Automatic Pitchfork Drawing

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ABC
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Automatic Pitchfork Drawing

Postby ABC » 20 Jun 2007

This study might be interesting for all using Andrew's Pitchforks in their trading.

The indicator will automatically find Swing Highs and Lows based on the Strength input settings and use those Swingpoints to automatically draw Pitchforks – no manual drawing needed.

We are planning to release the study shortly after the official MultiCharts 2.1 release, because of known issues with the current Beta. The indicator will be completely free, you’ll only have to register yourself once through our website. This is mandatory, because we want to keep the indicator exclusively for MultiCharts.

You’ll be able to use different output styles, for example all Pitchforks:

Image

Or only display the current Pitchfork:

Image

Specifically go back Pitchfork for Pitchfork combined with the current Pitchfork:

Image

Combine different strength settings:

Image

Your feedback is highly appreciated.

Regards,

ABC

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Re: Automatic Pitchfork Drawing

Postby Guest » 20 Jun 2007

Their are several programs out there that do this , CLyde Lee has one that draws fib retraces along with the pitchforks in addition to several others. I can think of several ideas you can use to improve it.

1) Emulate two- higher time frame pitchforks I don't suggest adding two additional time frames to the chart because of the CPU load. But increase the strength or something to emulate a higher time frame.
2) Add the ability to use oversold/overbought areas in place of the strength for pivot determination.
3) Add in the auto fib retraces (especially from the higher time frames) so fib retrace lines corresponding to lower time frame pitchfork lines can be as support and resistance.

I am a long time pitchfork user (not anymore) but for years I used these techniques. What I outlined above is how the really good pitchfork users apply the technique. Do this and you will have an awesome tool.

J~

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Postby ABC » 21 Jun 2007

The study uses a different approach then the build in SwingHigh and SwingLow functions – thus resulting in more significant Pivots and a lot faster calculation than with the functions. You also are free to whatever you want, so you can already emulate any timeframe with the strength setting.
I liked your input regarding the Fibonacci lines and they are included in the tool now and I am going to test if I get better results with using Overbought/Oversold areas.

The picture is showing two “higher timeframe” Pitchforks (same timeframe) and two “lower timeframe” Pitchforks with the automatic Fibonacci lines drawn between the Swing Points of the current “higher timeframe” Pitchfork.

Image

Regards,

ABC


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