The Double FIB indicator for MT4 plots two Fibonacci levels indicator on the price chart, with both of them complementing the other. The construction of both Fibonacci indicators makes it easy to identify the best SUPPORT and RESISTANCE lines and entry points. Because the support and resistance lines that are plotted at the same level make them the best tradeable levels.

The indicator is best for both new and experienced forex traders. New forex traders will find it easy to identify and plot both the BULLISH and BEARISH FIBs. The indicator works in all intraday timeframes and daily, weekly, and monthly charts. Additionally, the indicator is free to download and easy to install.

Double FIB Indicator For MT4 Trading Setup

The above GBPUSD H4 chart shows the Double FIB Indicator for MT4 in action. The indicator displays the FIB levels of the first FIB in BLUE, while the levels of the second FIB are in GOLD.

The FIB levels can be traded in multiple methods and can be applied by forex traders in any technical strategy. The indicator draws the FIB lines automatically in both BULLISH and BEARISH market trends. Also, they can trade expansion levels and retracements, however the DOUBLE FIB Indicator for MT4 plots the retracement FIB levels.

In a BULLISH market, the forex trader can wait for a price retracement. Normally, 38.2 and 61.8 FIB levels are best for entering a new BUY position. The forex trader can target the higher FIB levels for-profit and place the stop loss below the swing low or at the 100 level in this trading strategy.

Oppositely, in a BEARISH market, traders can look for a SELL trade once the price retraces to 61.8 levels. Forex traders generally consider the 100 level as the best stop loss point and target the next lower FIB levels.

For best results, traders can combine the retracement levels of both the FIB. The presence of FIB levels from both the FIBs indicates a stronger SUPPORT or RESISTANCE. As a result, forex traders can place trades at these levels.

The FIB levels are drawn by the indicator automatically, so they form an integral part of many auto trading forex systems. By nature of FIB levels and the importance of their presence near established support and resistance zones, channels make them more effective and deliver the best trading results.

Conclusion

The Double FIB Indicator for MT4 is very effective as it draws the FIB support and resistance levels automatically. Furthermore, the appearance of the lines from both the FIBs makes them an important trading tool. Moreover, forex traders can download as free and install it with ease.