Placing Gann Lines on Charts in MetaTrader 4 Platform
The Gann Lines is the fourth option in the Insert Menu within the MetaTrader 4 Platform. The Gann Lines Button is used to place Gann Lines on the Forex Charts and it is shown below.
Drawing Gann Lines on MetaTrader 4 Forex Candlestick Charts
The Gann Line is similar to a trend line and to draw this trend line a trader must select 2 points and draw this line between these two point, just like the 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 plot that you require.
How to Draw Gann Line on MetaTrader 4 Platform
The Gann Fan is drawn between two 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 below. If price moves below this line in an upward trend the upward trend momentum may be reducing.
The Gann Fan is also drawn for a downward trend and the same analysis applied to the downward direction.
Example of Gann Fan on upward trend:
Gann Fan on MetaTrader 4 Forex Candlestick Charts
The Gann grid uses two points just like a trend line to be plotted, once these two lines are plotted, this Grid will then draw grids that are at an angle of 45 degrees, the traders can then use these grids for analyzing currency price movement.
Drawing Grids on MetaTrader 4 Forex Candlestick Charts