the labels, if they are displayed, either to the right or left of the point marked by the labels. |
|
IdWt |
Determines thickness of label. |
|
ScaleLabel |
When selected, the display highlights the initial set point on the time axis. |