The WD Gann indicator for MT4 scans price charts and automatically draws lines when identified. These lines help traders identify reversals and define bullish or bearish market trends. Forex traders can use the indicator to effectively buy or sell.
The indicator is compatible with all intraday price charts, daily, weekly and monthly charts. The indicator is also suitable for new and experienced forex traders. Advanced forex traders can also use the indicator to develop complex trading strategies. Traders should confirm trend reversals with price action.
MT4 trading setup for WD Gann indicator
The chart shows the WD Gann Indicator (MT4) in action. The indicator shows horizontal and vertical lines in red. Blue is the level 1 diagonal line, while green and gray are the level 2 lines.
The blue lines at a 45-degree angle are the main indicators of the WD Venn trend. These blue lines are the main indicators of the market price trend. If the price rises above the 45-degree line, it indicates that the market is in a bullish trend. Forex traders should be able to enter a buy trade, but keep the stop below the previous low. Since it marks the end of an uptrend, it is a good idea to book profits when the price falls below the 45-degree trend line. Traders can also book profits with a high risk-reward ratio.
If the price stays below the 45-degree line, it also indicates a bearish trend. Forex traders should consider selling the position with a stop loss at the top of the swing high. If the price breaks out of the downtrend, the trader can book a profit.
Forex traders need to remember that each WD Gann box line acts as support or resistance. The trend is mainly defined by the line at an angle of 45 degrees.
Conclusion
Forex traders can use MT4’s WD Gann indicator to automatically scan, identify and plot geometric patterns. In order to confirm reversals, traders must use price action. Forex traders can also easily download and install the indicator.
