Setting Gann Lines on Charts in MetaTrader 4
The Gann Lines is the fourth option on Insert Menu within the MT4 Software. The Gann Lines Button is used to place Gann Lines on the Charts and it is displayed below.
Drawing Gann Lines in MetaTrader 4 Candle Charts
Gann Line
The Gann Line is similar to a trend line and to draw this trend line a trader must choose 2 points & draw this line between these two point, just like the trend line the Gann line is also used to show the price trend.
However, the Gann Line may require you to change some parameter so as to achieve the plot that you require.
How Do I Draw Gann Line on MT4
Gann Fan
The Gann Fan is drawn between 2 points, this 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 price is above this 45 degrees line then the momentum of the upward trend will continue as shown & illustrated below. If price moves below this line in an upward trend the upwards trend momentum may be reducing.
The Gann Fan is also plotted for a downwards trend and same analysis applied to the downward direction.
Example of Gann Fan on upward trend:
Gann Fan in MetaTrader 4 Candle Charts
Gann Grid
The Gann grid uses two points just like a trend line to be plotted, once these two lines are plotted, this Grid tool indicator then will draw grids which are at an angle of 45 degrees, the traders can use these grids for analyzing currency price movement.
Drawing Grids in MetaTrader 4 Candle Charts
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