MT4 Fibonacci + Bollinger Bands Indicator (Scanner)

mt4 fibonacci bollinger bands indicator
MT4 Fibonacci Bollinger Bands Indicator displays potential support / resistance levels that can be used by traders to identify likely price pullback or reversal points. The indicator can track any number of assets and timeframes. The indicator dashboard shows information about the latest trading signals and is used to quickly switch the chart.

MT4 Fibonacci + Bollinger Bands Indicator

MT4 Fibonacci Bollinger Bands Indicator is suitable for traders who use flat channel strategies based on the Bollinger Bands indicator combined with Fibonacci levels.

fibonacci bollinger bands

If the market is in a flat, then, if the price deviates from its average value, there is a high probability that it will return to this average value (baseline). To calculate the baseline of the indicator, SMA, EMA and VWMA can be used (optional in the settings). Above and below the baseline, the indicator displays lines (bands) that can be used as support and resistance levels.

The indicator can use two strategy modes – STANDARD DEVIATION and ATR DEVIATION.

In the mode STANDARD DEVIATION bands are calculated using the Fibonacci numbers and the standard deviation value. In this mode, you can set 6 bands at levels 0.236, 0.382, 0.5, 0.618, 0.764, 1.0.

In the mode ATR DEVIATION, bands are calculated using Fibonacci numbers and a smoothed Average True Range (ATR). In this mode, you can set 3 levels of bands 1.618, 2.618 and 4.236.

The values of the coefficients used to calculate the levels are available for change in the indicator settings.

The indicator can track any number of trading instruments on any standard timeframe. The indicator has a dashboard that displays the type of the last trading signal for each monitored chart and the number of bars formed after it. When you click on a cell in the dashboard, the chart switches to the corresponding symbol and timeframe.

When a signal appears, the indicator notifies the trader using a message box in the terminal, by email or on a mobile application. Each notification is turned on separately in the indicator settings.

The indicator performs data analysis on closed bars. The appearance of a signal arrow occurs only when the trading conditions are fully and finally met, which means that the indicator does not redraw its signals.


How to trade using Fibonacci + Bollinger Bands Indicator?

fibonacci bollinger bands strategy

If the price deviates from the baseline upwards, it is recommended to SELL, and if it deviates downwards, it is recommended to BUY. Depending on various market conditions, the price may deviate by a different amount, so several levels are made in the indicator. The presence of several adjustable levels allows you to draw the trader’s attention to all noticeable price deviations or adjust the indicator only to the necessary deviations.

The colors of the lines and arrows depend on the strength of the signal, the more saturated (darker) the color, the stronger the signal. The most extreme levels of the bands provide the strongest support / resistance and the most reliable entry signals.


How to interpret the Fibonacci + Bollinger Bands Indicator and read the dashboard?

The dashboard shows information about the current status of detecting signals.

fibonacci bollinger bands scanner dashboard

The dashboard of the indicator allows you to quickly and easily navigate the overall market situation. The indicator on one chart in one table shows the latest trading signals for all the trading instruments and timeframes it monitors.

The cell of the asset / timeframe contains information about the direction of the trade (BUY or SELL), about the level that the price crossed and about the ordinal number of the bar (number of bars ago) on which the signal was detected. The number of bars from the last trading signal for each symbol and timeframe allows you to quickly assess the recent changes in the market.


MT4 Fibonacci + Bollinger Bands Indicator input parameters

The indicator has the following parameters:

fibonacci bollinger bands indicator settings


assets – selection of assets to search for signals.

enable_M1 – enable_MN – include / exclude timeframes (from a minute to a month) to search for signals via them.

max_bars – the maximum number of bars back, by which the scanner will search for signals. The parameter limits the number of calculations to speed up the indicator.

enable_alert – the option enables / disables alerts.

enable_email – allows you to send email alerts.

enable_mobile – allows you to send alerts to your mobile device.

basis_calculation_type – is a  selection of the type of baseline calculation (SMA, EMA  and VWMA).

deviation_calculation_type – is a choice regime strategies indicator STANDARD DEVIATION and ATR DEVIATION.

applied_price – is a choice type prices for calculations (OPEN, HIGH, LOW, CLOSE, HL2, HLC3, OHLC4).

basis_length – is the number of periods for calculating indicator values.

standard_deviation_multiplier – is a multiplier for calculating the standard deviation.

band_deviation_№ – adjustable Fibonacci levels (1-6) for standard deviation (default 0.236, 0.382, 0.5, 0.618, 0.764, 1.0).

enable_standard_deviation_level_# – on / off detection of signals at a given level.

enable_standard_deviation_level_№_alert – on / off notifications about signals at a given level.

atr_deviation_# –  adjustable levels (1-3) Fibonacci for ATR (default 1.618, 2.618, 4.236).

enable_atr_deviation_level_# – on / off detection of signals at a given level.

enable_atr_deviation_level_№_alert – on / off notifications about signals at a given level.


Custom Programming

mt4 custom programming
We can upgrade the presented indicator to suit your needs – add new functions, change the algorithm for calculating signals, or combine it with your other indicator, turning it into a single powerful tool for your trading strategy.

We can also turn the indicator into an Expert Advisor (trading robot) with an extended set of custom functions (stop loss, take profit, trailing stop, risk management parameters, trading time limit, and others).

Request a free consultation from our team of professional programmers and find out the cost and timing of your project development.


Nordman Algorithms is not liable for any risk that you face using the software. Please, use the software on your own responsibility. The software is coded in accordance with a common known concept and Nordman Algorithms does not guarantee accuracy or trading performance of the software signals.

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