Also, the Bollinger Squeeze Rainbow Indicator measures market price swing on MT4 and MT5. Also, it shows when price is compressing and when it is expanding. So you can. Also, size positions and time breakouts around the. Also, market’s actual energy rather than a fixed schedule.
For more like this, browse the more price swing tools for forex or jump to the full all MetaTrader tools.
What the Bollinger Squeeze Rainbow Indicator does on the chart
Still, under the hood the tool uses standard math you know. It plots one clear layer. Thus, it does not call external libraries. Also, it does not slow down the chart.
Hence, the Bollinger Squeeze Rainbow Indicator reads price. Volume, and recent bar structure. Still, it plots the result on the chart. Next, you can read it at a glance. Thus, it is built for MT4 and MT5. Then, you drag it onto any chart in one step.
Key features and settings
- Reads recent price swing and plots a band or channel
- Configurable lookback for tighter or wider envelopes
- Useful for sizing stops and targets
- Optional fill so the band is easy to read at a glance
- Full alert system: popup, push notification to mobile MetaTrader, email, and sound — all four channels can be toggled independently from the inputs panel. Alerts fire once per closed bar so you never get spammed mid-tick.
- Built for MT4 and MT5; works on every timeframe the platform supports.
- Lightweight code that does not slow down the chart.
| Setting | Description | Recommended default |
|---|---|---|
| Period | Lookback length used to compute the price swing envelope | 20 |
| Multiplier | Width of the envelope as a many of the price swing unit | 2.0 |
| Fill | Fill the envelope band for easier visual scanning | On |
| Color theme | Switch between dark and light chart palettes | Dark |
| Show on chart | Toggle the on-chart visual without removing the tool | On |
How to read signals from the Bollinger Squeeze Rainbow Indicator
Yet, this tool highlights spread and contraction of the recent price range. Also, hence, a typical workflow looks like this.
Next, Entry idea (long). Wait for price to test the lower envelope and reverse with a wide-range close back inside. Then, wait for the bar to close. Intra-bar values can shift.
Entry idea (short). Wait for price to test the upper envelope and reverse with a wide-range close back inside. The same close rule applies.
In practice, Exit idea. Trailing the stop along the tool itself works for trends; a fixed many-R target works for range setups. Some traders trail with structure. Others trail with the tool itself.
These are concepts, not rules. Also, still, yet, backtest on your pair and timeframe before live capital.
Tuning the Bollinger Squeeze Rainbow Indicator inputs
As a result, start with the defaults, then tune for your market. BBPeriod (default 20) sets the averaging length — raise it for smoother, slower signals or lower it for faster, more sensitive ones; Mult1 (default 1.0) scales reach — higher values widen the distance and give fewer signals; Mult2 (default 1.5) scales reach — higher values widen the distance and give fewer signals. Thus, truly, every alert channel — pop-up, sound, email and mobile push — toggles independently in the same inputs panel, and alerts fire once per closed bar.
Recommended timeframes and pairs
First, the tool works best where price swing is meaningful but not chaotic.
- M15 to H4 for the best balance of signal and noise.
- Daily for context, widening filters around scheduled news.
Second, price swing expands around news, so gold (XAUUSD) and. Also, indices like US30 show this plain, alongside the FX majors.
How to install on MT4 and MT5
Installation is the same for every tool on this site. Also, still, hence, plainly, unzip the download, copy the compiled .ex4 into your MT4 MQL4/Indicators folder (or the .ex5 into MT5 MQL5/Indicators), refresh the Navigator, then drag it onto the chart. For the full step-by-step with alert setup and troubleshooting, see our guide to installing MT4 and MT5 tools.
Best practices and tips
- Widen your filters around scheduled news when price swing spikes.
- Treat the bands or range as context, not a standalone trigger.
- Wait for the bar to close before acting on a signal.
- Backtest your settings on at least 200 closed bars before trading live.
- Keep position sizing small while you learn how the tool behaves on your pair.
- Review your results weekly and prune settings that underperform.
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Related on forexmt4systems.com: Bollinger Bands Mean Reversion Strategy for EURUSD on M15.
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This The tool is one of 1,383 free MT4, MT5 and TradingView tools we publish and keep. Next, every tool ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files, a 4-channel alert system (popup + mobile push + email + sound), and is loaded on EURUSD H1 before release to confirm it draws cleanly without repainting. Still, the same one-step email opt-in below unlocks the entire library – not just this one tool.
FAQ
What does the Bollinger Squeeze Rainbow measure?
Also, it plots a clear signal layer that the Bollinger. Then, squeeze Rainbow computes from recent price and volume on the chart.
Is the Bollinger Squeeze Rainbow Indicator non-repaint?
Yet, by default the tool only confirms a signal on the bar close. Thus, truly, still, so the printed signal is fixed once that bar closes. Thus, some users prefer the early intra-bar mode for. Also, still, hence, plainly, faster signals — both options are in the inputs.
Which timeframe should I use?
Still, there is no single best timeframe. Thus, in addition. Still, m15 to H1 is a common starting point for intraday traders. Thus, and H4 to D1 works for swing traders. Hence, backtest the settings on the timeframe you actually trade.
Does it work on pairs other than forex?
Next, it works on any pair MT4 and MT5 supports — forex majors. Then, gold (XAUUSD), indices like US30 and NAS100, and major cryptos. Hence, fast-moving pairs may need a smaller period setting.
Can I add alerts?
Yes. Next, pop-up. Thus, sound, push, and email alerts can be toggled in the inputs. Yet, on MT4 and MT5 the alert plays. Hence, on the bar close that triggers the signal. Then, this tool ships with full alert features built in: popup alerts on the chart. Push notifications to mobile MetaTrader. First, email alerts, and a sound alert with a configurable .wav file. Second, each channel is toggled independently from the inputs panel (EnableAlerts. EnablePushNotify, EnableEmail, EnableSound). Yet, alerts trigger once per closed bar.
For external background reading, see the background on price swing envelopes. Are results guaranteed?
No. Trading uses risk. Results are not guaranteed. Also, past results is not indicative of future results. Use the tool as one input. Always backtest before trading live.
Authoritative references
- Learn more about Bollinger Bands.
- General background on technical tools.
Category: this is part of our Volatility collection. Next, truly, browse more Volatility for MetaTrader, or explore every MT4 tool and MT5 tool on the site.