Double FIB Indicator: A Zone Between 0.382 And 0.618

Written by Dominic Walsh · Published 4 Jun 2026 · Last updated 9 Sep 2026

The double fib indicator treats the golden pocket as a zone rather than a line. It takes the two most recent swings, measures the leg between them, and shades the band from 0.382 to 0.618. A bar that trades into that band and closes back past 0.500 earns a mark.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	2: BUY, SELL
Alerts	popup, push notification, email, sound
Inputs	12

What the Double FIB Indicator draws on the chart

OBJ_TREND segments join the two swings in `InpSwing1Color` and `InpSwing2Color`.

BUY places a lime arrow on a bar that reacted inside the zone.

SELL places a red arrow for the downward case.

Marks sit `InpArrowOffsetPips` `8` from the bar.

• BUY: arrow, lime, width 2, arrow code 233
• SELL: arrow, red, width 2, arrow code 234

How the Double FIB Indicator calculates its values

Finding the two swings

A swing needs `InpSwingStrength` `5` bars on each side that fail to beat it. The scan runs back up to `InpLookback` `200` bars and keeps the two most recent. Their types decide whether the leg reads up or down.

Building the zone

fib_382 and fib_618 take those shares of the leg. zone_lo and zone_hi then take the lower and higher of the two, whichever direction the leg runs. fib_500 sits between them as the confirmation level.

Requiring a reaction

A buy needs the bar low inside the zone, the close above fib_500 and the candle finishing higher than it opened. Three conditions on one bar, which is why a simple touch of the zone prints nothing.

How to read the signals

The mark records a reaction inside the zone, not a touch of it.

A leg that ended at a low reads as a downleg and looks for a buy.

The zone moves whenever a fresh swing replaces one of the two anchors.

Widen `InpSwingStrength` for larger swings and a wider zone.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

The alert block sits behind `InpEnableAlerts`, which starts on, with `InpEnablePopup` carrying the message. `InpEnablePush`, `InpEnableEmail` and `InpEnableSound` all begin false. `InpSoundFile` picks the clip. One message follows each closed bar.

Every Double FIB Indicator input

Core settings

Setting	What it does	Default
InpLookback	Swing detection lookback (bars). Bars searched for the two swings, default `200`.	200
InpSwingStrength	Bars on each side for swing pivot. Bars each side of a swing pivot, default `5`.	5

Display settings

Setting	What it does	Default
InpSwing1Color	Colour of the first swing segment, default dodger blue.	dodger blue
InpSwing2Color	Colour of the second segment, default orange.	orange
InpLineWidth	Segment line width, default `1`.	1
InpArrowOffsetPips	Arrow offset from bar in pips. Mark distance from the bar in pips, default `8`.	8

Alert settings

Setting	What it does	Default
InpEnableAlerts	Master switch for the zone entry alerts, default `true`.	on
InpEnablePopup	Terminal dialog on a zone entry, default `true`.	on
InpEnablePush	Phone push on a zone entry, default `false`.	off
InpEnableEmail	Mail delivery on a zone entry, default `false`.	off
InpEnableSound	Sound playback on a zone entry, default `false`.	off
InpSoundFile	Wav clip for the zone alert, default `alert.wav`.	alert.wav

Settings that fit your chart

A retracement zone needs a leg worth retracing. EURUSD H1 is the reference chart, where `InpLookback` at `200` covers eight days. On M5 the two anchors change several times a session. On H4 the zone can hold for a week and the marks turn rare.

When the Double FIB Indicator fails

Two swings define the leg, so one new extreme moves the entire zone.

Three conditions on one bar means a genuine reaction can miss by a fraction.

The zone describes a past leg, and nothing says price has to respect it.

Copy the compiled Double FIB Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Background reading on the method behind the Double FIB Indicator: Double top and double bottom on Wikipedia, Double Exponential Moving Average DEMA at StockCharts ChartSchool.

Download the Double FIB Indicator for MT4 and MT5

The zip holds the compiled Double FIB Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Why does InpSwingStrength build a zone, not a line?

Because price rarely turns exactly on a line. Using the band between the two ratios accepts a reaction anywhere inside it. fib_500 then acts as the confirmation level the close has to clear.

What must a bar do for the BUY plot to fire?

The bar low inside the zone, the close above fib_500, and the candle closing higher than it opened. All three on the same bar. A touch of the zone with a weak close produces nothing at all.

How does InpSwingStrength shape the zone?

It sets how demanding a swing is. At `5` a pivot must beat five bars on each side, which picks turns lasting most of a session on H1. Raising it gives larger legs and a correspondingly wider zone.

What decides between a buy and a sell setup?

The order of the two swings. A leg that ended at a low reads as a downleg and looks for a buy reaction. A leg ending at a high reads as an upleg and looks for a sell.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Double FIB Indicator as one input. Always backtest before trading live.