Use Gann tools
EA, indicators & objects (PC)
EA, indicators & objects (PC)
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On MetaTrader4 (MT4) / MetaTrader5 (MT5), you can draw "Gann line", "Gann fan", and "Gann grid" based on the Gann theory, developed by the legendary trader W.D.Gann (USA). This theory is used for a variety of purposes, including identifying the best trading points as well as the timing of trend reversals.
Here we'll take a look at how to display and set up the most famous Gann tool, the Gann fan.
Switch between MT4/MT5 tabs to check the steps for each.
Step 1
Click "Insert" in the menu. Hover the pointer over "Gann" and select "Gann Fan".
-
Gann line
Gann line is the line between the low and high and is the basis for the Gann fan and the Gann grid. You can draw the Gann line between any high/low. Defining this line as the "1x1", the most important line drawn in a 45-degree angle, you can predict the strength of the trend from its length and the price gap.
-
Gann fan
Gann fan is also known as the Gann angles. In addition to the most important line, the 1x1 or 45-degree line, it draws eight other lines: 1x8 (82.5 degrees), 1x4 (75 degrees), 1x3 (71.25 degrees), 1x2 (63.75 degrees), 2x1 (26.25 degrees), 3x1 (18.75 degrees), 4x1 (15 degrees), and 8x1 (7.5 degrees).
-
Gann grid
Gann grid is a grid of evenly spaced lines drawn based on the Grid line. The Gann grid is made up of multiple Gann lines. You can determine the strength of the market from the price and the location of the Gann line. If the price crosses the Gann line, it usually signals a break point.
Step 2
Click the starting point on the chart and drag it to the end point to set the period.
Step 3
If you want to adjust the position of the Gann fan, make sure the white dots are being displayed on the Gann fan and move each dot as necessary. If you cannot see the white dots, double-click near the Gann fan's Gann line (a line where time and price are 1x1) to display the white dots.
|
Number |
Descriptions |
|---|---|
|
1 |
Change the starting point of the Gann fan. |
|
2 |
Change the position of the Gann fan. |
|
3 |
Change the end point for the Gann line. |
Values displayed during drawing Gann fan
Values displayed when dragging indicate the number of candlesticks from the starting point to the end point and the number of points.
Step 4
To modify the Gann fan settings, right-click on the Gann line and select "Gann Fan properties...".
Step 5
On the "Properties" window, edit the parameters in the "Common", "Parameters", and "Visualization" tabs and click "OK".
"Common" tab
|
Number |
Item name |
Descriptions |
|---|---|---|
|
1 |
Name |
Name the Gann fan. |
|
2 |
Description |
The description can be displayed on the chart when hovering the pointer over the Gann fan. |
|
3 |
Style |
Set the color, line type, and line thickness for the Gann fan. |
|
4 |
Draw object as background |
Check this box if you want to place the Gann fan behind the chart. |
"Parameters" tab
|
Number |
Item name |
Descriptions |
|---|---|---|
|
1 |
Starting point position |
Specify the starting point position by date and price. |
|
2 |
End point of the period |
Specify the end point position by date. |
|
3 |
Scale |
Set the angle of the Gann line. The initial angle of the Gann fan that you plot is 1.00. |
"Visualization" tab
On the "Visualization" tab, you can specify the timeframes to use the Gann fan with.
28 trading rules
Some of Gann's trading rules are known as the "28 Trading Rules". It states various rules such as "Never risk more than 10% of your trading capital in a single trade" and "Always trade in active and liquid markets". Although Gann has left us numerous publications, there is no one definitive view on Gann's theory. To this day, there are still many different views on the subject.
Step 1
Click "Insert" in the menu. Hover the pointer over "Objects" > "Gann" and select "Gann Fan".
-
Gann line
Gann line is the line between the low and high and is the basis for the Gann fan and the Gann grid. You can draw the Gann line between any high/low. Defining this line as the "1x1", the most important line drawn in a 45-degree angle, you can predict the strength of the trend from its length and the price gap.
-
Gann fan
Gann fan is also known as the Gann angles. In addition to the most important line, the 1x1 or 45-degree line, it draws eight other lines: 1x8 (82.5 degrees), 1x4 (75 degrees), 1x3 (71.25 degrees), 1x2 (63.75 degrees), 2x1 (26.25 degrees), 3x1 (18.75 degrees), 4x1 (15 degrees), and 8x1 (7.5 degrees).
-
Gann grid
Gann grid is a grid of evenly spaced lines drawn based on the Grid line.The Gann grid is made up of multiple Gann lines. You can determine the strength of the market from the price and the location of the Gann line. If the price crosses the Gann line, it usually signals a break point.
Step 2
Click the starting point on the chart and drag it to set the period. In MT5, you can specify the period for drawing the Gann fan.
Step 3
If you want to adjust the position of the Gann fan, make sure the white dots are being displayed on the Gann fan and move each dot as necessary. If you cannot see the white dots, double-click near the Gann fan's Gann line (a line where time and price are 1x1) to display the white dots.
|
Number |
Descriptions |
|---|---|
|
1 |
Change the starting point of the Gann fan. |
|
2 |
Change the end point for the Gann line. |
Values displayed during drawing Gann fan
Values displayed when dragging indicate the number of candlesticks from the starting point to the end point.
Step 4
To modify the Gann fan settings, right-click near the Gann fan and select "Properties of (Gann name)".
Step 5
On the "Properties" window, edit the parameters in the "Common", "Parameters", and "Visualization" tabs and click "OK".
"Common" tab
|
Number |
Item name |
Descriptions |
|---|---|---|
|
1 |
Name |
Name the Gann fan. |
|
2 |
Description |
The description of the Gann fan can be displayed on the chart. |
|
3 |
Style |
Set the color, line type, and line thickness for the Gann fan. |
|
4 |
Draw object as background |
Check this box if you want to place the Gann fan behind the chart. |
|
5 |
Disable selection |
Check this box if you want to disable the editing of the Gann fan. |
"Parameters" tab
|
Number |
Item name |
Descriptions |
|---|---|---|
|
1 |
Starting point position |
Specify the starting point position by date and price. |
|
2 |
End point of the period |
Specify the end point position by date. |
|
3 |
Pips per bar |
Set the angle of the Gann line. The initial angle of the Gann fan that you plot is 1.00. |
|
4 |
Downtrend |
Check this box when you want to use Gann fan at downtrends. |
"Visualization" tab
On the "Visualization" tab, you can specify the timeframes to use the Gann fan with.
28 trading rules
Among Gann's numerous publications, "Gann's 28 Trading Rules" is one of the most famous ones. It states various rules about asset management such as "Never risk more than 10% of your trading capital in a single trade" and "Always use stop-loss orders and never cancel them after you have placed the trade". Although Gann has left us numerous publications, there is no one definitive view on Gann's theory. To this day, there are still many different views on the subject.
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