Bollinger Bands Set
Info
The Bollinger Bands Set is a Indicator for MetaTrader 5 that this indicator uses a greater number of bollinger bands than the standard indicator. The set of bands has a deviation parameter that varies in an interval of 1, 2, 3, 4, 5, and other values indicate support and resistance levels very well.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Bollinger Bands Set
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 uses a greater number of Bollinger bands than the standard indicator.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Bands Stoch RSI Extreme Reversal Signals - another powerful indicator for MetaTrader 5 traders.
This indicator uses a greater number of Bollinger bands than the standard indicator. The set of bands has a deviation parameter that varies in an interval of 1, 2, 3, 4, 5, and other values indicate support and resistance levels very well. The indicator is built in four variants with different quantity levels for different application cases.Also recommended: B Bands Psar Indicator - similar indicator with strong performance on MetaTrader 5.
This indicator was built using two averages of the universal average and the possibility of selecting one of the ten available smoothing variants:
- Simple moving average;
- Exponential moving average;
- Smoothed moving average;
- Linearly weighted moving average;
- Adaptive JMA;
- Ultra linear smoothing;
- Parabolic smoothing;
- Multiple exponential smoothing by Tillson;
- Smoothing with the Tushar Chande algorithm;
- Smoothing with the Perry Kaufman algorithm.
It should be noted that the phase1 and phase2 parameters have a completely different meaning between the different smoothing algorithms. For JMA, phase is an external variable whose value varies between -100 and +100. For T3, it is a smoothing ratio multiplied by 100 for better visualization. For Vidya, it is a period of the CMO oscillator and for AMA it is a slow EMA period. In AMA, the fast EMA period, by default, is a fixed value equal to 2. The growth power ratio for AMA is also equal to 2.
This indicator uses the SmoothAlgorithms.mqh class library, which must be copied to the terminal_data_folder\mql5\include. The use of this class is described in more detail in the article from 2026.
You may also like: bollinger bands 3 sigma - excellent alternative for indicator users on MetaTrader 5.
Source Code
/*
* place the smoothalgorithms.mqh file
* to the terminal_data_folder\mql5\include
*/
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 9 .......
⚠ 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.