FX5 Fibo Spiral is a free mt4 (Metatrader 4) indicator that can be used for both trade entry and exit, or as an additional Fibonacci-based confirmation filter for other strategies and systems.
The indicator pops up in the main MT4 chart window as a Fibonacci (Fibo) spiral and works on non-repaint price action.
The indicator works equally well on all currency pairs (majors, minors, and exotics) and shows promising results when used correctly.
Free Download
Download the “FX5_FiboSpiral.mq4” indicator for MT4
Indicator Chart (GBP/USD H1)
The example chart below displays the FX5 Fibo Spiral mt4 indicator in action on the activity chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the FX5 Fibo Spiral 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.
FX5 Fibo Spiral + Double Channel Forex Scalper MT4 Strategy
This MT4 scalping strategy combines the FX5 Fibo Spiral Indicator with the Double Channel Forex Scalper Indicator.
It is designed for traders who want to capture short-term moves with high accuracy.
The FX5 Fibo Spiral Indicator reveals the market’s directional bias using its unique spiral patterns, while the Double Channel Forex Scalper Indicator gives clear entry signals with arrows.
Together, they create a straightforward and powerful setup for 1-minute and 5-minute charts.
The FX5 Fibo Spiral Indicator identifies the prevailing trend based on the spiral a candlestick enters.
When a candlestick enters the red spiral, the trend is bullish. When a candlestick enters the blue spiral, the trend is bearish.
The Double Channel Forex Scalper Indicator provides entry confirmation.
A green arrow signals a buy opportunity, while a red arrow signals a sell opportunity.
Using both indicators together helps filter out false signals and ensures trades align with the current trend.
Buy Entry Rules
- Wait for the price candlestick to enter the red spiral on the FX5 Fibo Spiral Indicator, signaling a bullish trend.
- Confirm that the Double Channel Forex Scalper Indicator plots a green arrow on your chart.
- Place a buy order at the open of the next candle after the green arrow appears.
- Set a stop loss just below the nearest support level or recent swing low.
- Take profit quickly at 2–3 times your risk or near the next intraday resistance.
Sell Entry Rules
- Wait for the price candlestick to enter the blue spiral on the FX5 Fibo Spiral Indicator, signaling a bearish trend.
- Confirm that the Double Channel Forex Scalper Indicator plots a red arrow on your chart.
- Place a sell order at the open of the next candle after the red arrow appears.
- Set a stop loss just above the nearest resistance level or recent swing high.
- Take profit quickly at 2–3 times your risk or near the next intraday support.
Advantages
- Combines a trend-detection tool with a precise entry signal indicator.
- Well-suited for scalping on M1 and M5 timeframes.
- Flexible stop-loss and take-profit placement for quick trades.
Drawbacks
- False signals may occur during high-impact news events.
- Requires constant monitoring of charts for quick entries and exits.
- Small stop-losses can be triggered by sudden spikes or whipsaws.
Case Study 1: GBP/USD 5-Minute Chart
On the GBP/USD 5-minute chart, the price entered the red spiral on the FX5 Fibo Spiral Indicator, indicating bullish conditions.
Shortly after, the Double Channel Forex Scalper Indicator plotted a green arrow at 1.2190.
A buy trade was executed with a stop loss at 1.2175.
The pair moved up to 1.2225 within 15 minutes, capturing a 35-pip profit.
This shows how the strategy can capitalize on fast upward moves.
Case Study 2: EUR/JPY 1-Minute Chart
On the EUR/JPY 1-minute chart, the price entered the blue spiral on the FX5 Fibo Spiral Indicator, indicating bearish pressure.
Soon after, the Double Channel Forex Scalper Indicator plotted a red arrow at 157.80.
A sell trade was opened with a stop loss at 157.95.
The price quickly dropped to 157.45 in less than 10 minutes, resulting in a 35-pip gain.
This demonstrates the strategy’s ability to capture quick downward scalps.
Strategy Tips
- Focus on major pairs with tight spreads like EUR/USD, GBP/USD, and USD/JPY for scalping efficiency.
- Trade during active sessions, such as London or New York, for better momentum.
- Test the strategy on a demo account to build confidence before going live.
- Avoid trading immediately before or after major news announcements to reduce false signals.
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Download the “FX5_FiboSpiral.mq4” indicator for Metatrader 4
