Placing Gann Lines on Gold Charts in MetaTrader 4 XAUUSD Trading Platform
The Gann Lines is the fourth option in the Insert Menu within the MetaTrader 4 XAUUSD Platform. The Gann Lines Button is used to place Gann Lines on the Gold Charts and it is shown below.
Drawing Gann Lines on MT4 XAUUSD Candlestick XAUUSD Charts
The Gann Line is similar to a xauusd trend line and to draw this xauusd trend line a xauusd trader must select 2 points and draw this line between these two point, just like the xauusd 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 MetaTrader 4 XAUUSD Trading Platform
The Gann Fan is drawn between two points, this indicator will draw a set of xauusd trend lines, these xauusd trend lines are drawn at different angles, This Fan will draw the middle line at an angle of 45 degrees as long as gold price is above this 45 degrees line then the momentum of the upward xauusd trend will continue as shown below. If gold price moves below this line in an upward xauusd trend the upward xauusd trend momentum may be reducing.
The Gann Fan is also drawn for a downward xauusd trend and the same analysis applied to the downward direction.
Example of Gann Fan on upward trend:
Gann Fan on MetaTrader 4 XAUUSD Candlestick XAUUSD Charts
The Gann grid uses two points just like a xauusd 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 gold traders can then use these grids for analyzing gold price movement.
Drawing Grids on MT4 XAUUSD Candlestick XAUUSD Charts