The Andrews Pitchfork (also called Median Lines) can be used to draw a channel of support and resistance lines, along with a middle line. You can also add warning lines above or below the pitchfork.
The pitchfork needs three reference points that are drawn from a sequence of three consecutive pivots (for example, Low – High – Low, or High – Low – High). The first reference point (A) is set at the latest pivot, the second reference point (B) at the preceding pivot, and the third reference point (C) at the pivot before that. Thus, you draw the pitchfork starting from the present and going into the past.
The two most recent reference points (A and B) are then connected with a line, and the median line of the pitchfork is drawn from the reference point C to the midpoint of this line, dividing it into two equal parts. Two more lines are then added, starting from points A and B and running parallel to the median line. Those lines are believed to act as support and resistance for the following price movements.
The reference line (between points A and B) is not shown on the chart by default. You can display it, and also change the color and style of all lines: See Customizing Andrews Pitchfork.
▪ Click on the Andrews Pitchfork icon on the Drawing toolbar:
▪ Click on the chart at the first reference point (A).
▪ Click on the chart at the second reference point (B).
▪ Click on the chart at the third reference point (C).
You can extend the lines of the pitchfork to the right or left by using extension points: See Extending and Shortening Lines with Extension Points.
As additional support / resistance levels, you can add warning lines above or below the pitchfork. These lines are drawn parallel to the pitchfork lines at an equal distance.
▪ Click on the pitchfork to select it.
▪ Click on any visibility point of the pitchfork and hold the mouse button down.
▪ Drag the visibility point upwards or downwards until a white preview line appears above or below the pitchfork.
▪ You can drag the visibility point further to create more warning lines.
▪ Release the mouse button to add the warning lines to the pitchfork.
Note To remove (hide) warning lines again, see Hiding and Showing Lines / Levels with Visibility Points.