Double FIB Indicator for MT4 – Automated Fibonacci Support And Resistance Levels
The Double FIB Indicator for MT4 plots two complementary Fibonacci levels on the price chart, making it easy for traders to identify the best support and resistance lines and high-probability entry points. When both Fibonacci levels align at the same price, these levels become strong tradeable zones for bullish or bearish markets.
The indicator is suitable for both new and experienced forex traders. Beginners benefit from automatic plotting of both BULLISH and BEARISH Fibonacci levels, while advanced traders can incorporate them into broader technical strategies. The Double FIB Indicator works across all intraday charts as well as daily, weekly, and monthly timeframes. It is free to download and easy to install.
How the Double FIB Indicator Works
The indicator automatically plots:
First Fibonacci levels (BLUE)
Second Fibonacci levels (GOLD)
These levels can be traded using retracement and expansion strategies:
Bullish Market:
Wait for price retracement to key Fibonacci levels, typically 38.2% or 61.8%.
Place BUY trades near these levels.
Stop-loss is set below the swing low or the 100% Fibonacci level.
Take-profit targets are the higher Fibonacci levels.
Bearish Market:
Wait for price retracement to 61.8% Fibonacci level.
Place SELL trades.
Stop-loss is set at the 100% level, targeting lower Fibonacci levels for profit.
Enhanced Accuracy:
When both FIB levels align, the level is a stronger support or resistance, increasing trade reliability.
Integrates naturally with auto trading systems, channels, and established support/resistance zones for optimal trading results.
Conclusion
The Double FIB Indicator for MT4 is a highly effective tool for automatic Fibonacci plotting. By showing dual Fibonacci levels, it highlights strong support and resistance zones, simplifying trade entry and exit decisions. This indicator is perfect for traders looking to combine Fibonacci retracements with trend-following or reversal strategies. It is free to download, easy to install, and works across multiple timeframes.
