The Double Fib Indicator is a popular and free Forex indicator for MT4. It is a useful tool for traders as it helps them identify areas of support and resistance, as well as potential entry and exit points. The indicator works by plotting two Fibonacci retracements on the chart. The first Fibonacci retracement is based on the most recent high and low points, and the second Fibonacci retracement is based on the highest high and lowest low of the last two or three weeks. By plotting these two Fibonacci retracements on the chart, traders can quickly identify areas of support and resistance. Overall, the Double Fib Indicator is a useful and popular Forex indicator for MT4.
The Double Fib Indicator is a free and popular Forex indicator for MT4 (MetaTrader 4) that can be used to identify important support and resistance levels. It gives traders a useful visual representation of the price action, which can be used to make informed trading decisions. The Double Fib Indicator works by plotting Fibonacci retracement levels on a chart, which can be used to identify areas of potential support and resistance. The Double Fib Indicator is easy to use and requires no prior knowledge of technical analysis. It is also highly customizable, allowing traders to adjust the parameters to their specific trading strategies.
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Category: Support & Resistance
How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.