GANN's Levels
This indicator uses formulas created by a legendary trader W.D.Gann.
He found the way how to calculate precise levels of support based on the price at the previous major top.
And, vice versa, we can calculate specific price levels where price may find resistance using only the last major bottom!
Disclaimer
The indicator provides trade set-ups and alerts that are for educational and hypothetical purposes only and shall not be considered trade recommendations.
Any signals or trading setups drawn by the indicator is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of the indicator must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision.
CastAway Trader LLC, the publisher of this indicator is not registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority.
CastAway Trader LLC reserves the right to un-publish this indicator or change it without any written notice.
Past results are not indicative of future profits.
He found the way how to calculate precise levels of support based on the price at the previous major top.
And, vice versa, we can calculate specific price levels where price may find resistance using only the last major bottom!
Disclaimer
The indicator provides trade set-ups and alerts that are for educational and hypothetical purposes only and shall not be considered trade recommendations.
Any signals or trading setups drawn by the indicator is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of the indicator must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision.
CastAway Trader LLC, the publisher of this indicator is not registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority.
CastAway Trader LLC reserves the right to un-publish this indicator or change it without any written notice.
Past results are not indicative of future profits.
הערות שחרור:
v.2 published dated on Oct 25, 2022
Added auto adjustment of prices for low priced stocks
Added auto adjustment of prices for low priced stocks
הערות שחרור:
15 Nov 2022
added a new feature to adjust levels to Forex pairs.
To activate that feature double click any line drawn by the indicator to get a pop up menu of the indicator.
In the menu click box "Adjust to Forex"
added a new feature to adjust levels to Forex pairs.
To activate that feature double click any line drawn by the indicator to get a pop up menu of the indicator.
In the menu click box "Adjust to Forex"
הערות שחרור:
Nov 22, 2022
Updated algo to correctly calculate levels for Nasdaq
Updated algo to correctly calculate levels for Nasdaq
הערות שחרור:
v.4.0
Dec 1, 2022
Now the Gann's Levels indicator can calculate and draw not only price levels but also time projections.
Note that Price often makes lows and highs at or near intersections of time and price levels!
Dec 1, 2022
Now the Gann's Levels indicator can calculate and draw not only price levels but also time projections.
Note that Price often makes lows and highs at or near intersections of time and price levels!
הערות שחרור:
v.4 published Jan 5, 2023
Added automatic drawing of Gann's Fans.
Gann's fans are a form of technical analysis based on the idea that the market is geometric and cyclical in nature. A Gann's fan consists of a set of lines called Gann's angles.
These angles are superimposed over a price chart to show potential support and resistance levels.
Added automatic drawing of Gann's Fans.
Gann's fans are a form of technical analysis based on the idea that the market is geometric and cyclical in nature. A Gann's fan consists of a set of lines called Gann's angles.
These angles are superimposed over a price chart to show potential support and resistance levels.
הערות שחרור:
A new updated version 6 now allows you to manually add a starting point for calculating Gann's Levels. In addition, now you get a table showing you up and down projections based on the level you manually input.
In the menu you have a switch between a manual and auto modes. To be able to input a starting point you should switch to the "Manual" mode.
Gann discovered the way to calculate resistance levels based on only one number, some major low you pick
To calculate support levels you input price made at some major top
On the S&P chart shown above you can see that support levels once they are broken turn into resistance levels (see the red arrows).
This is how Gann levels nailed highs of two first swings off the Oct 2022 low.
Then we need to change the starting point to the higher low pivot made in Dec 2022.
Note that I changed the starting point to 3764, the Dec 2022 low.
Note how 180 degrees up became a meaningful resistance.
It stopped the rally in Feb, April and in May 2023
You can also see how 360 degrees up off the Dec'22 low nailed the July 2023 top.
In the menu you have a switch between a manual and auto modes. To be able to input a starting point you should switch to the "Manual" mode.
Gann discovered the way to calculate resistance levels based on only one number, some major low you pick
To calculate support levels you input price made at some major top
On the S&P chart shown above you can see that support levels once they are broken turn into resistance levels (see the red arrows).
This is how Gann levels nailed highs of two first swings off the Oct 2022 low.
Then we need to change the starting point to the higher low pivot made in Dec 2022.
Note that I changed the starting point to 3764, the Dec 2022 low.
Note how 180 degrees up became a meaningful resistance.
It stopped the rally in Feb, April and in May 2023
You can also see how 360 degrees up off the Dec'22 low nailed the July 2023 top.
הערות שחרור:
v.7 published on Nov 25, 2023
The new version significantly simplified using that powerful forecasting tool.
Now you start from manually picking a starting point.
If you pick a high pivot the indicator will draw levels of support according to W.D.Gann's formulas.
If you pick a low pivot the indicator will draw levels of resistance according to W.D.Gann's formulas.
To change projections you just click the line highlighting the starting point and drag it to another pivot. The indicator will immediately recalculate all levels.
Double click any line or object drawn by the indicator and you will get to the menu of the indicator.
When you need the indicator to draw resistance lines you pick in the Find Targets option "For a rally".
When you need the indicator to draw support lines you pick in the Find Targets option "For a decline".
The new version significantly simplified using that powerful forecasting tool.
Now you start from manually picking a starting point.
If you pick a high pivot the indicator will draw levels of support according to W.D.Gann's formulas.
If you pick a low pivot the indicator will draw levels of resistance according to W.D.Gann's formulas.
To change projections you just click the line highlighting the starting point and drag it to another pivot. The indicator will immediately recalculate all levels.
Double click any line or object drawn by the indicator and you will get to the menu of the indicator.
When you need the indicator to draw resistance lines you pick in the Find Targets option "For a rally".
When you need the indicator to draw support lines you pick in the Find Targets option "For a decline".
הערות שחרור:
Added drawing the 45 degrees up and down level
You can now hide the table with the Gann's levels or keep a a small table with only two main levels, 45 degrees and 90 degrees
You can now hide the table with the Gann's levels or keep a a small table with only two main levels, 45 degrees and 90 degrees
הערות שחרור:
v.8 published on Jan 25, 2024
Add new projections, multiples of 270 degrees
Add new projections, multiples of 270 degrees