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Andrews Pitchfork - Automatic

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Our Price: $199.95
 
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Tradestation

Description: In the late thirties a Dr. Andrews developed what he called his "median line" theory, which later evolved into a price pattern known as Andrews’ Pitchfork, because it resembles the shape of a pitchfork. Consider an upswing-downswing combination. The beginning point of the upswing is P1, the upswing peak is P2, and the ending point of the subsequent downswing is P3. In the case of such a swing, the Andrews Median Line, also known as the "handle" of the pitchfork, is constructed from point P1 through the midpoint of swing P2-P3 and is extended right to the end of the chart. Two "tine" lines are then plotted parallel to the "handle" line. One tine begins at point P2, one tine begins at point P3, and both extend right to the end of the chart. The TT Andrews’ Pitchfork study automatically detects the most recent three swing pivots on a price chart and plots a set of Andrews Pitchfork lines through these points. When a new swing reversal occurs, the study calculates a new set of P1-P2-P3 points and constructs a new set of Andrews’ Pitchfork lines. The amount of price reversal required to define a swing reversal, and therefore the sensitivity of the system, is controlled by the input variables TICKCHG and PCTCHG, as described previously. The input, OCCUR allows the user to move the pitchfork back in time. The default value for OCCUR is 1, which plots the most recent set of 1-2-3 points. If OCCUR is set to 2, for example, the pitchfork moves back in time by one half swing cycle. Each increment of OCCUR moves the pitchfork back by another half-cycle. There are times when a swing retraces at a very steep rate. An input, ADJUST, normally set to FALSE, is provided to permit modifying the location of the end of the handle in steep markets. When ADJUST is set to TRUE, the end of the handle is moved from point P1 to the halfway point between point P1 and point P2, and the angles of the tines and mid-line are adjusted accordingly. A separate program, Andrews Extensions, plots upper and lower extended lines parallel to the mid-line at a distance twice the distance of the main parallel lines from the mid-line. These are useful in catching the top or bottom of a powerful Elliott Wave #3. Dr. Andrews teaches that as prices approach the mid-line of an Andrews Pitchfork, they will either reverse and return to the outside line, or they will break through the midline and head for the opposite outside line. Elliott Wave students have observed that once a mid-line is drawn on Elliott Waves 1 and 2, Wave #3 will usually end on either the mid-line or one of the upper/lower outside lines.
 

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