WD Gann Box Indicator

WD Gann Box Indicator

WD Gann box indicator for MT4 scans and plots Gann lines that act as Bullish and Bearish trend lines for forex traders.

The WD Gann box indicator for MT4 scans the price charts and automatically plots the lines once they are identified. These lines define the bullish and bearish market trend and also assist the traders in identifying reversals. As a result, forex traders can BUY and SELL effectively using the indicator.

The indicator works well in all intraday price charts and daily, weekly and monthly charts. Moreover, the indicator works well for new and advanced forex traders. Furthermore, advanced forex traders can use the indicator to create complex trading strategies. However, traders should confirm the trend reversals using price action.

WD Gann Box Indicator For MT4 Trading Setup

The GBPUSD H4 price chart shows the WD Gann box indicator for MT4 in action. The indicator shows the vertical and horizontal lines in Red. The level 1 diagonal lines are in Blue, while level 2 lines are in Green and level 3 in gray.

The primary trend identifier of the WD Gann lines is the 45-degree angled Blue lines. So, these Blue lines define the current price trend of the market. If the prices are above the 45-degree line, it shows the market is in a bullish price trend. So, forex traders should enter the BUY trade with a stop loss below the previous low. It is a good practice to book profit if the price breaks and moves lower than the 45-degree up trend line as it signals the potential end of the uptrend. Moreover, traders can book profit with a good risk-reward ratio.

Similarly, if the prices stay below the 45-degree line is indicates the bearish price trend. So, forex traders should place a SELL position with a stop loss above the previous swing high. On the other hand, traders can book profits if the price breaks the downtrend line to the downside.

In general, forex traders should note that each WD Gann box lines act as support and resistance. But the 45-degree angled lines define the trend primarily.

Conclusion
The WD Gann box indicator for MT4 helps the forex traders to scan, identify and plot the geometric lines automatically. However, traders should use price action to confirm the reversal. Additionally, forex traders can download the indicator and install it easily.