Zero Degree 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 (1 x 1). The Zero Degrees Angle tool uses this same principle, however, there are two main differences: when the angle lines hit the zero price level a vertical line is drawn on the chart, along with a reversed angle line:
The resulting lines can be used to help identify potential turning points and support/resistance levels in the market.
Actions & Properties
Add New Level: Allows new angles to be added or existing angles to be edited. See 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 Zero Degree 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 Zero Degree 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 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.
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 the tool to a chart it will display using the new settings.
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.
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.
Base Line Style: Allows you to adjust the style, width, colour and visibility of the base line.
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). The value in this field determines what one unit of price is equal to in the tool's calculation. This may require adjustment depending on the data file and timeframe that the Gann tool is applied to. To change the value, simply click in the field and enter a new value. For more information, please click here.
Show Label: Check this box to display the line values.
Font Size: If Show Label is selected you can adjust the size of the text displayed for the label. Moving the slider bar to the right increases the font size.
Zero Level: The level can set to use the zero price or the all time low.
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.