Placing Gann Lines on Stock Indexes Charts in MT5
The Gann Lines is the fourth option in the Insert Menu within the MT5 Indices Trading Platform. The Gann Lines Button is used to place Gann Lines on the Indices Trading Charts and it is shown below.
Drawing Gann Lines on MT5 Candlestick Indices Trading Charts
The Gann Line is similar to a indices trend line and to draw this indices trend line a indices trader must select 2 points and draw this line between these two point, just like the indices trend line the Gann line is also used to show the trend.
However, the Gann Line may require you to change some parameter so as to achieve the draw that you require.
How to Draw Gann Line on MT5
The Gann Fan is drawn between two points, this indicator will draw a set of indices trend lines, these indices trend lines are drawn at different angles, This Fan will draw the middle line at an angle of 45 degrees as long as stock indexes price is above this 45 degrees line then the momentum of the upward indices trend will continue as shown below. If stock indexes price moves below this line in an upward indices trend the upward indices trend momentum may be reducing.
The Gann Fan is also drawn for a downward indices trend and the same analysis applied to the downward direction.
Example of Gann Fan on upward trend:
Gann Fan on MT5 Candlestick Indices Trading Charts
The Gann grid uses two points just like a indices trend line to be drawn, once these two lines are drawn, this Grid will then draw grids that are at an angle of 45 degrees, the stock indexes traders can then use these grids for analyzing stock indexes price movement.
Drawing Grids on MT5 Candlestick Indices Trading Charts