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The Double Fibonacci (Double Fib) Indicator is designed to identify key support and resistance levels by combining two types of Fibonacci tools: Retracement Fibonacci and Expansion Fibonacci.
This MetaTrader 4 indicator marks fractals of price movements and key market turning points. When fractal levels overlap with retracement and expansion Fibonacci levels, traders can more accurately determine potential entry points.
Double Fibonacci Specification Table
The following table provides a summary of the key features of the Double Fibonacci Indicator:
| Category | Pivot Point & Fractal - Levels & Zones - Support & Resistance |
| Platform | MetaTrader 4 |
| Skill Level | Intermediate |
| Indicator Type | Continuation - Reversal |
| Timeframe | Multi timeframe |
| Trading Style | Intraday Trading |
| Trading Market | All Markets |
Uptrend Conditions
The chart below shows the Ethereum Index (ETH/USD) in a 15-minute timeframe.
In this chart, the Double Fibonacci Indicator plots both the retracement and expansion of Fibonacci simultaneously. These levels overlap with price fractal levels, creating a potential entry zone for buy trades.
Downtrend Conditions
The following price chart shows the EUR/AUD currency pair in a 15-minute timeframe.
In this chart, overlapping Fibonacci retracement and expansion levels align with fractal levels. This confluence and a price retracement to the 61.8% Fibonacci level presents an ideal sell entry opportunity.
Indicator Settings
The settings panel of the Double Fibonacci Indicator is shown in the image below:
- NLeft: Left pivot
- NRight: Right pivot
- Filter: Signal refinement
- First Color: Primary trend color
- Second Color: Secondary trend color
Conclusion
The Double Fib Indicator is a MT4 support and resistance indicator. It is suitable for all timeframes and automatically plots Fibonacci levels.
This indicator enhances the accuracy and reliability of technical analysis by combining retracement Fibonacci, expansion Fibonacci, and reversal fractals.
Is the Double Fibonacci Indicator available only for MetaTrader 4?
No, this indicator is available for both MetaTrader 4 and MetaTrader 5.
Can this indicator be used in daily timeframes?
Yes, this multi-timeframe indicator can be used in all timeframes.