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