The FiboBands indicator drawn on the basis of the same principle as the drawing of Bollinger Band. However the given modification of the indicator uses the Average True Range (Average True Range) instead of a standard deviation.

External lines of the FiboBands indicator are received by Fibo extensions 1.618, 2.618 and 4.326.

Thus, the given version allows not to trade on the rollback, but to work with the breakthrough of these boundaries by setting targets for price movement.

FiboBands is a good chart indicator that can serve as a channel indicator for breakthrough and rollback strategies. It is also possible to use it to search strong support and resistance levels.

The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article "Averaging price series for intermediate calculations without using additional buffers".

Fig.1 The FiboBands indicator