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The Double Fibonacci Indicator (Double Fib) is a technical analysis tool on the MetaTrader 5 platform that combines two types of Fibonacci levels retracement and extension to identify key support and resistance levels.
This MetaTrader 5 support and resistance indicator, in addition to displaying Fibonacci levels [yellow and blue levels] and fractal points [black solid and dashed lines], also identifies market reversal zones.
Double Fibonacci Specifications Table
The table below displays the general specifications of the Double Fibonacci Indicator on the MetaTrader 5 platform:
| Category | Pivot Point & Fractal - Levels & Zones - Support & Resistance |
| Platform | MetaTrader 5 |
| Skill Level | Intermediate |
| Indicator Type | Continuation - Reversal |
| Timeframe | Multi timeframe |
| Trading Style | Intraday Trading |
| Trading Market | All Markets |
Uptrend Conditions
Image below shows the Bitcoin index with the symbol (ETH/USD) in a 15-minute timeframe.
In this chart, the Double Fibonacci Indicator (Double Fib) simultaneously plots Fibonacci retracement and extension levels.
These levels overlap with fractal price points in a region, creating an optimal entry zone for buy trades. This overlap indicates a strong support level, increasing the likelihood of a price reversal.
Downtrend Conditions
The price chart below displays the British Pound against the US Dollar with the symbol (GBP/USD) in a 5-minute timeframe.
The overlap of Fibonacci retracement and extension levels with fractal points can indicate a reversal zone. This overlap near a key resistance level provides an opportunity to enter sell trades.
Indicator Settings
The settings of the Double Fibonacci Indicator can be seen 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 Fibonacci Indicator is applicable for trading in various financial markets and across all timeframes.
This MetaTrader 5 indicator automatically plots Fibonacci support and resistance levels and identifies optimal trade entry zones by combining Fibonacci retracement and extension levels with fractal reversal points.
What components make up the Double Fibonacci Indicator?
This indicator combines three trading tools: Fibonacci retracement, Fibonacci extension, and fractal levels.
Is this indicator only usable in the Forex market?
No, it is suitable and usable for all trading markets.