W. D. Gann researched the markets and devised all kinds of technical studies during the early and mid-1900's. Some of his ideas were grounded in empirical studies, while others were more mystical in nature. Irrespective of one's opinions about his work, he was clearly one of the most creative and thorough technicians who also wrote extensively about his work. He contended that certain laws governed not only the markets, but nature as well, and were therefore universal In scope.

One of his most important contributions was the concept of combining price and time. Gann believed crucial price movements happened when price and time converged. These points usually indicated important changes in trend. However, if price and time were not synchronized or did not converge, time always held priority over price. Therefore, time was the ultimate indicator because all of nature was governed by time.

Gann believed the bottom, designated 0, and the top, designated 100, of any major move, provided valuable clues in analyzing the market. He postulated that 0 and 100 represented important price levels to many people. Halfway between the major high and low is the 50% level, which signified the next important range for support "lid resistance in the market. The next important level would be the 25% and 75% level because these were halfway between the 50% and 0% and 100% level, respectively. Another significant division is the 33% and 67% level.

These percentages may also be applied in measuring time, with a full year (100%), 1/2 year (50%), and 1/4 year (25%) representing important times of the year. A market might make a significant retracement or change of trend during these times.

Gann also applied his techniques to angles using 360. as the full circle, 180. which is 1/2 of 360., and 90. which is 1/2 of 180., and so on, as important angles. Gann angles can be drawn on a bar chart to show the relationship between price and time. A line drawn from an angle might provide support if the market is trading above the line. A line would provide resistance if the market is trading below the line. A possible change in trend also might be indicated with the angles.

The squaring of price and time was another one of his innovative ideas. This concept dealt with placing price levels on a square or other geometric shape. The diagonal, horizontal, and vertical lines resulting from the square were considered important support and resistance points. Gann would create these squares with hexagons and other kinds of geometric figures, and apply the same principles.