Gann Fan Angles
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.
1. To add a Gann Fan to your chart, select it from the tools menu. Your mouse pointer will change into a pencil.
2. Select your starting point (the origin for the angles - usually a significant high or low) and then move your mouse pointer to start creating the Gann Fan Angles.
3. Select your endpoint to set the Gann Fan. Your endpoint can be forward or backwards in time, up or down in price, allowing full control over how you draw the fan.
The length of the line is determined by how far in time your second click is from your first click. As with the other tools, you can manipulate this at a later stage if you require.
Actions & Properties
Add Line Alert: Creates an alert based on the selected line. For more information on Line Alerts, click here.
Add New Level: Allows new angles to be added or existing angles to be edited. See Gann Levels in the Properties section below for more information.
Add to Toolbar: Click this action to add the selected tool to your custom toolbar.
Apply Settings to All: When multiple Dynamic Gann Fan Angles 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 changing colours - as this allows all the other Dynamic Gann Fan Angles in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows the selected tool to be copied, which can then be pasted onto a different chart window.
Move to Back: If the lines of the tool are displaying in front of other tools or indicators clicking this action will move the lines view to the background.
Move to Front: If the lines of the tool are displaying behind other tools or indicators on the chart, clicking this action will bring the lines to the forefront.
Price Flip: Adds an additional Gann Fan using the same settings as the original, however, the tool is flipped vertically. This action does not remove the original Fan.
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 (such as the colour) you can save the adjustments as your new default setting. Each time you subsequently apply the tool to a chart it will display using the new settings.
Time Flip: Adds an additional Gann Fan using the same settings as the original, however, the tool is flipped horizontally. This action does not remove the original Fan.
Delete: Deletes the tool from the chart.
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.