Andrew's Pitchfork


DEFINITION of 'Andrew's Pitchfork'

A technical indicator that uses three parallel trendlines to identify possible levels of support and resistance. The trendlines are created by placing three points at the end of identified trends. This is usually achieved by placing the points in three consecutive peaks or troughs. Once the points have been placed, a straight line is drawn from the first point that intersects the midpoint of the other two.

Also known as "median line studies".

Andrew's Pitchfork

BREAKING DOWN 'Andrew's Pitchfork'

The chart shown here makes it clear why this indicator is called a pitchfork. The first point drawn on the chart forms the handle, while the lines extending from the other two points will make up the prongs.

  1. Indicator

    Indicators are statistics used to measure current conditions ...
  2. Resistance (Resistance Level)

    A chart point or range that caps an increase in the level of ...
  3. Technical Analysis

    A method of evaluating securities by analyzing statistics generated ...
  4. Support (Support Level)

    The price level which, historically, a stock has had difficulty ...
  5. Trendline

    A line that is drawn over pivot highs or under pivot lows to ...
  6. Trough

    The stage of the economy's business cycle that marks the end ...
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  1. What are the main rules for building a strategy using Andrew's Pitchforks?

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    The technical indicator known as Andrew's Pitchfork is not that well-known, and it's rarely used by novice traders. However, ... Read Full Answer >>
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