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Random article: Andrew’s Pitchfork
Andrew’s Pitchfork is the indicator which is used in market technical analysis and was designed by Alan Andrews. It represents three lines, parallel to each other, upon that, median line is equidistant from upper and bottom lines of channel. This way trend channel is constituted, which is divided into two smaller channels (watch pic. 1). Each of the lines is the support or resistance line.
In Alan Andrews' terms, maximum and minimum points serve as pivot points in which price changes its direction. Author used B and C lettes for designation. A letter marks the start of the median line – starting point of trend. For building the median line, it is required to find an average price between those two points which in its turn should be pivot as well and be the price of the previous maximum or minimum.(watch pic. 2).
