Gann Signal Indicator
Ideal indicator for identifying the perfect trade entry point. Perfect detector for trend reversal.
CATEGORIES: MT4, SIGNAL, PATTERNS, INFORMATIONAL
Updated on: 29.11.2023
Gann signal indicator is based on Gann angles, developed by WD Gann’s – seasoned stock trader. The angles are powerful trading tools that measure time, price, and patterns while the trendlines provide ideal support and resistance levels. By using these angles, traders can analyze and forecast price movement.
But drawing a Gann’s angle is not a cakewalk. It is time-consuming, quite tedious, and requires utmost accuracy. This task can be quite exciting even for seasoned traders. For rookies, you risk getting it all wrong right from the start.
Luckily, you can use the Gann signal indicator to take advantage of this profitable strategy. The indicator simplifies all the work by displaying arrows indicating buy and sell signals. Therefore, you can take advantage of the trade even if you don’t have a slight idea about what Gann signal.
The indicator allows you to tweak the setting for maximum results. Additionally, you can use the indicator in any currency pair and different time frames running from 1 minute to daily. To get better results, consider integrating the indicator with the trend following indicators.
How to Use the Indicator Gann Signal
The indicator has made it easy for anyone to benefit from the Gann chart pattern. How do you use the indicator? Simply wait for the indicator to display arrows. A green arrow signifies that you should open a buy position, while the red arrow is a bearish signal. But as mentioned, you should be cautious of the market trend. In other words, you will want to ignore red arrows that form during an uptrend and green arrows that appear during a downtrend.
A Chart Example
The chart shows price movement for Great Britain against the Swiss Franc. The indicator posted two great sell signals, as shown in the white arrow. The price reaches a resistance zone, and the indicator posts a red arrow signifying an excellent trade entry point. Soon after posting the arrow, the price plummeted. Traders who opened short positions when the indicator posted the first arrow made great profits. The second red arrow also points to a great trade entry point.
The Green arrow also points to a great buy position. Ideally, you should avoid buying in the ranging market and enter once the market starts trending. This makes the green arrow pointed by the purple arrow a suitable trader entry point. Notice how the market experienced a sharp price increase after this point.
Conclusion
Gann signal is one of the easy-to-use and straightforward indicators. You do not have to draw lines or interpret signals. The indicators display green and red arrows signaling an up and down trend. You only have to wait for the indicator to display a trade signal by posting an arrow and enter the trade.
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