The AB Line HL indicator draws three Andrews forks on the chart of the currency instrument, using only 5 chart extremes.
In addition to Andrews’ pitchfork, the graph shows two horizontal lines at the maximum and minimum points for the selected time period, and the vertical segments of the time bands are separated from each other, so the current time frame of the selected graph should always be less than the frame time of the selected user in the indicator settings.
AB Line HL Technical Indicator
Andrews’ pitchfork is built according to the “classical” principle, first three extremal maximal and minimal points or fractals are taken, and two of these points must be on one side of the graph, and the third one on the other, and the latter must be strictly between the two, which are located on the opposite side of the currency pair chart. All three Andrews ‘pitchfork are built using this indicator, using only 5 points, and the average extreme point of the “thick” Andrews pitchfork is taken approximately in the middle of the vertical segment, constructed along the other two points from which the middle lines of the other Andrews’ forks depart.
AB Line HL Technical Indicator parameters:
TimeFrame – the selected time slot for trading;
Pitchfork_1 – the color of Andrews’ pitchfork;
Pitchfork_2 – the color of Andrews’ pitchfork;
Boyka_Line – the color of the “thick” forks Andrews;
HLine – resistance line;
LLine – support line;
Line_Width – line thickness;
Boyka_Line_Width – the thickness of the “thick” forks Andrews;
DrawVLine – drawing of vertical lines separating time periods;
VLine – the color of vertical lines, period separators.
Description of the parameters:
in order for Andrews’ pitchfork to give more accurate signals to the trade, it is necessary that in a large period there are about 40 or more segments of a period of lesser order, for example, if you trade on a time frame M1 , then the parameter “TimeFrame” should be set to “H1 ” And more, and so on in increasing order.
How to use AB Line HL Technical Indicator
when using the “classic” Andrews fork trading strategy, you need to open a deal at the current price towards the center line of the pitchfork, after the last extreme point is formed so that Andrews pitchfork can be plotted on the chart.
But since this indicator draws the pitchfork automatically, and simultaneously three simultaneously, then for trade it is possible to use the neighboring lines of other forks, while applying the tactic of trade in the channel or the withdrawal from the lines of this or that channel.