A system, computer program product, method and algorithm for evaluation of blood glucose variability—one of the most important parameters of diabetes management. An embodiment of the method may use routine self-monitoring blood glucose (SMBG) data collected over a period of 2-6 weeks, for example, based on a theory of risk analysis of blood glucose data. One aspect may include a method, system and computer program product for computing the Average Daily Risk Range (ADRR)—a measure of overall glucose variability. Another aspect may include a method, system, and computer program product for estimating separately the glucose variability in the hypoglycemic range via a Low BG Index (LBGI) and the glucose variability in the high BG range via High BG Index (HBGI) followed by a combination of the two indices into a single variability display.