Editors' picksOPEN-SOURCE SCRIPTAuto Pitchfork, Fib Retracement and Zig Zag by DGT
Updated
Pitchfork is a technical indicator for a quick and easy way for traders to identify possible levels of support and resistance of an asset's price. It is presents and based on the idea that the market is geometric and cyclical in nature
* Developed by Alan Andrews, so sometimes called Andrews’ Pitchfork
* It is created by placing three points at the end of previous trends
* Schiff and Modified Pitchfork is a technical analysis tool derived from Andrews' Pitchfork
In general, traders will purchase the asset when the price falls near the support of either the center trendline or the lowest trendline. Conversely, they'll sell the asset when it approaches the resistance of either the center line or the highest trendline.
█ Study OPTIONS
Auto Pitchfork, the main aim of the study
[-] Pivots threshold can be customized by “Deviation” and “Depth” input options
[-] Pitchfork Type selection, available options Andrews' Pitchfork (Original), Schiff and Modified Pitchfork
[-] Ability to set ALERTs for the Pitchfork Levels
[-] Ability to add customized levels (all level lines customizable)
Auto Fib Retracement – This is the build-in study of TradingView, slight changes applied to fit with Auto Pitchfork
Zig Zag – Derived from build-in Auto Fib Retracement with some customization options.
█ Usage Tips :
Andrews' Pitchfork (Original) best fit in a Strong Trending Market
Schiff and Modified Pitchfork better with Correcting or Sideways Market. Modified Pitchfork is almost identical to a Parallel Chanel
Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
* Developed by Alan Andrews, so sometimes called Andrews’ Pitchfork
* It is created by placing three points at the end of previous trends
* Schiff and Modified Pitchfork is a technical analysis tool derived from Andrews' Pitchfork
In general, traders will purchase the asset when the price falls near the support of either the center trendline or the lowest trendline. Conversely, they'll sell the asset when it approaches the resistance of either the center line or the highest trendline.
█ Study OPTIONS
Auto Pitchfork, the main aim of the study
[-] Pivots threshold can be customized by “Deviation” and “Depth” input options
[-] Pitchfork Type selection, available options Andrews' Pitchfork (Original), Schiff and Modified Pitchfork
[-] Ability to set ALERTs for the Pitchfork Levels
[-] Ability to add customized levels (all level lines customizable)
Auto Fib Retracement – This is the build-in study of TradingView, slight changes applied to fit with Auto Pitchfork
Zig Zag – Derived from build-in Auto Fib Retracement with some customization options.
█ Usage Tips :
Andrews' Pitchfork (Original) best fit in a Strong Trending Market
Schiff and Modified Pitchfork better with Correcting or Sideways Market. Modified Pitchfork is almost identical to a Parallel Chanel
Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
Release Notes
with this update- added extended pitchfork levels (1.5, 1.75, 2)
note: in case extended levels start point is grated than last pivot high/low then the line will not be drawn (rare cases) but you may still benefit from Alerts functionality even the line is not drawn
- added ability to display Fibonacci's previous retracment leves
- a bug corrected related to alerts
I will invite you to check the education post that i shared with regards to pitchfork application, you may find highly valuable comments received from the users :
Release Notes
small tweak with line reference calculations Release Notes
updateadded ability to plot historical pitchfork
added pitchfork level labels
extended alerts - added alerts to pitchfork median line
added ability to choose between fibonacci retracements or extensions
removed option to draw labels on right side to avoid overlapping with pitchfork labels
added tooltips to some important input options
Release Notes
updateadded inside pitchfork
made levels customization more flexible
Release Notes
updateadded backgroud coloring option, thanks to new pine feature
additionally,
- imporved label customizations
- converted to Pine v5
Release Notes
Added ** Second Pitchfork,
** Second Zigzag, and
** Camarilla Pivot Points
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.