JJN Automatic Pitchforks Indicator For MT4



Table Of Contents:

  1. JJN Automatic Pitchforks Indicator For MT4
  2. How to Tweak the Indicator Parameters
  3. How to Develop Trading Signals
  4. Drawbacks of Using Pitchforks’ Indicator
  5. Conclusion

The JJN Automatic Pitchforks Indicator For MT4 is a technical tool that exploits advanced channel trading techniques. The indicator is built around the central idea of its inventor, the renowned educator Alan H. Andrews.

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Based on the classification, the JJN Automatic Pitchforks Indicator For MT4 falls into the class of channels indicators. It has an “Auto Refresh” attribute within its parameter settings that infers it the ability to refresh itself around the most recent price action. Traders can decide to activate (Yes) or deactivate (No) this feature.

How to Tweak the Indicator Parameters

The “Number_of_Pitchforks” is an interesting Parameter variable with a default value of 4, and this component allows the JJN Automatic Pitchforks Indicator For MT4 the ability to add or deduct a channel to the most recent price when the value changes by ± 1.

Altering the default value of the “Number_of_Pitchforks” from 4 to 1 leaves us with a basic Andrews’ Pitchfork trend channel, consisting of three lines; a median trend line in the middle, and two parallel trend lines that are flagged at equidistant on either side. It is normal to find trend lines and channels on the JJN Automatic Pitchforks Indicator For MT4 deploy likely support and resistance zones along the outer trend lines. Asides modifying the “Number_of_Pitchforks,” we recommend that traders deploying the JJN Automatic Pitchforks Indicator For MT4 stick with other default parameter setting values. 

How to Develop Trading Signals

Trading signals generated off the JJN Automatic Pitchforks Indicator For MT4 naturally take place at the instance price breaks the upper or lower Pitchfork’s trend line. Price breakout below the lower trend line denotes further downside risk, while price breach above the upper trend line denotes further upside risk. A bullish trigger is most likely favored when the price of the security test the bottom of the Pitchfork’s trend line. On the contrary, a bearish alert is said to be imminent when the price touches the upper trend line. In this vein, when the price of a security tests the opposite ends of the Pitchfork’s, we recommend liquidating some or your entire positions. It is most likely for traders to experience bullish and bearish sentiments weaning at these levels. We should expect to see price testing the median trend line recurrently in the face of a trending market and, its absence could signal a stepping up in the trend.


The JJN Automatic Pitchforks Indicator For MT4 is useful when trading market breakouts beyond the upper trend line and breakouts below the lower trend line. Investors who use this indicator should be wary of fake heads, as such a system with other technical indicators should be in place, to offer help in measuring the strength of the trend. The Average Directional Movement Index is one such indicator that will give more information on the trend state.


It is best sticking to the following rules when setting up your Stop Loss order:


Bullish decisions reached following a bounce from the lower trend line of the Pitchfork means traders can set up their Stop Loss orders beneath such bounce levels.
Bearish decisions reached following a bounce from the upper trend line of the Pitchfork means traders can place their Stop Loss orders above such bounce levels.


Positions within the Pitchfork should be maintained as follows:


When price breaks the Median Level in the direction contradictory to the original price bounce.

Drawbacks of Using Pitchforks’ Indicator

Forex traders in search of long- or medium-term trading opportunities can take advantage of the JJN Automatic Pitchforks Indicator For MT4. We are more likely to find its use in the equities and futures markets than in the forex market. To be honest, if you’re in search of a standalone indicator, then this isn’t the right place for you, because, to isolate profitable setups while eliminating range-bound price actions, you need to combine the Pitchforks with other technical indicators, and a reliable money management strategy. A simple price oscillator is a good addition when implementing trade decisions using the JJN Automatic Pitchforks Indicator For MT4.

Conclusion

JJN Automatic Pitchforks Indicator For MT4 is an amazing technical indicator for swing traders who want to determine regions where the price is likely to test support or resistance. This may not suit every given market condition, but the indicator offers a more reliable way of gauging where price may be moving towards. The usual rule with many technical indicators out there has always been to grow experience overtime via experimenting, this way traders can see firsthand what does or doesn’t work.

 

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