We show theoretically how the quantum‐confined Stark effect (QCSE) shifts of the E1–HH1 and E1–LH1 energy transitions can be engineered to be closely matched over the entire range of applied fields up to ±100 kV/cm using structures containing more than one strained‐layer composition within each well. In contrast, conventional quantum wells that contain a single uniform composition within each well can at best have the energy levels for the HH1 and LH1 states matched at only one field value. Furthermore, we show how the TE and TM absorption spectra are modified using multistrain‐stepped structures leading to improved polarization‐insensitive QCSE modulators. ©1995 American Institute of Physics.