Double Fib is a free Metatrader 4 Fibonacci based technical indicator that draws the most important Fibonacci retracement levels on the chart.
The indicator appears in the main MT4 chart window and displays the following Fibonacci levels: 0.0%, 23.6%, 38.2%, 50.0%, 61.8% and 100.0%.
Buy & Sell Trade example
- During an up trending market, look to buy the dip near the 38.2% Fibonacci retracement level.
- During a down trending market, look to sell the rally near the 38.2% Fibonacci retracement level.
The Double Fib indicator can be used for both trade entry and exit or as an additional trade confirmation filter for other strategies and systems.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..) and shows promising results if used correctly.
Free Download
Download the “double-fib-indicator.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
The example chart below displays the Double Fib mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy to trade with the Double Fib Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Fibonacci
Does the indicator repaint? No.
Download Now
Download the “double-fib-indicator.mq4” indicator for Metatrader 4
