Gann Fan Angles
Overview
The main concept that needs to be understood when using a Gann Fan is the relationship between time and price that Gann proposed. This means that for one unit of time the market will rise (or fall) by one unit of price, resulting in a one-by-one line (1x1). As such, the 1x1 line is often called the 45 degree line, but it will not appear as a geometric 45 degree line due to the scaling of the chart*.
Using a Price Unit of 1 on a daily chart the 1x1 line will move one unit up (or down if placed on a high) for every trading day, a 2x1 will move two price units per day, and a 1x2 line will draw the line one unit up (or down) every two days. These lines are often areas of support and resistance.
*Note: If the Price Unit of the Gann Fan is the same at the time/price ratio in the bottom-right corner of the screen then the 1x1 line will be a geometric 45 degrees. To keep the 1x1 a constant 45 degrees as the chart view is changed click the padlock to lock the chart’s time/price scaling.*
Clients with the advanced Gann tool module can use the Dynamic Gann Fan tool to control the 1x1 line, and thus easily calculate the Price Unit, or ‘speed’ of the move between two points.
To add the tool to your chart, select the tool from the Gann tool group, and left-click on the bar on the chart you wish to calculate the tool from. Next, extend the lines and left-click again where you want it to end. Optuma will then draw the tool using the default settings.
Video
Actions & Properties
Actions
Add Line Alert: Selecting this action will set a Line Alert based on the selected line.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Gann Fan Angles tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other Gann Fan Angles tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Price Flip: Allows you to create a duplicate of the tool along the price axis.
Time Flip: Allows you to create a duplicate of the tool along the time axis.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Gann Fan Angles to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Properties
Tool Name: Allows for the name of the tool to be changed, as displayed in the Structure Panel.
Gann Levels: Click on this option to display the different Gann Fan Angle levels. For more information on the Levels Editor, click here.
To add a new level to the chart, left-click on the blue + button and enter the values as needed.
- Value - Sets the time/price ratio for the angle (e.g. 1 x 2). To change the value amount, click in the field and enter the new value.
- Line Style - Sets the line type, thickness, colour and transparency of the angle lines.
- Visible - To hide a level, deselect the check box with the green tick.
Use Chart’s Price Unit: By default, the price unit of the chart is used in the tool calculation. Untick the box to manually adjust the value in the Price Unit property.
Price Unit: This option is available when the Use Chart’s Price Unit box is unticked (see above). Enter a new value to manually determine what one unit of price is equal to in the tool’s calculation (eg 0.1). For more information, click here.
Data Type: Sets the data style used in calculating the Gann Fan Angles. Can be set to either Bars (Trading Days) or Calendar Days.
Extend Lines: Check this box to extend the angle lines.
Show Labels: Check this box to display the angle values (e.g. 2 x 1, 1 x 1). Uncheck the box to hide these values.
Font Size: If Show Labels is selected you can adjust the size of the text displayed for each label. Moving the slider bar to the right increases the font size.
Reverse Prices: Check this box to display the price values in reverse e.g. 8 x 1 instead of 1 x 8.
Base Line Style: Allows you to adjust the style, width, colour and visibility of the horizontal and vertical base lines.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.