OPEN-SOURCE SCRIPT
Gann Price Vibrations
Updated
Currently there is no Script available for drawing Price Vibrations based on Gann theory. I have attempted to fill this gap. This indicator will draw Cycle lines based on Gann Theory. This is vey basic one. It draws lines at start/end of every cycle. One cycle is 360 degrees. Based on feedback, it will be upgraded further with lower Angles 90/180/270 degrees movement.
How to use it ? Once you load the indicator on the chart, edit settings and give current market price of Stock you are watching.
Example: If you are watching Reliance share price on chart, go to indicators/Public/Gann Price Vibrations. Once indicator is loaded, edit input Price as 2200. Then indicator will draw cycle lines.
How to trade ? Generally, it is assumed that stock prices move in cycles. Prices spend more time near these lines. So, if you find UP or Down breakout from cycle lines, take entry. For Long trade, Target is next upper line and stop loss is one line below. Similarly, for short trade, Target is next below line and stop loss is upper line. Just notice, how RIL is moving exactly within these cycles.
If you want to study historical charts, you need to enter Price value closer to that date.
Please Like it/Share it
How to use it ? Once you load the indicator on the chart, edit settings and give current market price of Stock you are watching.
Example: If you are watching Reliance share price on chart, go to indicators/Public/Gann Price Vibrations. Once indicator is loaded, edit input Price as 2200. Then indicator will draw cycle lines.
How to trade ? Generally, it is assumed that stock prices move in cycles. Prices spend more time near these lines. So, if you find UP or Down breakout from cycle lines, take entry. For Long trade, Target is next upper line and stop loss is one line below. Similarly, for short trade, Target is next below line and stop loss is upper line. Just notice, how RIL is moving exactly within these cycles.
If you want to study historical charts, you need to enter Price value closer to that date.
Please Like it/Share it
Release Notes
Updated Half cycles. (Maroon color lines)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 publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
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