MT4 version of the Gann Sq 9 indicator The MT4 version of the Gann Sq 9 indicator is based on the same principles as the WD version of the Gann indicator. It predicts the price direction of a currency pair and draws possible support or resistance lines on the chart. In addition, the indicator uses the standard ZigZag MetaTrader indicator to identify changes in the trend. After Zigzag confirms that the trend has changed, the indicator uses its Gann Sq 9 angle to outline potential new trend lines. These lines act as support and resistance in the direction of the bullish and bearish trend. Therefore, forex traders using a trend following strategy can use the indicator to find the most effective entry points for buying or selling, as well as possible future reversal points.
The indicator uses price levels to calculate future resistance and support levels, so that the same levels will be shown on each price chart. Therefore, traders can use this indicator to observe price action close to resistance and support levels in the lower time frames to find the best entry positions. This indicator is ideal for experienced and new Forex traders. Beginner Forex traders can apply the GANN concept to determine the next support and resistance levels, as well as to transfer stop losses for already established positions. In addition, these levels help traders to determine stop loss and take profit levels. In addition, Forex traders are able to download the free software and install it easily.
Gann Sq9 indicator in MT4 trading setup
The indicator shows support levels on the chart in green, while resistance and support levels on the price chart are in red. The white line indicates the direction of the trend. In addition, it plots the zero value in gray, marking the beginning of the trend direction.
If the Zigzag marks the existence of a bullish trend, traders in the Forex market can participate in the market by buying trades. The ideal stop-loss position is the previous swing low, where forex traders can seek profit at the next resistance level. In addition, traders can take advantage of the trend by trailing stops to lower trend levels using electronic stop tracking. Conversely, forex traders are able to start selling trades after Zigzag confirms a bearish market trend. They can also use GANN levels to set stop losses and take profit loss levels.
Summary
MT4’s Gann Sq 9 indicator shows future support and resistance levels, based on the GANN 9 concept. In addition, it can be used in trend following forex trading strategies. In addition, Forex technical traders can integrate the indicator into automated trading software.
