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A Triple Bollinger Bands Indicator with Adjustable Parameters

Article MQL5 code base
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Summary

This short description presents a modified indicator that plots three pairs of Bollinger Bands. Its default standard-deviation multipliers are 2, 3, and 4, creating three envelopes around the underlying price series at progressively wider distances. The modification allows the user to change the Bollinger Band parameters rather than rely only on those defaults.

The document identifies the indicator’s creator and the person credited with the original work, but it does not explain trading signals, entry or exit rules, or how to interpret price interactions with the bands. It includes no chart examples, market-specific guidance, backtest, or evidence about performance. The indicator is therefore a configurable visualization tool, not a complete strategy; its value depends on the chosen settings and on any separate rules used to turn band readings into decisions.

Key ideas

  • The indicator plots three Bollinger Band pairs with default standard-deviation multipliers of 2, 3, and 4.
  • Its modification allows users to adjust the Bollinger Band parameters.
  • The description provides no trading rules or empirical performance evidence.
  • The bands are a charting tool and require separate decision rules for trading use.

Tags

Technical indicatorsVolatility

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.