This is one of the many studies available on the premium Java Charts at prophet.net. I've had trouble finding information about this study and wonder if anyone knows anything about how it should be used. When applied to a chart it simply looks like a trend line.
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Can't answer your question directly, suggest you contact prophet.net if there's no user manual.
The chart I've posted is the FTSE Weekly displaying 2 Gann tools included in Advanced GET.
The manual 'Gann Angles' (most programs have this tool as Gann Fan) indicated by the ^ is positioned by the user.
All the other lines are generated automatically by the 'Auto Gann Angles' tool from a variety of Primary, Major, Intermediate Pivot points.
Red lines are the 1x1 Gann angle — 45 degree angle.
If the 'Fib-Gann Projections change %' has user inputs and more than one instance can be placed on the chart, it may be worth using, but if it's a single instance auto-draw and " when you re-fresh a line that you had seen pointing up or down might no longer exist." it isn't dependable.
The chart I've posted is the FTSE Weekly displaying 2 Gann tools included in Advanced GET.
The manual 'Gann Angles' (most programs have this tool as Gann Fan) indicated by the ^ is positioned by the user.
All the other lines are generated automatically by the 'Auto Gann Angles' tool from a variety of Primary, Major, Intermediate Pivot points.
Red lines are the 1x1 Gann angle — 45 degree angle.
If the 'Fib-Gann Projections change %' has user inputs and more than one instance can be placed on the chart, it may be worth using, but if it's a single instance auto-draw and " when you re-fresh a line that you had seen pointing up or down might no longer exist." it isn't dependable.
Attachments
There are three inputs: Wave%, Gann inc value, and Gann increments. Unless you change them they are set to 5, .25, 2. I've been trading it on paper for a few days using the 15 min chart of the $NDX and so far it seems to work well. It had me short all of Monday and long as of 10:09 tuesday morning.
Prophet.net's description
Fibonacci and Gann Projections
The system attempts to predict future turning points, pivots or valleys. These turning points are found by applying Fibonacci ratios to the swings. Time predictions are based on the zigzag indicator and Fibonacci ratios, as well as Gann square of nine calculations.
When using either Fibonacci-Gann Projections Change % or Fibonacci-Gann Retrace %, there are three numerical parameters you can change:
The first, wave %, denotes the retracement percentage.
The next value, Gann inc value, denotes the size of the Gann increment. This controls how many confirmed swing points to use. Confirmed swings are shown in blue.
The third, Gann increments (swing), specifies the required number of bars to the or left of the pivot peak or valley. A default of 1 would mean that a pivot peak is only required to have one lower bar on each side.
Types of Swing: confirmed and non-confirmed. A non-confirmed swing has not formed a peak or valley. Peaks and valleys are only created when the price completes the percentage retracement (using the value selected).
More detailed information on the Fibonacci and Gann Projections can be found in the October 2004 issue of Technical Analysis of Stocks and Commodities
(http://www.traders.com).
Fibonacci and Gann Projections
The system attempts to predict future turning points, pivots or valleys. These turning points are found by applying Fibonacci ratios to the swings. Time predictions are based on the zigzag indicator and Fibonacci ratios, as well as Gann square of nine calculations.
When using either Fibonacci-Gann Projections Change % or Fibonacci-Gann Retrace %, there are three numerical parameters you can change:
The first, wave %, denotes the retracement percentage.
The next value, Gann inc value, denotes the size of the Gann increment. This controls how many confirmed swing points to use. Confirmed swings are shown in blue.
The third, Gann increments (swing), specifies the required number of bars to the or left of the pivot peak or valley. A default of 1 would mean that a pivot peak is only required to have one lower bar on each side.
Types of Swing: confirmed and non-confirmed. A non-confirmed swing has not formed a peak or valley. Peaks and valleys are only created when the price completes the percentage retracement (using the value selected).
More detailed information on the Fibonacci and Gann Projections can be found in the October 2004 issue of Technical Analysis of Stocks and Commodities
(http://www.traders.com).
The page below illustrates several programs using Gann/Fibo projections, some code:
http://www.traders.com/Documentation/FEEDbk_docs/Archive/102004/TradersTips/TradersTips.html
I'm using MetaStock with fibos, Gann fan and Bar Counts but I don't think there's any auto indicators such as prophet.net's that have been written for MS. The only thing you have to watch out for with an auto indicator is that the zig zag is dynamic, meaning a new H or L will change the previous measure; trading signals/systems based on the zz/Gann are unreliable because the B/S signal will appear then go off until the B/S parameter has been breached permanently — producing late signals.
http://www.traders.com/Documentation/FEEDbk_docs/Archive/102004/TradersTips/TradersTips.html
I'm using MetaStock with fibos, Gann fan and Bar Counts but I don't think there's any auto indicators such as prophet.net's that have been written for MS. The only thing you have to watch out for with an auto indicator is that the zig zag is dynamic, meaning a new H or L will change the previous measure; trading signals/systems based on the zz/Gann are unreliable because the B/S signal will appear then go off until the B/S parameter has been breached permanently — producing late signals.
