Gann Lines on Metatrader 4

[Helgard]

Hi, I'm having a little trouble drawing a Gann Line on MetaTrader 4. I know it should be a 45degree angle line, but I just cant get it right by selecting the Gann Line drawing tool. I end up using the Trendline by Angle drawing tool to get a 45degree line, although I'm not sure if this is correct, because I just take a low or a high and draw the trendline by angle 45degrees.

Any help would be great thanks.

[kfa2000]

Hi

I'm new to gann trading method.

but what i learnd from a book that the chart you are drowing the gann lines on is required to be in a specific scale of time and price. That is, 10 pips for each day or 100 pips per, that's just an example and you can decide what scale you want to use..... for me, this point is the problem cuz i couldn't find out how to do that scaling.

when you do that scaling, you will get the square and the 45 degree would be easily found.

I tried in the chart options and chose the 1*1 scaling,,,, but it looks very wide and hard to find the top or a bottom. I hope there is anyone here can tell us the best way to scale a chart on 1*1 in a better way rather than the original option in the program.

best wishes to all of u.

[Helgard]

Yeah I hope so too, cause I'm having a hard time drawing it in correctly.

[John Taylor]

helgard:

Yeah I hope so too, cause I'm having a hard time drawing it in correctly.

Sorry if this is a bit late but you need to scale prices before applying Gann formulae. e.g. if you have a price of 1.6543, multiply by 100 = 165.43, take the square root, then subtract your Gann angle, e.g. .125, then square the result. Scale back down by dividing the final number by 100 to get the next resistance level. I find it works most of the time with 3 significant figures, so adjust your multiplier/divisor to give you 3 s.f.