Placing Gann Lines on Charts in MT4 Platform Software
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
A Gann Line bears similarity to a standard trend line: to plot it, the trader selects two points and draws the line connecting them. Like its counterpart, the Gann line is instrumental in visualizing the prevailing market trajectory.
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 the MT4
Gann Fan
The Gann Fan is constructed by connecting two points. This technical indicator generates a series of trend lines at varying angles. The central line of the fan is drawn at a 45-degree angle. If the price remains above this 45-degree line, it signifies that the upward trend's momentum will likely continue, as demonstrated below. If price heads below this line in an upwards trend the upwards trend momentum might be reducing.
The Gann Fan is also drawn for a downwards trend & 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 needs two points like a trend line. Once drawn, it adds 45-degree grids. Traders use them to study price shifts.
Drawing Grids on MT4 Candlestick Charts
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