Automating Pitchforks, Fibonacci Levels, Zigzags, and Pivots

Summary

This charting study combines automatic swing-point detection with Andrews-style pitchforks, Fibonacci retracements, zigzag lines, and support and resistance pivots. It offers Original, Schiff, Modified Schiff, and Inside pitchfork constructions, deriving their anchor points and median lines from detected pivots. A deviation threshold based partly on ATR and a configurable depth govern pivot selection. The indicator also supports higher-timeframe calculations, historical pivot displays, and alerts when price crosses selected levels. Its pivot options include Camarilla levels.

The accompanying guidance frames the original pitchfork as more suitable for strong trends and Schiff variants as more appropriate for corrections or sideways markets. These lines and retracement levels are analytical references, not tested trade rules: the document reports no performance results or evaluation of entry, exit, or risk management. Pivot-based tools can also change as new price bars confirm swings, and the chosen timeframe and settings affect the levels shown. Users need to judge whether the constructions fit the instrument and market regime.

Key ideas

• The study detects swing pivots using a configurable depth and price-deviation threshold.
• It builds several pitchfork variants from three pivots and draws related support and resistance guides.
• Automatic Fibonacci retracements, zigzag connections, and Camarilla pivot levels extend the chart analysis.
• The document associates pitchfork variants with different market conditions but provides no evidence of trading performance.

Tags

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