Gann Sq9 Indicator

The Gann SQ 9 Forecast MT4 indicator is commonly used to forecast future currency moves using angles. This indicator does the heavy lifting for you by drawing the angles straight on the Metatrader 4 chart. Furthermore, Gann angles can be utilized to forecast support and resistance levels, as well as potential tops and bottoms. This is ideal for currency traders looking for prospective trend reversals and trend continuation signs.

What is the Gann Sq9 Indicator?

The Gann Sq 9 indicator for MT4 is based on the WD GANN principles. It forecasts the price direction of currency pairs in the future and draws probable support and resistance lines on the price chart. Furthermore, the indicator employs the famous ZigZag indicator to detect trend shifts. When the Zigzag confirms a trend change, the indicator uses the Gann Sq 9 angles to draw potential future trend lines. These trend lines serve as future support and resistance in the direction of the Bullish or Bearish trend. As a result, trend following forex traders can use the indicator to discover BUY and SELL entry opportunities as well as potential future reversal points.

The indicator calculates future support and resistance levels based on price values; therefore, the same levels will be represented in all price charts. To discover the ideal entry positions, traders can use the indicator and look for price activity on the lower time frame near the support and resistance levels. The indicator is appropriate for both new and experienced forex traders. New forex traders can utilize the GANN principle to identify future support and resistance levels and move stop losses on existing positions. Furthermore, the levels assist traders in determining take-profit and stop-loss levels.

Setting up the Gann Sq9 Indicator
Setting up the Gann Sq9 Indicator

Gann Sq9 Strategy

The Gann Sq 9 indicator would be seen in action when placed on the chart of the asset being traded. On the price chart, the indicator depicts support and resistance levels in green and red, respectively. White lines indicate the trend’s direction. Furthermore, it depicts the level 0 as Gray and identifies the start of the trend.

Forex traders can enter a BUY trade if the Zigzag shows a BULLISH uptrend. The previous swing low could be used as a stop loss position, and forex traders can attempt to book profits at the next possible resistance. Traders can also utilize a trailing stop loss to ride the trend by trailing stop losses at previous lower trend levels. Forex traders, on the other hand, can enter a SELL position whenever Zigzag verifies the Bearish market trend and could set the take profit and stop loss levels using GANN levels.

Buy Signal

This could be your checklist for a buy trade:

  • When the zigzag indicates a bullish trend.

Once this event occurs:

  • You could open a buy position after you confirm your entry with bullish candlestick patterns.
  • You could set your stop loss just below the nearest swing low.
  • You could set your take profit at the nearest resistance zone, or you could exit trade when the zigzag indicates a bearish trend.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Gann Sq9 Indicator Buy Setup
Gann Sq9 Indicator Buy Setup

Sell Signal

This could be your checklist for a sell trade:

  • When the zigzag indicates a bearish trend.

Once this event occurs:

  • You could open a sell position after you confirm your entry with bearish candlestick patterns.
  • You could set your stop loss just above the nearest swing high.
  • You could set your take profit at the nearest support zone, or you could exit trade when the zigzag indicates a bullish trend.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Gann Sq9 Indicator Sell Setup
Gann Sq9 Indicator Sell Setup

Gann Sq9 Pros & Cons

Pros

  • The Gann Sq9 Indicator can be used to predict potential trend reversal levels and also to identify possible support and resistance zones on the chart.
  • The levels given by the indicator can be utilized by traders for entries and exits of their trades.

Cons

  • The Gann Sq9 Indicator may require some level of practice in order to comprehend its functionality optimally.
  • The indicator may not meet the trader’s expectations in a consolidating market.

Conclusion

The Gann Sq 9 indicator for MT4 forecasts future support and resistance levels using GANN 9 principles. Furthermore, the indicator works well with trend-following forex trading techniques. Forex technical traders can also include it into automated trading systems; however, this indicator may generate false signals at intervals and traders should not depend solely on it.