What is Bollinger Fibo Bands Indicator?
Bollinger Fibo Bands is an MT5 chart indicator that combines a Bollinger Band calculation with additional Fibonacci-style levels around the average. Period, deviation, ratio, price source, colors, and line settings shape the overlay.
The multiple bands organize changing range width and price location in one view. They are visual reference lines and do not establish a fixed reaction at any level.
How to Use It in Practice
Read the center average with the wider Fibonacci-based band layers, while keeping the pink and purple outer areas distinct from the dotted lines:
- Compare the wider outer band structure with a normal Bollinger Band layout; the default width makes the two displays look materially different.
- Treat the dotted Fibonacci lines as secondary visual detail; they are not a strong reference area.
- Use Moving average period, Number of standard deviations, and History depth to change the calculation length, width, and number of past candles shown.
Bollinger width and ratio references share one overlay, while color and line settings help separate the displayed layers.
MT5 Indicator Parameters
The screenshot above shows the default input parameters in the MT5 settings window.
| Parameter | Description |
|---|---|
| Moving average period | Defines the number of bars used to calculate the central moving average. It determines how smooth or responsive the midline is to price changes. |
| Number of standard deviations | Sets the distance of the outer Bollinger Bands from the moving average. Higher values widen the bands, showing more volatile conditions. |
| Price type | Selects which price data to use for calculations (e.g., Close, Open, High, Low). This affects the central moving average and band placement. |
| shift | Moves the entire indicator forward or backward on the chart by a specified number of bars, useful for visual alignment or analysis. |
| History depth | Determines how many historical bars are calculated and displayed. Increasing this value shows a longer visual history of the bands. |
