Gann counting is a method for identifying swing points,trends, and overall market structure. It simplifies price action by drawing short trend lines that summarize moves.
There's essentially 4 types of bar/candle.
Up bar - Higher high and higher low than previous bar Down bar - Lower high and lower low than previous bar Inside bar - Lower high and higher low than previous bar Outside bar - Higher high and lower low than previous bar
We use these determinations to decide how the trendline moves through the candles.
Up bars we join to the high, down bars we join to the low, inside bars are ignored.
There are other indicators that already exist which do this, the difference here is how we handle outside bars.
Other gann counting methods skip outside bars, this method determines how to handle the outside bar after the outside bar is broken.
examples UP -> OUTSIDE -> UP = Outside bar treated as swing low UP -> OUTSIDE -> DOWN = Outside bar treated as swing high DOWN -> OUTSIDE -> UP = Outside bar treated as swing low DOWN -> OUTSIDE -> DOWN = Outside bar treated as swing high
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Updates to inside bars. Can now set max number of inside bars considered a hoagie
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Minor tweak to UP/DOWN bar classifications - thanks to MattB
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Handle cases with multiple OUTSIDE bars in a row - thanks TraderKingz