The award-winning NinjaTrader platform provides traders with a multitude of FREE advanced charting tools for analysis of futures, stocks, forex and cryptocurrencies.
The recently enhanced Andrew’s Pitchfork drawing tool, known for tracking trends and indicating potential breakout levels, now includes the ability to extend lines backward for additional analysis!
How Do I Get the Enhanced Andrew’s Pitchfork Drawing Tool?
Use Andrew’s Pitchfork to Track & Confirm Trends
Andrew’s Pitchfork plots as 3 parallel trend lines drawn by first selecting 3 anchor points on a chart.
To draw a new Andrew’s Pitchfork:
- Right-click within your chart window and select Drawing Tools > Andrew’s Pitchfork.
- Next, left-click 3 times to select the 3 required anchor points. (Anchor points indicated with A, B & C below)
Once drawn on a chart, Andrew’s Pitchfork drawings can help traders identify trends and track support, resistance and price reversal areas. Like other technical analysis tools, Andrew’s Pitchfork can be used in a variety of ways to analyze price data.
Extend Andrew’s Pitchfork Lines Back for Further Analysis
Now using Andrew’s Pitchfork users can extend the lines backward over historical price data. This can help to confirm a trend’s strength, identify historical support and resistance levels, predict potential reversal areas and more.
To extend Andrew’s Pitchfork:
- Left-click once on an Andrew’s Pitchfork drawing object to select it.
- Right-click and select Properties.
- Check Extend lines back, and then click OK.
The chart above was created FREE using the NinjaTrader platform. It displays daily price action for Micro E-mini Nasdaq futures over a 9-month period. Extending the Andrew’s Pitchfork lines backward reveals a longer-term trend.
Used in combination with other technical analysis tools such as NinjaTrader’s Trend Lines indicator, Andrew’s Pitchfork can be a powerful addition to charting.