MT4 Fibonacci + Bollinger Bands Indicator (Scanner)
MT4 Fibonacci + Bollinger Bands Indicator plots dynamic support and resistance bands around a configurable baseline using Fibonacci ratios applied to either standard deviation or ATR. The scanner monitors price interactions with these bands across all specified assets and timeframes through a structured dashboard with configurable alerts.
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What the Fibonacci + Bollinger Bands Indicator Does
The Fibonacci + Bollinger Bands Indicator combines a dynamic baseline with Fibonacci-ratio-based bands plotted above and below it. The baseline represents the average price over a defined period — calculated using SMA, EMA, or VWMA depending on the configuration. The bands are positioned at Fibonacci ratio distances from this baseline, scaled by either standard deviation or ATR depending on the selected calculation mode.
The analytical premise is straightforward: when price moves away from its statistical average, the distance of that deviation can be measured and contextualized using Fibonacci ratios. The further price moves from the baseline, the more structurally extended the deviation becomes relative to recent price behavior.
The indicator evaluates conditions on closed bars only — a directional marker appears only when the interaction with a band level is fully confirmed on a completed bar. This means registered conditions do not redraw.
Two Band Calculation Modes
The indicator supports two band calculation modes, selectable in the settings.
Standard Deviation Mode
Bands are calculated by multiplying the standard deviation of recent price data by each Fibonacci ratio. Up to six band levels can be configured at Fibonacci ratios. Each level can be enabled or disabled independently.
- 0.236
- 0.382
- 0.5
- 0.618
- 0.764
- 1.0
ATR Deviation Mode
Bands are calculated by multiplying a smoothed Average True Range value by each Fibonacci ratio. Three band levels are available at the extended Fibonacci ratios that reflect larger deviations from the baseline. Each level can be enabled or disabled independently.
- 1.618
- 2.618
- 4.236
The two modes reflect different approaches to measuring deviation: Standard Deviation mode scales bands relative to statistical price dispersion, while ATR Deviation mode scales bands relative to average price range. The choice affects both the positioning of the bands and their responsiveness to volatility changes.
How to Interpret and Use the Fibonacci + Bollinger Bands Indicator
The indicator registers a condition when price interacts with a band level — crossing it from below or above. The directional context of the registered condition reflects the direction of the interaction: a bullish condition is registered when price crosses a lower band from below back toward the baseline, and a bearish condition when price crosses an upper band from above back toward the baseline.
Band Layers
The bands are structured in layers — each successive band level represents a greater deviation from the baseline. The more extreme the band level, the less frequently price reaches it and the more extended the deviation it represents. Band color saturation reflects this: darker colors indicate more extreme levels, lighter colors indicate levels closer to the baseline.
All conditions are evaluated on closed bars. A directional marker appears only when the bar has fully closed beyond or at a band level — partial interactions within an open bar do not register.
Multi-Asset Monitoring with the Dashboard
The dashboard displays the current condition status across all monitored assets and timeframes in a single structured view.
Each cell shows the directional context of the most recently registered condition — bullish or bearish — the band level at which the interaction occurred, and the number of bars back at which it was registered. This combination allows you to assess both the recency and the structural level of the most recent condition for each monitored instrument. Clicking any cell updates the chart to the corresponding asset and timeframe directly.
Indicator Limitations — The Fibonacci + Bollinger Bands Indicator reflects calculations based on historical price and volatility data. Band levels represent mathematical distances from the baseline derived from Fibonacci ratios — they do not predict where price will reverse or how far it will move after reaching a band. Price can interact with a band and continue moving in the same direction, or reach multiple band levels in sequence. All registered conditions should be evaluated within a broader analytical framework that considers current market structure and context.
Indicator Settings & Parameters
The indicator has the following parameters.
| Parameter | Description |
|---|---|
| Scanner & Alerts | |
| Assets | Instruments to include in the scanner. |
| Enable_M1–MN | Include or exclude individual timeframes from the scanner scope. |
| Max_bars | Limits how far back the scanner evaluates conditions. Reducing this value improves calculation speed. |
| Enable alert / Enable email / Enable mobile | Alert delivery: platform notifications, email, or mobile — each configurable independently. |
| Baseline & Deviation | |
| Basis_calculation_type | Selects the baseline calculation method:
|
| Deviation_calculation_type | Selects the band calculation mode:
|
| Applied_price | Price type used for calculations:
|
| Basis_length | Number of periods used for baseline and deviation calculations. |
| Standard_deviation_multiplier | Multiplier applied to the standard deviation before Fibonacci ratios are applied. |
| Standard Deviation Levels | |
| Band_deviation_1–6 | Configurable Fibonacci ratio levels for Standard Deviation mode (default: 0.236, 0.382, 0.5, 0.618, 0.764, 1.0). |
| Enable_standard_deviation_level_# / Enable_standard_deviation_level_#_alert | Enables or disables detection and alerts for each individual Standard Deviation band level. |
| ATR Deviation Levels | |
| ATR_deviation_1–3 | Configurable Fibonacci ratio levels for ATR Deviation mode (default: 1.618, 2.618, 4.236). |
| Enable_atr_deviation_level_# / Enable_atr_deviation_level_#_alert | Enables or disables detection and alerts for each individual ATR Deviation band level. |
System Requirements & Installation
What you need to run the indicator, how to download and install it in MetaTrader 4, and how the license works.
System Requirements
- Platform
- MetaTrader 4 (Desktop)
- Operating system
- Windows 10 or Windows 11
- Instruments
- Forex pairs, metals, indices, CFDs and other symbols available from your broker in MetaTrader 4
- Data
- Your broker’s price feed in MetaTrader 4
Not available on MetaTrader 4 Web or Mobile. Custom indicators run in the MetaTrader 4 desktop terminal only.
License Terms
- Lifetime License
- This indicator only, 1 live and 1 demo account, one-time payment, free updates included.
- All-Access Subscription
- All indicators and trade copiers, billed monthly, cancel anytime, updates included while the subscription is active.
- Free trial
- 5 days on the subscription plan. If not cancelled, the subscription starts automatically.
- License binding
- Linked to your email and to your MetaTrader 4 trading accounts: one live account and one demo account.
- Computers
- Not restricted. The license is linked to your trading accounts, not to a specific computer.
Installation
- Get access
Start the free trial, subscribe, or buy a lifetime license on this page.
- Download
The indicator is not sent by email. Open (top right of this page) and enter the email you used for your trial, subscription or purchase. The indicator file (.ex4) downloads to your computer.
- Copy to the MetaTrader 4 data folder
In MetaTrader 4, go to
File → Open Data Folder, openMQL4 → Indicatorsand copy the downloaded .ex4 file there. - Add to a chart
Restart MetaTrader 4 or right-click Indicators in the Navigator window and select Refresh. Then drag the indicator from the Navigator onto a chart.
- Activate the license
In the indicator inputs, enter the same email. On first activation, the license is linked to that email and to the trading account the terminal is logged into.
If MetaTrader 4 asks for additional permissions when the indicator is attached, such as DLL imports or WebRequest access, allow them in the indicator’s Common tab or under
Tools → Options → Expert Advisors.
Updating: When a new version is released, download it again through and replace the existing .ex4 file in the same folder.
Installation questions? Contact support, Monday to Friday.
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Disclaimer — Software Use & Risk Disclosure
Nordman Algorithms is a trade name of Nordman Algorithms OÜ (Reg. No. 14435535), registered in Tallinn, Estonia.
Software Use
Software Nature & User Responsibility — Nordman Algorithms provides algorithmic software tools for technical analysis. Nordman Algorithms is not a financial advisor and is not liable for any losses. All trades conducted based on the software’s output are executed at the user’s sole discretion and risk.
Visual Markers & Signal Disclosure — This software may display visual markers (such as arrows, dots, or alerts) when predefined mathematical conditions are met. These markers are provided for educational and analytical purposes only, must not be interpreted as financial guidance, and do not constitute a recommendation to buy, sell, or hold any financial instrument. Users must independently validate all visual cues within their own trading methodology.
No Financial Advice — Nordman Algorithms does not provide discretionary trading signals, investment advice, or managed signal services. Our software represents a mathematical visualization of historical and real-time data. The appearance of a visual marker does not guarantee a profitable trade or predict future market behavior.
Read the full Terms of Service →Risk Disclosure
Trading Risk Warning — Futures, Forex, and options trading involve significant risk. Risk capital is money that can be lost without jeopardizing financial security. Only risk capital should be used for trading. Past performance is not indicative of future results. An investor could potentially lose all or more than the initial amount committed.
ESMA Risk Warning — Financial instruments, especially those involving leverage such as CFDs and Forex, are complex and carry a high risk of rapid financial loss. Our software provides analytical outputs and visual markers based on predefined mathematical conditions and does not mitigate or reduce inherent market risks. You should carefully consider whether you understand how leveraged financial instruments work and whether you can afford the high risk of losing your capital.
CFTC Rule 4.41 — Hypothetical or simulated performance results have inherent limitations. Unlike actual performance records, simulated results do not represent real trading. Because trades have not actually been executed, these results may under- or over-compensate for the impact of market factors such as liquidity. Simulated results are also subject to the benefit of hindsight. No representation is being made that any account will achieve profits or losses similar to those shown.
Read the full Risk Disclosure →Trademark Notice — MetaTrader 4 and MT4 are trademarks of MetaQuotes Ltd. Nordman Algorithms is an independent software developer and is not affiliated with, sponsored by, or endorsed by MetaQuotes Ltd. References to MetaTrader 4 identify software compatibility.
Need a different setup?
We can customize this indicator to your requirements: add new features, change the calculation logic, or combine several tools into a single solution. We also build Expert Advisors on your own logic, with configurable modules such as dynamic risk parameters, multi-stage trailing stops and additional confirmation filters.
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