The Gann Signals indicator automatically calculates the GANN lines and waves and generates forex buy or sell trading signal with arrows. As a result, it eliminates the need for traders to manually plot the GANN lines.
Features of Gann Signal MT4 Indicator
The GANN Signal indicator provides a simple up and down arrow based forex trading signal. So, a straight forward bullish or bearish arrow signals a market entry point.
Traders can enter the market with a buy trade with a stop loss at the previous swing low. However, as the trade progresses look to book profits at an opposite trading signal or with a good risk reward ratio. Traders can follow a similar trading strategy upon a bearish down arrow trading signal
Another feature is the chart comments area, the indicator shows the terminal time of the last trading signal , current signal buy/sell, current market price and the high and low of the previous candlestick.
Forex traders can use this indicator to formulate automated trading strategies or trade in confluence with other trading indicators.
Benefits of Using the Indicator
New forex traders benefit the most from this indicator. Because, it helps them to avoid the cumbersome process of manual identification of the GANN lines and angles. The simplicity of a clean chart with buy and sell arrows helps traders to focus on trading signals, entry points, stop loss and take profit.
Generally, this indicator is beneficial for all types of forex traders as it works well in intraday charts as well as the daily, weekly and monthly price charts. So, scalpers, short- term and long- term traders can benefit from using this indicator.
Indicator Settings Description
Periods: A higher value provides lower number of signals.
Comments:, Sound: Enables comments on chart and sound alerts.
WAV: Name of the sound file.
Ras: Moves the location of arrow closer to the candle.
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