Gann Fan and Fibonacci Indicator for MT4 and MT5

Written by Dominic Walsh · Published 8 Jun 2026 · Last updated 18 Sep 2026

Gann fans measure time against price. Fibonacci grids measure price alone. The gann fan and fibonacci indicator anchors both to one confirmed pivot, which is what makes them comparable: where a fan line crosses a retracement level, two independent methods point at the same spot.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	2: Pivot High, Pivot Low
Alerts	popup
Inputs	11

What the file declares

Two arrow plots plus two grids of objects.

`Pivot High` uses arrow 234 in red.

`Pivot Low` uses arrow 233 in lime.

`InpFibColor` draws the retracement levels dodger blue.

Fan lines run orange upward and medium purple downward.

Object names all begin with `InpObjPrefix`.

• Pivot High: arrow, red, width 2, arrow code 234
• Pivot Low: arrow, lime, width 2, arrow code 233

Following the source

One anchor for both

`InpSwingLookback` `20` bars either side must fail to exceed a bar before it counts as a pivot. `InpScanBars` `220` limits how far back the search for the active one reaches.

The fan

Time enters here. `InpGannPipsPerBar` `1.0` sets how much price one bar is worth, which defines the 1×1 line. Every other fan line is a ratio of that slope.

The grid

Price only. Standard retracement fractions span the move from the anchoring pivot, drawn as horizontal lines that need no time scale at all.

Reading the output

The fan slopes, the grid does not.

A crossing of the two is where both methods agree.

`InpGannPipsPerBar` is the setting that matters most.

It must suit the symbol or every fan line is wrong.

Both grids re-anchor when a new pivot confirms.

`InpDrawFib` and `InpDrawGann` show either alone.

Alert channels in this build: popup, one message per closed bar.

A newly confirmed pivot is the reported event, since that is when both grids re-anchor. `InpAlertsOn` is the only switch over it and ships on. Messages land in the terminal, which is the sole destination this build offers.

Every Gann Fan and Fibonacci Indicator input

Core settings

Setting	What it does	Default
InpSwingLookback	Swing detection lookback. Bars either side defining a pivot, `20`.	20
InpScanBars	Bars scanned for active pivot. History searched for the active pivot, `220`.	220
InpGannPipsPerBar	Price units per bar for 1×1 (in pips). Price units one bar is worth, `1.0`.	1.0
InpObjPrefix	(see inputs panel)	GFF_

Display settings

Setting	What it does	Default
InpDrawFib	Draw Fibonacci levels. Draw the retracement grid, `true`.	on
InpDrawGann	Draw Gann fan lines. Draw the fan, `true`.	on
InpArrowOffsetPips	Arrow vertical offset (pips). Pips between a pivot mark and its bar, `18`.	18
InpFibColor	Retracement line colour, `clrDodgerBlue`.	dodger blue
InpGannUpColor	Rising fan colour, `clrOrange`.	orange
InpGannDnColor	Falling fan colour, `clrMediumPurple`.	medium purple

Alert settings

Setting	What it does	Default
InpAlertsOn	Alerts on new pivot. Whether a new pivot reports, `true`.	on

Home chart

A twenty-bar pivot rule needs a chart where swings last. EURUSD H1 is the reference chart, where a pivot holds for days. Drop to M5 and the anchor moves constantly. Move to H4 and the scan reaches back two months.

The catch

A fan is only as good as its price-per-bar setting.

That setting has no correct value, only a chosen one.

A twenty-bar pivot confirms twenty bars late.

Two grids at once is a great deal of chart furniture.

Copy the compiled Gann Fan and Fibonacci Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Related on forexmt4systems.com: Fibonacci Retracement Strategy.

Background reading on the method behind the Gann Fan and Fibonacci Indicator: Gann angles on Wikipedia, Fibonacci Fan at BabyPips.

Download the Gann Fan and Fibonacci Indicator for MT4 and MT5

The zip holds the compiled Gann Fan and Fibonacci Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

What does InpGannPipsPerBar 1.0 define?

The 1×1 line, which is the backbone of the fan. It says one bar of time equals one pip of price, and every other fan line is a ratio of that slope. Get it wrong for the symbol and the whole fan is meaningless.

Why anchor the fan and grid to the same pivot?

So the two can be compared. A fan line crossing a retracement level marks a point where a time-based and a price-based method agree, and that only means something when both start from the same origin.

How late does InpSwingLookback 20 confirm?

Twenty bars. The high or low sits where it always did, but twenty bars have to print on the far side before it counts, so both grids appear well after the pivot they anchor to.

Can InpDrawFib and InpDrawGann run separately?

Yes, they are independent switches, so either grid can be turned off. On a busy chart running one at a time is usually easier to read than carrying both sets of objects together.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Gann Fan and Fibonacci Indicator as one input. Always backtest before trading live.