Volume Forks Indicator

The Volume Forks Indicator is a comprehensive research tool that combines two innovative techniques, Recursive Auto-Pitchfork and Angled Volume Profile. This indicator provides traders with valuable insights into price dynamics by integrating accurate pitchfork drawing and volume analysis over angled levels.

Link to the Indicator: Volume Forks Indicator

The indicator does the following things

• Detects Pitchfork formations automatically on the chart over Recursive Zigzag
• Instead of drawing forks based on fib levels, volume distribution over the ABC of a pitchfork is calculated and drawn in the direction of the handle.

Brief About Pitchfork

A pitchfork is drawn when the price forms an ABC pattern. Pitchfork draws a series of parallel lines in the direction of trend which can be used for support and resistance.

There are many methods of drawing pitchfork. In all cases, a line joining B​C  will make the base of the pitchfork and fork lines are drawn from different points of the base. All the fork lines will be parallel. But, the handle of the base defines the direction of fork lines. Classification of pitchfork is mainly based on the starting and ending points of the handle.

Regular Types

Here, the end of the handle is always fixed and it will be the midpoint of B and C.

Andrews Pitchfork

• Handle starts from A and joins the base at mid of B and C.
• Forks are drawn based on fib ratios from the handle

Schiff Pitchfork

• Handle starts from Bar of A and price of the middle of AB and joins the base at mid of B and C
• Forks are drawn based on fib ratios from the handle

Modified Schiff Pitchfork

• Handle starts from mid of A and B and joins the base at mid of B and C
• Forks are drawn based on fib ratios from the handle

Inside Types

Andrews Pitchfork (Inside)

• Handle starts from A and joins the base at C
• Forks are drawn based on fib ratios from the handle

Schiff Pitchfork (Inside)

• Handle starts from Bar of A and price of (A+B)/2 and joins the base at C
• Forks are drawn based on fib ratios from the handle

Modified Schiff Pitchfork (Inside)

• Handle starts from mid of A and B and joins the base at C
• Forks are drawn based on fib ratios from the handle

Brief About Angled Volume Profile

The Angled Volume Profile technique expands on the concept of volume profile by measuring volume distribution levels over angled levels rather than just horizontal levels. By selecting a starting point and angle interactively, traders can assess volume distribution within specific price trends. This feature is particularly useful for analysing volume dynamics in trending markets.

Settings

Indicator settings include a few things which determine the scanning of pitchforks and a few which determine the drawing of volume profile lines.

They are explained below

• Theme - Chart theme settings. Based on the theme, the colour combinations of the pattern drawings are chosen
• Zigzag Parameters
  • Length - Length of the base level 0 zigzag
  • Depth - Depth of the level 0 zigzag.
  • Use Real-time bars - If disabled, uses the previously confirmed candle for calculations of patterns.
• Pitchfork Settings
  • Type - Andrews, Schiff or Modified Schiff types
  • Sub Type - Regular or Insider pitchfork types
  • Ratio - ABC ratio range for which the pitchfork needs to be scanned.
  • Forks - Number of volume profile lines to be drawn on the pitchfork
  • Percentile - Length of the volume lines plotted based on the percentile of volume rather than a percentage.
  • Use Confirmed Pivots - Scan the pattern based on the confirmed pivot and ignore the last unconfirmed pivot.