The Schiff Pitchfork is a drawing tool used in technical analysis that is derived from the standard pitchfork. There are three basic components of a standard pitchfork. There is a center median line (trend line) as well as two more sets of lines above and below that median line. The additional lines are set a specified number of standard deviations away from the median. Where the Schiff Pitchfork differs is that its origin's location is modified from a standard pitchfork. The Schiff 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).
A Schiff 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 Schiff Pitchfork location. Keep in mind that the default Schiff Pitchfork setting calls for two additional sets of lines to be drawn. Tradingview allows for up to 9 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 Schiff Pitchfork and a standard pitchfork is that it essentially creates a type of trend channel. A trend is considered active as long as price stays within the Schiff Pitchfork channel. Reversals occur when price breaks out of a Schiff Pitchfork channel.
In Style property dialog it is possible to change the appearance of a Schiff Pitchfork:
Sets the color, thickness and style of the Schiff Pitchfork's median line.
Checkboxes on the left toggle the visibility of additional lines of the Schiff 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 Schiff Pitchfork.
The checkbox toggles the visibility of the Schiff Pitchfork's background and the slider beside adjusts its opacity.
In Coordinates properties dialog you can set precisely the position of the Schiff 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 schiff pitchfork's first point (Price 1) using a bar number and price.
Allows for the precise placement of the schiff pitchfork's second point (Price 2) using a bar number and price.
Allows for the precise placement of the schiff pitchfork's third point (Price 3) using a bar number and price.
In visibility properties dialog you can toggle displaying of the Schiff Pitchfork on charts of different timeframes: