Placing Gann Lines on Charts on MetaTrader 4
The Gann Lines is the 4th option on the Insert Menu within the MT4 Software Platform. The Gann Lines Button Key is used to place Gann Lines on Charts and it's shown below.
Drawing Gann Lines on MT4 Candlestick Charts
Gann Line
Gann Line is similar to a trend line and to draw this trend line a trader must choose 2 points and draw this line between these 2 point, just like the trendline the Gann line is also used to illustrate the trend.
However, Gann Line may require you to change some parameter so as to achieve the draw which you require.
How to Draw Gann Line on MT4
Gann Fan
The Gann Fan is drawn between two points, this technical indicator will draw a set of trend lines, these trend lines are drawn at different angles, This Fan will draw the middle line at an angle of 45 degrees as long as the price is above this 45 degrees line then the momentum of the upward trend will continue as illustrated & shown below. If price moves below this line in an upward trend the upwards trend momentum may be reducing.
The Gann Fan is also drawn for a downwards trend and the same analysis applied to the downward direction.
Examples of Gann Fan on upward trend:
Gann Fan on MT4 Candlestick Charts
Gann Grid
The Gann grid uses 2 points just like a trend-line to be drawn, once these 2 lines are drawn, this Grid then will draw grids which are at an angle of 45 degrees, the online traders can use these grids for analyzing the price movement.
Drawing Grids on MT4 Candlestick Charts
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