The Inside Pitchfork is a drawing tool used in technical analysis. It has derived from the Standard Pitchfork. There are three basic components of a standard pitchfork: a center median line (trend line) and two sets of lines above and below the median line. The additional lines are set a specified number of standard deviations away from the each side of the median. Where the Inside Pitchfork differs is that its origin’s location is modified from a standard pitchfork. The Inside Pitchfork’s origin is located at 1/2 the vertical distance and 1/2 the horizontal distance between the high and low points (first two points set).
An Inside pitchfork (just like a Standard pitchfork) is created by first drawing a trend line between two extreme points. A third point is then set either above or below the second point depending on the analyst’s desired Inside Pitchfork location. Keep in mind that the default Inside Pitchfork setting calls for two additional sets of lines to be drawn. GoCharting allows for up to six sets of lines to be added. If additional lines are added, the user can save this setup as a template for later use.
The basic idea behind the use of a Inside Pitchfork and a Standard pitchfork is that these drawings essentially create a type of trend channel. A trend is considered active as long as price stays within the Inside Pitchfork channel. Reversals occur when price breaks out of a Inside Pitchfork channel.
In Style property dialog it is possible to change the appearance of an Inside Pitchfork:
Sets the color, thickness and style of the Inside Pitchfork’s median line.
Checkboxes on the left toggle the visibility of additional lines of the Inside Pitchfork. Toggles beside sets the lines’ color, thickness and the line style.
Use this drop-down to select one color for all the lines and the background of the Inside Pitchfork.
The checkbox toggles the visibility of the Inside Pitchfork’s background and the slider beside adjusts its opacity.
In Coordinates properties dialog you can set precisely the position of the Inside Pitchfork’s end points on the price scale (by setting the price) and the time scale (by setting the bar number):
Allows for the precise placement of the pitchfork’s first point (Price 1) using a bar number and price.
Allows for the precise placement of the pitchfork’s second point (Price 2) using a bar number and price.
Allows for the precise placement of the pitchfork’s third point (Price 3) using a bar number and price.
In View properties dialog you can toggle displaying of the Inside Pitchfork on charts of different timeframes:
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