The new Andrews Pitchfork Plus for MetaTrader 5 has been greatly improved on the previous MetaTrader 4 version. There are several new features and improvements including its ease of use, automatic colour change when adding new pitchforks to the same chart, and the ability to set alerts on various pitchfork lines. This tool offers enhanced capabilities in comparison to the standard Andrews Pitchfork tool available in the MetaTrader toolbox. The indicator is completely invisible on the chart (attach it to a chart and forget). After adding to a chart, the indicator replaces the standard pitchforks from the MetaTrader toolbox.
Also, in combination with our Effortless Risk Manager it is now possible to place and action trades at any pitchfork level. The Effortless Risk Manager must be purchased separately and be on the same chart for this feature to work and is fully explained in the Effortless Risk Manager manual. Also, alert/trade options can be used with Fibonacci levels and other price channels.
You can try a fully functioning copy of Andrews Pitchfork Plus before you buy for seven days.
Options available in pitchfork menu:
- Show levels ON/OFF - turns on the showing of levels and shows basic levels up to ten,
- Show X levels - shows additional levels, X stands for the sum of basic and additional levels up to twenty,
- Show all X levels - shows the remaining levels, X indicates the maximum number of levels up to twenty five,
- Trigger line P1 - shows or hides the line,
- Trigger line P2 - shows or hides the line,
- Sliding parallel line - shows or hides the line,
- Basic median – enables pitchfork without upper/lower medians and WL levels,
- Schiff’s Median Line – enables Schiff median line by Mircea Dologa,
- Schiff Pitchfork – enables original Jerome Schiff pitchfork,
- Modified Schiff – enables modified Schiff pitchfork,
- A&R mode – enables Action & Reaction mode,
- Grid mode – enables grid mode and is used for audible alerts and trade operations (optional),
- Align anchor points - allows you to match the anchor points P0/1/2 of the pitchfork and Schiff line to the nearest tops and bottoms on all chart periods,
- Un-dock chart – allows the chart to be dragged outside the terminal area,
- What’s new? – information and useful links.
Options available in alert and trade menu:
- Sound alert ON/OFF - activates or deactivates the audible alert for the line. Depending on the version, sounds may vary due to the line type. Sound alerts are supported by the indicator,
- Place buy order - is used to place a buy order on the given line. The order will execute the EA when the price reaches the line. In the settings you can set the lot size that is fixed each time,
- Place sell order - as above but for sell order,
- Close all (magic) - if price reaches the line, the EA will close all orders with a magic number obtained from pitchfork name. It can be used as a hidden SL or TP,
- Close 1/3 (magic) - this option will close 1/3 of all currently profitable orders. Unprofitable orders will be omitted,
- Close 1/2 (magic) - as above,
- Close 2/3 (magic) - as above,
- Break-even - when the price reaches the line, it will move all SL of profitable orders to break-even level.
Important: Trade options are available with suitable EA. Suitable EA means, Effortless Risk Manager (soon) and our any new future Expert Advisor. We will increase the choice of suitable EAs as the need arises. If Expert Advisor is not attached to a chart, then the indicator shows only alert option.
Detailed description of the Andrews Pitchfork Plus for MT5 you will find in the PDF manual below.
The picture below shows differences between indicator versions (including updated version PRO 2.0 for MT4).
If you identify any bugs or if you have any questions or suggestions feel free to let me know. Feedback are most welcome.