Welch Bollinger Band Width
Info
The Welch Bollinger Band Width is a Indicator for MetaTrader 4 that this indicator takes the current width of the bollinger bands and compares it to the maximum and minimum width of the bollinger bands over n periods (widthcalcperiod). Indicator DescriptionThe calculated percentage is then used to determine the color of the histogram.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Welch Bollinger Band Width
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
This indicator takes the current width of the Bollinger Bands and compares it to the maximum and minimum width of the Bollinger Bands over n periods (widthcalcperiod).
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: doda-bollinger bands indicator - another powerful indicator for MetaTrader 4 traders.
This indicator takes the current width of the Bollinger Bands and compares it to the maximum and minimum width of the Bollinger Bands over n periods (widthcalcperiod).Also recommended: Bollinger Bands Breakout Indicator and Band Width - similar indicator with strong performance on MetaTrader 4.
Indicator Description
The calculated percentage is then used to determine the color of the histogram. If the calculated percentage is less than or equal to minrangepercent, then the histogram shows green. If the calculated percentage is 2x the minrangepercent, then the histogram shows yellow. If neither of those match, the histogram shows red.
This works out well to quickly see if the currency pair is ranging, or about to break out of range. If you set showwidthline to true, then it will also show a line with the actual width of the Bollinger Bands in pips.
Using iCustom to pull out values for an expert advisor or other custom indicators:
You should be able to pull out any of the values externally using the following code. You could put something like this in your expert advisor.
Notes:
- This should work for 4 and 5 digit brokers and it works on all currency pairs.
- The image provided is for illustration purposes only. The dark grey vertical lines and red arrows were added to show the correlation of the indicator to the Bollinger Bands on the chart and they will not show up on your chart.
As of 2026, this indicator is available for use.
You may also like: Bollinger Bands and RSI Divergence Signal Indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_separate_window
#property indicator_buffers 7
#property indicator_color1 lime
#property indicator_width1 4
#property indicator_color2 yellow
#property indicator_width2 4
#property indicator_color3 red
#property indicator_width3 4.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.