How to Calculate Andrews' Pitchfork
Andrews' Pitchfork can be easily applied to price charts without a specialized drawing tool.
Point 1: starting point of uptrend or downtrend.
Points 2 and 3: reaction high and reaction low in the uptrend or downtrend.
Point 1 = starting point of median trend line.
Distance between Points 2 and 3 = channel width.
Draw and extend a trend line from Point 1 through the midpoint of Points 2 and 3.
Draw and extend trend lines from Points 2 and 3 parallel with the median trend line.
Change Pitchfork slope by changing Point 1.
from investopedia
NO INVESTMENT ADVICE...
Andrews' Pitchfork can be easily applied to price charts without a specialized drawing tool.
Point 1: starting point of uptrend or downtrend.
Points 2 and 3: reaction high and reaction low in the uptrend or downtrend.
Point 1 = starting point of median trend line.
Distance between Points 2 and 3 = channel width.
Draw and extend a trend line from Point 1 through the midpoint of Points 2 and 3.
Draw and extend trend lines from Points 2 and 3 parallel with the median trend line.
Change Pitchfork slope by changing Point 1.
from investopedia
NO INVESTMENT ADVICE...