Surfing online, I found these instructions: How To Braid 5 Stand Bread.
I tried this technique using ribbon but it didn't turned out pretty so I changed "side strand over middle stands" to "side strand over then under middle stands". Here is what I got. Just following the step by step instruction below to make one yourself.
What you need: 5 x 24" long 3/8" ribbon, D-ring, fabric-tac, glue gun, braided headband base (or you can wrap 1" plastic headband with 3/8" ribbon), sissors.
Step 1: Step 1
Secure 5 strands of ribbon on a D-ring. Then hang/tie D-ring somewhere so both of your hands are free to braid/weave. I'll name these 5 strands from left to right: SUPER DOTS, LOLLIPOP, SOLID, SWISS DOTS and STRIPES. The basic technique is to braid side strands OVER, then UNDER. When braiding, the printed ribbon is always face up.
Step 2: Step 2
Bring STRIPES over SWISS DOTS.
Step 3: Step 3
Then weave STRIPES under SOLID.
Step 4: Step 4
Left side, bring SUPER DOTS over LOLLIPOP. It's OK if it doesn't look balanced because we'll cut the beginning part off later.
Step 5: Step 5
Weave SUPER DOTS under STRIPES
Step 6: Step 6
Again on right side, bring SWISS over SOLID.
Step 7: Step 7
Weave SWISS under SUPER DOTS
Step 8: Step 8
Left side, bring LOLLIPOP over STRIPES
Step 9: Step 9
Then LOLLIPOP under SWISS DOTS.
Step 10: Step 10
On right side, braid SOLID over SUPER DOTS, then under LOLLOPOP.
Step 11: Step 11
On left, braid STRIPE over SWISS DOTS, then under SOLID.
Step 12: Step 12
Continue until the braided stripe is about 17" long.
Step 13: Step 13
Here is the closer look on one of the ends. Next we need to cut the extra ribbon.
Step 14: Step 14
Cut SWISS DOTS, then use fabric-tac to glue SWISS DOTS and LOLLIPOP together.
Step 15: Step 15
Cut LOLLIPOP, then use fabric-tac to glue LOLLIPOP and SOLID together.
Step 16: Step 16
Cut SUPER DOTS then glue SOLID and SUPER DOTS together.
Step 17: Step 17
Cut STRIPES and glue LOLLIPOP and STRIPES together
Step 18: Step 18
Cut SOLID and glue LOLLIPOP and SOLID together. Seal the ribbon ends.
Step 19: Step 19
Cover the braided headband base with this braided ribbon stripe. Then repeat step 14-18 to trim the extra length and finish the other end.
Step 20: Step 20
Use fabric-tac or glue gun to glue the end of braided stripe on headband base as shown.
Step 21: Step 21
Glue all the way to the other end.
Step 22: Step 22
(It's really fun to pick the prettiest colors and make them combo. We have a photo album for headbands: Photo Gallery--Headbands. I just added mine and would love it if you'd all add your design to it too.)