Placing Gann Lines in Trading Charts in MT4 Platform
Gann Lines is the 4th option on Insert Menu within the MetaTrader 4 Trading Platform. The Gann Lines Button Key is used to place Gann Lines on the Charts & it is displayed below.
Drawing Gann Lines on MetaTrader 4 Candle Charts
Gann Line
Gann Line is similar to a trend-line and to draw this trend line a trader must select 2 points & draw this line between these two point, just like the trend-line the Gann line is also used to explain the trend.
However, Gann Line might require you to change some parameter so as to achieve the plot that you require.
How to Draw Gann Line on MT4
Gann Fan
Gann Fan is drawn between two points, this technical indicator will draw a set of trend lines, these trendlines 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 upwards trend will continue as illustrated below. If price moves below this line in an upwards trend the upward trend momentum might be reducing.
The Gann Fan is also drawn for a downward trend & the same analysis applied to the down ward direction.
Example of Gann Fan on upwards trend:
Gann Fan in MT4 Candle Charts
Gann Grid
The Gann grid uses two points just like a 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, traders can then use these grids for analyzing price movement.
Drawing Grids in MT4 Candlestick Charts
Get More Courses & Lessons:
- How Do You Install MetaTrader 4 Gold Software Software Platform?
- What is an Example of a XAUUSD Down Trend?
- How to Set Stop Loss XAU USD Orders in MT4 Gold Charts
- How Do You Predict XAU/USD Candlesticks Patterns Trend Reversal?
- Gold Patterns Candlestick Definition Explained
- Learn How to Trade Gold and Learn Online Gold Courses
