The Auto ZigZag Pitchfork creates a trend channel out of the 3 ZigZag high low price anchor points by connecting the first 2 points to form the anchor, and the next 2 points to form the retracement handle. From the first point then a trendline is drawn through the 50% midpoint of the retracement handle, parallel lines start from the other 2 points forming the channel.
You will be able to choose from three different Pitchfork Calculation Method: ModifiedSchiff, Schiff, StandardPitchfork.
It works on any timeframe and chart type that supports ZigZag, such as Renko, Heiken Ashi, Range and Tick. It uses the built-in version of Zigzag from NT8, but it doesn’t plot ZigZag line.
If “Use Recent ZigZag” is enabled, the indicator will use the most recent stable ZigZag, otherwise it will use the previous one. Please check the video below for a better understanding of how ZigZag Pitchfork plots on different inputs.
By adding two or more of the ZigZag Pitchfork indicator, we can observe the support and resistance levels from different angles.
After the price broke the resistance level of a downtrend, a new uptrend will be formed just like the chart shown in below.
The indicator may not work properly if there was not enough bars on the chart.
In general, 800 bars is good, but it also depends on the ZigZag Deviation value you set.
The bigger the Deviation value is the more bars you need to load.
You can change “bars to load” by following the pic below.
How can I test the ‘Auto Zig Zag’ pitchfork indicator described above ?
Vinod
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