Volume Forks [Trendoscope]

Jul 3, 2023

🎲 Volume Forks - Advanced Price Analysis with Recursive Auto-Pitchfork and Angled Volume Profile

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. The indicator does following things

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

🎲 Brief about Pitchfork
Pitchfork is drawn when price forms 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 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, end of the handle is always fixed and it will be the mid point 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 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

Here, C will act as end of the handle which joins the Base B​C .

🎯 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 Pitchfork
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 few things which determine the scanning of pitchforks and few which determines drawing of volume profile lines.



Please note that, due to pine limitations of 500 lines, if there are too many formations on the chart, volume profile may not appear correctly. If that happens, please reduce the number of volume forks per formation.

Nov 30

Release Notes

Update to V6 and update libraries