Automatic Volume-Weighted Pitchforks from Zigzag Price Swings

Summary

This indicator automatically identifies three-pivot formations from a recursive zigzag and draws pitchforks using configurable Andrews, Schiff, or modified Schiff geometry. For each fork line, it estimates volume encountered along the line across the formation’s bars. Bars whose bodies cross a line contribute more weight than bars where the line only falls within the high-low range. The resulting volume determines how far each fork line is drawn, either relative to the maximum sampled volume or by percentile rank.

The settings control zigzag depth and length, whether the current moving pivot is included, pivot confirmation, fork geometry, and the volume scaling method. The document explains pitchfork construction and angled volume profiling, but supplies no performance study or evidence that the levels predict price behavior. It also warns that TradingView’s drawing-object limit can prevent all formations from appearing; reducing the number of forks may help. The described volume values are derived from chart bars and line intersections, not a separate order-flow feed.

Key ideas

• Recursive zigzag pivots provide candidate three-point formations for automatic pitchfork construction.
• Andrews, Schiff, and modified Schiff settings change the fork handle geometry.
• Volume is accumulated where each angled fork line intersects bar ranges, with extra weight for body intersections.
• Fork lengths can be scaled by relative volume or by percentile rank.
• The drawing limit may hide formations when too many forks are requested.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.