Double Fibonacci Forex Indicator For Metatrader 4

The Double Fibonacci Forex Indicator for Metatrader 4 is a fantastic Fibonacci retracement levels indicator that works out of the box.

The technical indicator draws the most commonly used Fibonacci ratios on the chart: 23.6%, 38.2%, 50%, 61.8%, and 78.6%.

In regards to Forex, pay attention to the 38.2% Fibonacci ratio.

The 38.2% ratio is often to used to buy or sell dips or rallies in trending markets.

Tip: Pinpoint extremely accurate 38.2% Fibonacci entry points with the help of candlestick patterns.

Just load the Double Fibonacci Forex indicator onto the Metatrader 4 chart and start trading with it in minutes.

Key Takeaways

  • In an up trending market, go long when price dips to the 38.2% Fibonacci level.
  • In a down trending market, go short when price rallies to the 38.2% Fibonacci level.
  • Draws the Fibonacci levels for any pair and time frame.
  • Pure price action without lagging indicators involved.

Feel free to explore the Double Fibonacci Forex indicator’s different parameters and settings to create your own personalized indicator setup.

Download This MT4 Forex Indicator Free

Download the “double-fib-indicator.ex4” Metatrader 4 indicator

Indicator Example Chart (EUR/USD D1 Chart Example)

Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.

Finding Buy and Sell Triggers With The Double Fibonacci Forex MT4 Forex Indicator

Buy Signal: In an uptrend, wait for the price to pullback to the 38.2% Fibonacci level. Enter a long trade here.

Place your stop loss slightly below the 50.0% level, or use your own favorite stop loss method.

Exit the buy trade for a reward/risk ratio of 2.0 or better, or use your own favorite take profit method.

Alternatively, close the trade for a fixed profit target of your preference.

Sell Signal: In a downtrend, wait for the price to rally back up to the 38.2% Fibonacci level. Enter a short trade here.

Place your stop loss slightly above the 50.0% level, or use your own favorite stop loss method.

Exit the sell trade for a reward/risk ratio of 2.0 or better, or use your own favorite take profit method.

Alternatively, close the trade for a fixed profit target of your preference.

Download This Forex Indicator Now

Download the “double-fib-indicator.ex4” MT4 indicator

Adjustable Parameters

Filter, colors, width, style.

More Info About This Indicator

Tradable Currency pairs: Any

Trading Platform: MT4

Time frames: M1, M5, M15, M30, H1, H4, D1, W1

Indicator Type: trend

Installation

Copy and paste the indicator in the MT4 indicators data folder.

Then restart the MT4 terminal and attach it to any chart.

Share Now!