Bollinger Bands MTF Indicator: Daily Bands, Any Chart

Written by Dominic Walsh · Published 29 May 2026 · Last updated 18 Sep 2026

The bollinger bands mtf indicator brings a higher timeframe down to your chart. The bands come from `MtfTimeframe` `PERIOD_D1` no matter which chart you load. So an hourly candle gets measured against daily context.

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: MTF Mid, MTF Upper, MTF Lower, Buy, Sell
Alerts	popup, push notification, email, sound
Inputs	10

What the Bollinger Bands Mtf Indicator renders

A goldenrod `MTF Mid` line carries the daily average.

Medium sea green `MTF Upper` and `MTF Lower` sit either side of it.

Arrow 233 fills `Buy` at the lower edge, and arrow 234 fills `Sell` at the upper.

Marks sit `ArrowOffsetPts` `30` points from the candle.

• MTF Mid: line, goldenrod, width 2
• MTF Upper: line, medium sea green, width 2
• MTF Lower: line, medium sea green, width 2
• Buy: arrow, lime, width 3, arrow code 233
• Sell: arrow, red, width 3, arrow code 234

What the formula does

Bands built on daily bars

iBands runs at `BbPeriod` `20` and `BbMult` `2.0` on the higher timeframe. Each chart bar looks up which daily bar it belongs to, then reads that bar’s three values.

The lines look like steps

Every chart bar inside one daily candle shares the same band values. So the three lines hold flat all day and then jump at the daily boundary.

The signal fades the edge

A buy needs the current close below the lower band while the previous close sat at or above it. That is a fade of the daily edge rather than a breakout of it.

How to interpret it

Flat stretches are normal here, since the source bar has not changed.

A daily band edge is a much bigger level than an hourly one.

Marks are rare, because reaching a daily edge takes a real move.

Setting `MtfTimeframe` below your chart timeframe makes no sense.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

`EnableAlerts` sits above every edge alert and starts true with `EnablePopup`. Set `EnablePushNotify` for a phone buzz, `EnableEmail` for mail, or `EnableSound` to play `SoundFile`. Those three arrive false. Only closed bars report.

Every Bollinger Bands Mtf Indicator input

Core settings

Setting	What it does	Default
BbPeriod	Window behind the higher-timeframe average, default `20`.	20
BbMult	Spread multiples between middle and each edge, default `2.0`.	2.0
MtfTimeframe	Timeframe the bands come from, default `PERIOD_D1`.	PERIOD_D1

Display settings

Setting	What it does	Default
ArrowOffsetPts	How far a mark sits off the wick, in points, default `30`.	30

Alert settings

Setting	What it does	Default
EnableAlerts	One switch above every edge alert, default `true`.	on
EnablePopup	Dialog box at a daily edge, default `true`.	on
EnablePushNotify	Phone buzz at a daily edge, default `false`.	off
EnableEmail	Email at a daily edge, default `false`.	off
EnableSound	Audio cue at a daily edge, default `false`.	off
SoundFile	Audio file the cue uses, default `”alert.wav”`.	alert.wav

Where to run it

The gap between the two timeframes is what matters. EURUSD H1 with daily bands is the reference setup, where each band holds for twenty-four bars. On M5 the same bands hold for nearly three hundred.

Where it falls down

A daily band updates once a day, so it lags any sudden change.

Fading a daily edge means trading against a move that reached it for a reason.

The stepped lines can look broken to anyone expecting smooth bands.

Copy the compiled Bollinger Bands Mtf 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.

Download the Bollinger Bands Mtf Indicator for MT4 and MT5

The zip holds the compiled Bollinger Bands Mtf 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

Why do the MTF Mid lines look like steps?

Because every chart bar inside one daily candle reads the same daily values. The lines hold flat through the session and jump when a new daily bar opens, which is expected rather than a fault.

What happens if MtfTimeframe is below my chart?

The lookup still runs but the result stops being useful, since several higher-timeframe bars would map into one chart bar. Keep the setting at or above whatever chart you have open.

Does a Buy arrow follow the break?

No, it fades it. The mark appears on the close that pushes below the daily lower band, betting on a move back toward the middle rather than a continuation lower.

How often does BbMult 2.0 get reached daily?

Far less often than on an hourly chart. A daily two-deviation edge is a substantial level, which is why this build produces relatively few marks compared with a same-timeframe version.

Are results guaranteed?

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