Double Fibonacci indicator download for MetaTrader 4 | Forex indicator download - MT4/MT5 resources - MetaTrader 5 resources

The Double Fibonacci (Double Fibonacci) indicator is designed to identify key support and resistance levels by combining two types of Fibonacci tools, Fibonacci Retracements and Fibonacci Extensions.

This MT4 indicator identifies fractal price levels and key market turning points. When these fractal areas are aligned with Fibonacci retracement and extension levels, traders can more precisely define entry areas for all markets, including the Forex market.

Double Fibonacci Spec Sheet

The table below summarizes the main functions of the Double Fibonacci indicator.

Indicator Overview

The Double Fibonacci indicator for MetaTrader 4 identifies areas where retracement Fibonacci, extension Fibonacci and fractal levels overlap. These areas are considered reversal zones.

Retracement and extension Fibonacci levels are automatically plotted in yellow and blue, while fractal levels are plotted using solid and dashed lines based on important and minor pivot points.

Uptrend Conditions

The chart below shows the Ethereum Index (ETH/USD) on the 15-minute time frame. In this chart, the Double Fibonacci indicator plots both Fibonacci retracements and expansions.

These levels overlap with price fractal levels , creating a potential entry area for buy trades.

downtrend conditions

The price chart below shows the EUR/AUD currency pair on a 15-minute time frame. In this chart, overlapping Fibonacci retracement and expansion levels coincide with fractal levels.

This confluence and the price retracement of the 61.8% Fibonacci level provide an ideal selling entry opportunity.

Indicator Settings

The settings panel of the Double Fibonacci indicator is shown below:

• NLeft: Left pivot
• NRight: Right pivot
• Filter : Signal refinement
• First Color: Main popular color
• Second Color: Secondary popular color

Conclusion

The Double Fibonacci indicator is a support and resistance indicator for MT4. It works on all time frames and plots Fibonacci levels automatically.

By using this trading tool that combines Fibonacci retracement and extension levels with reversal fractals, the accuracy and effectiveness of technical analysis can be significantly improved.