What is Gann SQ9?
This indicator was W.D.Gann's favorite indicator. He used it on a daily chart, and it shows the hidden support and resistance levels based on his theory. Gann courses go for many $Thousands, and the reason is that price respect for these levels is uncanny.
You can use the study on any time frame chart, but on smaller time frames, the levels are too close together. When changing time frames, you look for one where you do see the respect of price for the Gann levels. This is the time frame you should then always use the Gann SQ9 study on.
Then you use Autopro to essentially 'Trade Between Gann Levels'. You look for longs on top of a Gann line and shorts just under a Gann line. Remembering that when below a line, you are looking at it as Resistance and when you are above a line, you are looking at it as Support.
As these S/R levels are projected out into the future, the trader is armed with a powerful tool.
It is suggested that you do an internet search for this topic to learn about it's complexities.
View a video here
Chart Intervals
The Gann SQ9 was designed for daily, weekly, or monthly charts. You can 'try' and use it on a smaller interval, but the lines may be too far apart to be of use.
You will also need to experiement with the number of bars, in Edit Settings, as each symbol is different in esignal for available bars. If you get no lines and a label that says, "NaN", then you have selected too many bars.
Draw a Resistance Study - Manual Version for Forex
- Look way back in your chosen time frame. The main time frames for this Gann study should be the daily, weekly and monthly. Find the lowest low.
- RIGHT-CLICK just BELOW this bar, immediately followed by a LEFT-CLICK just to the left. Your Gann SQ9 lines are drawn.
Note: when you right-click in a chart, a context menu comes up, just ignore it. For most of your chart options, use the menu button at the top instead of right-clicking, IF, you have the CF Gann SQ9 efs inserted.
Draw a Support Study - Manual Version for Forex
- Look way back in your chosen time frame. The main time frames for this Gann study should be the daily, weekly and monthly. Find the highest high.
- RIGHT-CLICK just ABOVE this bar, immediately followed by a LEFT-CLICK just to the left. Your Gann SQ9 lines are drawn.
AutoDraw Version **This is the version included with Autopro package**
If you use this version, first remove the manual version. Then simply insert the Auto Gann SQ9 script into your chart and it will auto draw.
Also, in eSignal versions greater than 9.0, the auto script cannot read back to the beginning of charts anymore. This is the purpose of the 'Number of Bars' option in edit studies. If you put the EFS into a chart and nothing shows up, reduce the number of bars to something very small, like 10, and increase from there.
Example: Forex NZD 240 minute chart
Example: ES mini futures 5 minute chart
