Setting Gann Lines on Charts in the MT4 Software
Gann Lines is the fourth item in the Insert Menu of the MetaTrader 4 Trade Platform. The Gann Lines Button is what you click to put Gann Lines on the Charts, as shown here.
Drawing Gann Lines on MT4 Candlestick Charts
Gann Line
The Gann Line works a lot like a trendline you'd use for indices. Pick two points on the chart and draw a line between them. It's pretty straightforward, and just like a regular trendline, the Gann Line helps you see where the market's heading.
Gann Line may need tweaks. Adjust parameters to get your desired line.
How Can I Draw Gann Line on MT4 Platform
Gann Fan
The Gann Fan is created by plotting two points, and this technical indicator will generate a series of trend lines at various angles. The middle line is drawn at a 45-degree angle, and as long as the stock price stays above this line, the upward trend's momentum will keep going, as illustrated below. If stock trading price moves below this line in an upward indices trend the up-ward trend momentum may be reducing.
The Gann Fan can also be applied to a downward trend, with similar analysis techniques used.
Example of Gann Fan on upwards trend:
Gann Fan in MT4 Candlestick Charts
Gann Grid
The Gann grid uses two points, just like a indices trendline, to be shown: after these two lines are shown, the Grid tool makes grids at a 45-degree angle, which traders can use to study price changes when trading stocks.
Drawing Grids on MT4 Candlestick Charts
More Tutorials and Lessons:
- Williams Percent Range – Analyzing the Indices Indicator
- How Do I Analyze Downwards Trend Analysis in Trading?
- MACD Index Classic Bullish & Bearish Divergence
- Can You Trade S&P in the MT5 Platform?
- Chaos Fractals Index Technical Indicator Analysis in Stock Index Charts
- How Can I Find WallStreet 30 in MT5 iPhone Trade App?
- What's SWI 20 Pip Value?
- Foundational MT4 Tutorial Guide Designed for Novice Traders
