A Pitchfan is a set of rays spreading out of the point of a trend's beginning. These rays inclined with the coefficients formed by a Fibonacci number sequence.
It is recommended to apply a Pitchfan after the first wave of the trend has passed and the correction has clearly begun.
To draw a Pitchfan, it's first and second points are to be set at the trend's extreme points, and the third point is to be set at the extreme point of the first correction wave.
At bullish trend, draw a pitchfan from the minimum to the maximum trend point, while at bearish trend - from the maximum trend point to the minimum one.
After the main points have been set, fan rays corresponding to Fibonacci levels appear on a chart and represent inclined lines of support and resistance. Price areas near these rays are estimated areas from which the price can turn around or make a significant rebound.
The whole logic of working with a pitchfan is based on one simple idea - if the price has bounced off the level, then the correction is likely to end, and the trend will continue. If the price has broken the first resistance, you should wait for the next level test.
Pitchfan is often used in combination with the other drawing tools: Gann Fan, Fibonacci Retracement, Fibonacci Time Zone and others. It allows identify the most powerful areas from which price can turn and to get more accurate trading signal.
In Style property dialog it is possible to change the appearance and configuration of a Pitchfan:
Drop-downs and slider set the color, thickness and style for the pitchfork's mid-line.
Checkboxes on the left toggles the visibility of the pitchfan's additional lines. Drop-downs and slider beside set the color, thickness and style of the pitchfan's additional lines.
Use one color
Use this drop-down to select one color for all the lines and the background of the Pitchfan.
Toggles the visibility and opacity for the background fill between the pitchfork's rays.
In Coordinates properties dialog you can set precisely the position of the initial points of the Pitchfan on the price scale (by setting the price) and the time scale (by setting the bar number):
Allows for the precise placement of the pitchfan's first point (Price 1) using a bar number and price.
Allows for the precise placement of the pitchfan's second point (Price 2) using a bar number and price.
Allows for the precise placement of the pitchfan's third point (Price 3) using a bar number and price.
In visibility properties dialog you can toggle displaying of the Pitchfan on charts of different timeframes.
Allows to configure a drawing to be displayed on particular intraday and daily timeframes on chart. For any timeframe you can select either to show it, or to hide.