With help of open source WD gann codes, i combined this study with Bollinger band with entry & exit conditions.
For stock Selection you way chose fixed stock list .
These levels has been derived from daily WD GANN Astro Levels.
=== Rules ===
Long Entry Condition : Price must be above resistance line with Bollinger band blast will be the best entry . You may take the target with the help of this study.
Stop loss can be same candle low
Short Entry Condition : Price must be below support line with Bollinger band blast will be the best entry . You may take the target with the help of this study.
Stop loss can be same candle High
Please calculate the Risk Reward with the Future Target Price & Stop loss levels.
No Trading Zone Rules -
If price is in middle of support & Resistance .one way avoid such trades as it has been observed ,That most of the time stock goes sideways.
===Rules End ===
study has been kept open source for the understanding the concept.
Do your own Research with this study for better understanding with your trading style
Was trying to calculate Gann levels with different values and find these values working very well on Indian index as well on most of the
Liquid stocks.. Fib levels are nothing but calculation based on Pivot Points (fib) on daily & weekly as well
Now You can plot Gann Levels of weekly too .
Swing Trade- Use weekly Gann Levels. It gives good Results on 15 Min Time Frames. .
Buying Setup for Swing
15 Min Bullish Candle stick Pattern must close above the buying Level.
StopLoss - Previous Gann level will be Stoploss.
Targets - It will be plotted on chart Nothing to worry .
Keep Trailing Your Stoploss . Like When You Reach Target 1 Trail to Cost and book 25% profit, same when you reach Target 2 book 25% & trail to Target 1 . keep doing till your final targets or Trailing Stoploss to hit.
Intraday Trades- use daily Gann on 5 min time frame - Just in Index you need to Skip 2 targets from buying/Selling levels. and takes next level as target.
It works great In any Intraday and helps a lot to avoid sideways zone .
Buying / Selling Setup
Price must close above/below the plotted levels with nice bullish or bearish candle stick patterns.
Stop Loss- 1% from Gann buying / selling levels. only for intraday
Targets - Well Don't worry about targets levels will be posted on chart with Target labels .
keep trailing & keep booking profits.
Most of the time as per my backtest it revers from Target 2 . if target 4 crosses then Non Stop Rally
Hope This Gave you a clear Picture on How to setup & use . Don't Overlap with Lots of Indicators on it.
Added Options :
EMA - Default i kept 5 period with Source (high) . this helps to trail stop loss. in every time frame it works best.
Bollinger Band : If you want to remove / Hide simply go to settings >> Style > scroll down and Uncheck the upper /median/lower/ ema.
Let me Clear you one more common Question asked .
what to do when price is in between buy above & sell below range?
Ans : As per Gann there is only 2 sides of trade either you buy above the level or sell below the level rest the middle zone is
NO TRADING ZONE .
(Exceptions for Pro Traders who can trade using candle stick pattern.)
Let me go with Disclaimer : The whole concept i inspired by some open source codes Thanks to the developer too for keeping it open source, Thanks to the Trading view ..which provides opensource platform & community. who supports a lot to develop or customize. I modified the general gann Values/Power calculations method for day trading which works great for Indian Stocks. which is a secret values with me only .
The whole idea is to get a direction of trade. This is not a buy or sell advisory setup. Based on mathematical conditions we got levels.
Do Your own research Before investing in any ideas . Proper Backtest the indicators first before making any trading decisions.
Author will not be responsible for any kind of Profit /Loss using any author's Tool. By using it you accept the terms & well known of the risk involved in any kind of trading.
If you get any Query
I am here to help you out.
Drop your queries in comment section or DM me.
All I wish a Happy & Smooth Trading Journey .
You are The Best Trader .
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.