The Pitchfork Forex indicator for Metatrader 4 is based on 2 Pitchforks and draws accurate trend channels on the chart.
The indicator works on pure price action!
Just load the indicator on the chart and the trend channels will appear instantly.
Key Points:
- When the yellow trend channel is rising, it means the trend is upwards.
- When the yellow trend channel is falling, it means the trend is downwards.
For scalping purposes, use the Pitchfork Forex indicator on the M5 and M15 trading charts for best performance.
Avoid the M1 chart.
Free Download
Download the “abl-indicator.mq4” indicator for MT4
Indicator Example Chart (EUR/USD M15)
How to trade with it (example) ?
Open a long position as soon as price touches the lower yellow Pitchfork trend channel line and the trend channel is pointing upwards.
Exit the long trade when price touches the upper yellow trend channel.
Open a short position as soon as price touches the upper yellow Pitchfork trend channel line and the trend channel is pointing downwards.
Exit the short trade when price touches the lower yellow trend channel.
Feel free to use your own favorite trading method to open and close trades with the Pitchfork trend channel Forex indicator.
Indicator Specifications
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Pitchfork 1, pitchfork 2, draw V line, color settings & style
Indicator type: Price action
Repaint? Does not repaint the Pitchfork trend channel lines.
Download Now
Download the “abl-indicator.mq4” indicator for Metatrader 4
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the abl-indicator.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.