FiboBands - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources

The Fibonacci indicator is drawn on the same principle as the Bollinger Bands. However, the given modification of this indicator uses the Average True Range instead of the standard deviation.

The outer lines of the FiboBands indicator are received by Fibo extensions 1.618, 2.618 and 4.326.

Therefore, the given version does not allow trading on rollbacks, but instead sets price change targets for breaking out of these boundaries.

FiboBands is a great chart indicator that can be used as a channel indicator for breakout and rollback strategies. You can also use it to search for strong support and resistance levels.

The indicator uses the SmoothAlgorithms.mqh library class (must be copied to terminal_data_folder\MQL5\Include). The use of the class "Average price series for intermediate calculations without using additional buffers" is described in detail in the article.

Figure 1 FiboBands indicator

Attachment download

📎 fibobands.mq5 (12.44 KB)

📎 smoothalgorithms.mqh (134.03 KB)

Source: MQL5 #1466