MetaTrader 5 Double Fibonacci Indicator Download | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

The Double Fibonacci indicator (Double Fib) is a trading tool on the MetaTrader 5 platform that combines two types of Fibonacci level retracements and extensions to identify key support and resistance levels.

These support and resistance tools can identify market reversal areas in addition to showing Fibonacci levels [yellow and blue levels] and fractal points [black solid and dotted lines].

Double Fibonacci Spec Sheet

The table below shows the general specifications of the Double Fibonacci indicator on the MetaTrader 5 platform.

Indicator Overview

In the Double Fibonacci indicator, when fractal levels overlap with Fibonacci levels, these areas are considered important market entry points.

This MetaTrader 5 indicator is designed to identify reversal areas where Fibonacci retracement extension levels intersect fractal levels to create optimal trade entry areas.

Uptrend Conditions

The chart below shows the Bitcoin Index with the symbol (ETH/USD) on the 15-minute time frame. In this chart, the Double Fibonacci indicator (Double Fibonacci Indicator) plots both Fibonacci retracement and extension levels.

These levels overlap fractal price points in an area, creating optimal entry areas for buy trades. This overlap indicates the presence of a strong support level, increasing the likelihood of a price reversal.

downtrend conditions

The price chart below shows the British Pound against the US Dollar on a 5-minute time frame with the symbol (GBP/USD).

The overlap of Fibonacci retracement and extension levels with fractal points can indicate reversal areas. This overlap near key resistance levels provides an opportunity to enter a sell trade.

Indicator Settings

The settings for the Double Fibonacci indicator are shown below:

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

Conclusion

The Double Fibonacci indicator is suitable for trading on a variety of financial markets and on all time frames.

This MT5 indicator automatically plots Fibonacci support and resistance levels and determines the best trade entry areas by combining Fibonacci retracement and extension levels with fractal reversal points.