Custom Bands – improved Bollinger Bands (BB) indicator for MT4

The classic Bollinger Bands (BB) technical indicator is one of the most popular and well-known technical indicators of the Forex market, which is included in all trading terminals.

Custom bands (Bollinger Bands) Settings
However, the classic indicator is calculated on the basis of the standard deviation only from a simple moving average.

Improved indicator Bollinger Bands – Custom Bands allows you to choose the type of moving average, including the popular exponential average, as shown in the picture above. Otherwise, the settings of the Custom Bands indicator are similar to those of the indicator in the MetaTrader 4 trading terminal.

The indicator helps to assess how the quotes of currency pairs are located relative to the normal trading range. Bollinger lines create a frame or a range within which prices are considered normal. Bollinger lines are constructed in the form of an upper and lower boundary around the moving average, but the bandwidth is not static, but proportional to the standard deviation from the moving average over the analyzed period of time. The uniqueness of Bollinger’s ranges is that their width changes in response to a change in the volatility of the foreign exchange market.

The creator of the indicator, John Bollinger, wrote the book “Bollinger on Bollinger Band”, which describes the history of the indicator, as well as the main methods and features of the application of the indicator in practice. More details about the book, as well as download it you can on a special page of our site – The best books about the Forex market.

Download the indicator Custom Bands for the terminal MetaTrader 4 absolutely free you can follow the link – custom_bands.mq4.


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