Better Bollinger Band Indicator for MT4 and MT5

Written by Dominic Walsh · Published 28 May 2026 · Last updated 21 Sep 2026

Two envelopes measured differently cross each other in a useful way. The better bollinger band indicator draws both and marks the result: whenever the deviation pair fits entirely inside the range pair, the closes have bunched relative to how far bars are travelling, and that bar gets a dot.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	5: BB upper, BB lower, KC upper, KC lower, Squeeze
Alerts	popup, push notification, email, sound
Inputs	10

What the Better Bollinger Band Indicator renders

Four envelope lines and one marker.

`BB upper` and `BB lower` trace dodger blue.

`KC upper` and `KC lower` trace silver.

`Squeeze` marks orange using symbol 158.

Markers sit at the closing price itself.

Nothing is drawn in a pane below.

• BB upper: line, dodger blue, width 1
• BB lower: line, dodger blue, width 1
• KC upper: line, silver
• KC lower: line, silver
• Squeeze: arrow, orange, width 2, arrow code 158

What feeds each plot

The deviation pair

`BbPeriod` `20` and `BbMult` `2.0` place each blue line that many standard deviations from a simple average of closes.

The range pair

`KcPeriod` `20` builds an exponential centre and a range figure, then `KcMult` `1.5` scales the distance. Same window, different measurement entirely.

The comparison

Both blue lines sitting inside both silver ones is the condition. That means closes have grouped tightly against how large the bars themselves have been.

How to take a reading

A dot means the blue pair is inside the silver pair.

A run of dots is a compressing market.

The dot sits at the close, so it tracks price.

The condition ends when blue pokes outside silver.

Neither envelope says which way a break goes.

Warm-up needs about forty-one bars.

Alert channels in this build: popup, push notification, email and sound.

The compression condition is what this reports. `EnableAlerts` decides whether it speaks and the terminal already raises a note, while the phone route, mail delivery and the sound named by `SoundFile` begin closed.

Every Better Bollinger Band Indicator input

Core settings

Setting	What it does	Default
BbPeriod	Bars behind the deviation pair, `20`.	20
BbMult	Deviations each blue line sits out, `2.0`.	2.0
KcPeriod	Bars behind the range pair, `20`.	20
KcMult	Ranges each silver line sits out, `1.5`.	1.5

Alert settings

Setting	What it does	Default
EnableAlerts	Whether the condition speaks, `true`.	on
EnablePopup	The terminal raises a note, `true`.	on
EnablePushNotify	A phone gets that note, `false`.	off
EnableEmail	Mail delivers it, `false`.	off
EnableSound	The machine sounds it, `false`.	off
SoundFile	What it sounds, `”alert.wav”`.	alert.wav

Where the defaults suit

Compression is most useful where it lasts long enough to notice. EURUSD H1 is the reference chart, where a run of dots typically covers half a session. On M5 the condition flickers. On H4 a compressed stretch can hold for a week.

What this one cannot tell you

Compression says nothing about which way price breaks.

Both envelopes react after the market changes.

A compressed stretch can simply continue.

Four lines plus dots is a busy overlay.

Copy the compiled Better Bollinger Band Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Background reading on the method behind the Better Bollinger Band Indicator: Bollinger BandWidth at StockCharts ChartSchool, Trading band on Wikipedia.

Download the Better Bollinger Band Indicator for MT4 and MT5

The zip holds the compiled Better Bollinger Band Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

What does a Squeeze dot actually mean?

Both blue lines are sitting inside both silver ones on that bar. Closes have grouped tightly relative to how far the bars themselves are travelling, which is the classic definition of compression.

Why is KcMult 1.5 smaller than BbMult 2.0?

Because the two multiply different things. Two standard deviations and one and a half ranges produce comparable widths in normal trade, which is what makes the inside-outside comparison meaningful.

Does a Squeeze dot point to a direction?

Not at all. It says the market has been quiet relative to its own recent bars, which often precedes a move; which way that move goes is a question this tool does not address.

Why does the Squeeze marker follow the close?

So it stays with price rather than at a fixed level. A run of dots then traces the path of the compressed stretch, which makes the duration of the condition easy to see at a glance.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Better Bollinger Band Indicator as one input. Always backtest before trading live.