What is a Gann Fan?
This fan will project lines out into the future which are potential support and resistance. You select recent swing high or low pivot points and then see how price is respecting the various lines. Try several swing points and see which is best. The GANN GEOMETRY is there, just find it. Then stick with these swing points until price moves outside the fan lines. Depending on your chart interval setting, this could be minutes to days.
Please do an internet search on this topic to learn more.
View a video here
Draw from a Swing Low Price Bar
- DBL-CLICK just BELOW the SL bar of your choice. A small Red circle forms at the bottom of this bar.
- Your fan is drawn from this SL bar upward.
Draw from a Swing High Price Bar
- DBL-CLICK just ABOVE the SH bar of your choice. A small Blue circle forms at the top of this bar.
- Your fan is drawn from this SH bar downward.
Fan Angle Adjustment
The fan will draw differently for each pair and each time frame. It is usually necessary to adjust the angle of the main (BLUE) unity line.
You want this line to be:
- 45 degree angle
- Seeing that price action that has already occurred, is then, following the lines
To adjust, go to 'Chart Options' > Edit Studies... > select 'CFGannFan', in the Studies selection
If the angle of the BLUE line is too steep from the drawn bar, then select a smaller edit number.
If the angle of the BLUE line is too flat from the drawn bar, then select a larger edit number.
It is easiest to move the edit window to the side, then after each 'edit', click the 'Apply This' button to see the new drawing. When finished, then click the 'ok' to close the edit window.
The fan will now remember this setting and start bar, and will reappear like this until you make a new drawing or edit.
To easily see the 45 degree point for the unity line, use small piece of square paper. Place one corner on the beginning of the line and the opposite corner on the extended line. Adjust the line so that the corners match.
Installing 2 Fans on a Chart
- First install GannFan.efs into your chart and make necessary adjustments.
- Then REMOVE the efs study using Chart Options > Remove ( the settings have been saved, so don't worry )
- Now, install GannFan2.efs into your chart and make necessary adjustments.
- Finally, RE-INSTALL GannFan.efs into your chart, and you will have 2 fans.
More
- You cannot insert another time frame’s fan into another chart
- The latest drawn fan will save upon program exit and currency or time changes
- To remove the efs study, go to the ‘Chart Options’ menu again, and find the ‘Remove’ option
- To clear up the efs, if the chart ever gets ‘messed up’, go to ‘Chart Options’ menu and then the ‘Reload’ option. Click on this efs to reload a fresh copy into the chart
- A Double-Click is a fast...click click See the page 'Clicks Help' for more
- Experiment with SL's and SH's to find where the Gann symmetry is, ie, looking for a fan where price respects the lines.
Example: Fan on a CHF Chart
