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Pitchfork
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Pitchfork

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Article summary

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Pitchfork is a common tool in technical analysis. The main idea of a Pitchfork is to indicate on the chart where the price breaks out of a Pitchfork channel, A Pitchfork is formed by a few trend lines extended only in one direction. There is a basic line (trendline) that goes through the center. All the lines below/above represent additional levels of standard deviations away from the trendline.

Pitchfork is drawn by three points. To add a Pitchfork to the chart, click its name or the iconpitchfork_iconon the Drawings Panel. Specify an initial point on the chart to start drawing a trendline, then specify two additional points (low and high) to draw a channel.

Note: To cancel drawing, press ESC

PitchforkPitchfork

Actions with the Pitchfork

  • To edit the Pitchfork (its direction, channel's width or high/low), drag it by one of the three points.
  • To move the Pitchfork, drag it by one of its line to where you want it on the chart.
Note: To open the settings window, double-click the line on the chart

Pitchfork Toolbartoolbar1(2)

Color. In the Color section, you can change the color of the Pitchfork entirely. The slider at the bottom is intended to set transparency of the color.
To create a custom color:
  • clickto open the color picker
  • by using the slider at the bottom, adjust the main color
  • on the color picker, set a shade for the main color

The custom-created colors are added to your palette. To remove a custom color, drag it out of the palette.

Weight. In the Weight section, you can set the thickness and style of the Pitchfork entirely (currently, only dashed style is available).
Settings. A set of parameters that are described in Pitchfork Settings.
Lock. Locks the drawing position. The figure cannot be moved or edited on the chart.
Delete. Removes the pitchfork from the chart.
Note: To delete a pitchfork, you can also press the Delete or Backspace button on your keyboard

Pitchfork Settings

  • Coordinates. The coordinates of three points of the Pitchfork that you can specify manually by filling out the values for the prices, dates and time.
  • Style. In this section, you can set a color or style for the trendline of the Pitchfork. And separately for every line of the Pitchfork, you can set a color, style or offset from the trendline. Turn on/off displaying of a line by clicking to the left of every setting. At the bottom of the Pitchfork Settings window, you can set background color transparency and turn on/off displaying of the background if needed.
    Note: To apply the color and style of the trendline to the whole Pitchfork, click Apply to all

Click Close to apply the settings.

Note: At the bottom-left corner of the window, click Restore Defaults to reset the settings
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