PriceTimeSquare

Gann Circle Intraday Levels

This indicator is an intraday version of Gann Circle Swing Levels indicator. It further divides the Gann Circle into the Eighths in order to generate intraday Levels.

Introduction

This indicator is based on W. D. Gann's Square of 9 Chart and can be interpreted as the Gann Circle / Gann Wheel / 360 Degree Circle Chart or Square of the Circle Chart for intraday usage.

Spiral arrangement of numbers on the Square of 9 chart creates a very unique square root relationship amongst the numbers on the chart. If you take any number on the Square of 9 chart, take the square root of the number, then add 2 to the root and re-square it, resulting in one full 360 degree cycle (i.e. a 360 degree Circle) out from the center of the chart.

For example, 
the square root of 121 = 11,
11 + 2 = 13,
and the square of 13 = 169

The number 169 is one full 360 degree cycle out (with reference to 121) from the center of the Square of 9 chart. If we further divide the circle in eight equal parts of 45 degree each, following intermediate resistance levels (ascending) would be generated:
127 (45 degree)
133 (90 degree)
139 (135 degree)
145 (180 degree) 
151 (225 degree)
157 (270 degree)
163 (315 degree)  

Similarly, if you take any number on the Square of 9 chart, take the square root of the number, then subtract 2 from the root and re-square it, resulting in one full 360 degree inward rotation towards the center of the chart.

For example, 
the square root of 565 = 23.77,
23.77 - 2 = 21.77,
and the square of 21.77 = 473.93 (approximately equal to 474, which is directly below 565 on the Square of 9 chart)

The number 474 is one full 360 degree inward rotation (with reference to 565) towards the center of the chart. If we further divide the circle in eight equal parts of 45 degree each, following intermediate support levels (descending) would be generated:
553 (45 degree)
541 (90 degree)
529 (135 degree)
518 (180 degree)
507 (225 degree)
496 (270 degree)
485 (315 degree) 

How to Use this Indicator ?

This indicator is designed to generate Gann Circle Intraday Levels based on HIGH and LOW of the opening bar for the day. You may use the bar interval (1 minute, 3 minutes, 5 minutes, 15 minutes etc.) which is suitable for the underlying instrument. Support and resistance lines for the day would be generated only after confirmation of the opening bar of the day.

Input :

  • Number of Gann Levels (Number of Gann Levels to be projected)
  • Color codes for the Support and Resistance Levels

Output :

Gann Support or Resistance Levels:
  • HIGH and LOW of the Opening bar for the day (dashed BLUE lines)
  • Support levels calculated with reference to the HIGH of the opening bar
  • Resistance levels calculated with reference to the LOW of the opening bar
Release Notes: Usability changes. Configurable colors for Support and Resistance Levels. Adjustable label position.
Open-source script

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.

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Comments

Hi bro..how to use in intraday market for trade...
Reply
PriceTimeSquare vinikumar72
@vinikumar72, Thank you for trying out the levels. I use it as guidance with NIFTY and BANKNIFTY (5 minutes and 15 minutes) intraday trades. e.g. Today, above 32702 BANKNFTY went up to Gann level 33155 in 11.30 candle and reversed back to 32700 zone by 13.25 | Just to clarify, these levels are potential supports and resistances and do not absolutely suggest trend direction | You may use method of your choice for trade / trend identification and utilize these levels as possible support / resistance / entry / target / stop loss.
+1 Reply
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