How do I apply the Auto Gann study?
The Auto Gann study automatically projects resistance levels based on major Gann angles originating from previous significant pivot points.
To display the Auto Gann study on a chart, right-click on the chart, when the menu appears, place your cursor on Advanced GET Studies and then select GET: Auto Gann:
This will open the Auto Gann dialog box:
Angle: There are two sets of Gann angles that can be displayed, five above the origin and five below. Each line is represented by a button that is labeled with the slope of the angle. The numbers indicate the number of price units to move per time units. To choose an angle, select its toggle button. You can select which default angles to use– 1×1, 1×2, 1×4, 2×1, and 4×1. When the button is toggled ON (the green light in the left corner is on), the angle will be displayed.
Color: The Angle Color selection list allows you to choose the color in which the Gann Angle lines will be drawn.
Direction: The Direction selection list allow you to select which direction to display the Gann angles within a target range, either up and down angles, only up angles, or only down angles. This feature is useful because it allows for less relevant angles to not be displayed which provides for a less cluttered, more useful chart.
Pivot Types: You can select from which types of price pivot points to calculate the Gann angles lines. The “Pivot Types” default is set to primary and major pivots. Gann angles originating from primary lows/highs have higher priority in defining the future path of trader’s emotional cycle. The next line will be angles from major highs/lows, followed by the intermediate and minor pivots. All Gann angles could provide support and resistance for price swings. However, the higher hierarchy angles, such as angles from primary or major pivots, typically provide stronger support/resistance. There are times when the primary and major pivots do not identify any angles. When this happens, turn on the lower pivots to see if other angles can be picked up.
Target %: The Target % number box is used to control the range that you want the Gann angles to be calculated with and Gann angles within that range that are turned ON– will be displayed. . The default target range is 100%. When this percentage is set at 100%, the lines drawn will only be those that intersect within the last bar’s range. If you increase this to 200%, for example, the lines drawn will then be within twice the last bar’s range.
Scale: The Scale number box allows you to set the price unit that is used in determining the slope of an angle. The default setting is 1.
Optimize: If you want the program to optimize the scale for a specific chart, Select the Optimize button. GET will then go back and calculate Gann Angles from all of the pivot points using a variety of different scales, selecting the best scale for you based on the data provided. Some purist Gann users might prefer to keep the scale set to 1. But we believe offering the optimized routine is a better approach. Our studies suggest that optimized angles for stocks, spreads, cross-rates, and foreign issues is a useful feature, and can often generate better results than sticking to a fixed setting.
Auto Optimize: When the Auto Optimize checkbox is selected, it causes a new Gann angle optimization any time a chart is re-issued.
Auto Gann can be used to reinforce major price pivot swings. It can even be useful to help identify minor price pivot swings. This is particularly effective when combined with other trading tools and studies, such as those tools used to identify Type One and Type Two setups. Auto Gann can be used in “momentum” price moves as well. It can provide a key Gann angle that supports or resists the current strong trend.