Download MetaTrader 5

Requests & Ideas (MQL5 only!) - page 17

Vladimir Karputov
Moderator
72021
Vladimir Karputov  

Evening Star  version   "1.005"

MetaTrader Trading Platform Screenshots

RTS-9.17, D1, 2017.05.31

MetaQuotes Software Corp., MetaTrader 5, Demo

Indiactor Evening Star

RTS-9.17, D1, 2017.05.31, MetaQuotes Software Corp., MetaTrader 5, Demo


Download indicator can be by reference: Indicator Evening Star

Files:
Sergey Golubev
Moderator
99675
Sergey Golubev  

So, it may be the main template - attached (place this template file to C:\... \MQL5\Profiles\Templates folder)


This is Brent Crude Oil, I use MT5, demo server for Brent Crude Oil (for charts and for trading): FXChoice-MetaTrader 5 Pro

Second indicator in this template is optional, just for technical analysis for example): MaksiGen_Range_Move MTF - indicator for MetaTrader 5

Files:
Vladimir Karputov
Moderator
72021
Vladimir Karputov  

Again the forum indulges. The forum renamed my indicator. Now the name of the indicator WRONG:

Error

Sergey Golubev
Moderator
99675
Sergey Golubev  

Next interesting template may be the template with the Ichimoku cloud confirmation (attached):


This is West Texas Intermediate Crude Oil (WTI), from MT5 same server.

This template is using additional indicator: Ichimoku cloud indicator from CodeBase: Ichimoku Cloud - indicator for MetaTrader 5

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And small explanation about Ichimoku cloudf (HowTo use it in simple way):


Files:
Sergey Golubev
Moderator
99675
Sergey Golubev  
Vladimir Karputov:

Again the forum indulges. The forum renamed my indicator. Now the name of the indicator WRONG:



I am using wrong name, not a problem :)

When this CodeBase article (Indicator Evening Star) will be confirmed and published so we will have the real name.
Sergey Golubev
Moderator
99675
Sergey Golubev  

So finally we are having the following:

  1. main indicator: Indicator Evening Star (CodeBase link - it will be accepted by the admins soon)
  2. optional indicator: MaksiGen_Range_Move MTF (CodeBase link)
  3. optional indicator: Ichimoku Cloud (CodeBase link)

Vladimir Karputov
Moderator
72021
Vladimir Karputov  
Sergey Golubev:



Try to set false value for the Gap parameter:

 

Sergey Golubev
Moderator
99675
Sergey Golubev  

How To Trade Evening Star Pattern

There are 2 ways to trade it.

1. Classical way - trading on formed pattern.

We should wait when the 3rd candle is closed, and we open sell trade on the openning of the 4th candle.
It is simple usual way which is the similar to trade on close bar with signal systems, means: open the trade after pattern will be formed.
Example:


2. Trading on forming pattern.

It means the following: Evening Star pattern was not formed, but we are openning of the trade on the 3rd candle (because we do not want to wait untill this pattern will be completely formed. It is the similar to trade on open bar with signal systems, means: open the trade when pattern was not formed.


This is the explanation of the second way of trading (from this text with the video):

The close of the third candle needs to be at least half way down the body of the first candle and as with the Morning Star most traders will not wait for confirmation from the 4th period's candle to consider the pattern valid. Traders will look for increased volume on the third period's candle for confirmation, the larger the black and white candles are and the further the black candle moves down the body of the white candle the more powerful the reversal is expected to be.


Sergey Golubev
Moderator
99675
Sergey Golubev  
Vladimir Karputov:


Try to set false value for the Gap parameter:

 


set Gap from true to false? It will be much more signals but with many false signals as well.

Gap = true:


Gap = false:


Sergey Golubev
Moderator
99675
Sergey Golubev  
Sergey Golubev:

How To Trade Evening Star Pattern

There are 2 ways to trade it.

1. Classical way - trading on formed pattern.

We should wait when the 3rd candle is closed, and we open sell trade on the openning of the 4th candle.
It is simple usual way which is the similar to trade on close bar with signal systems, means: open the trade after pattern will be formed.
Example:


2. Trading on forming pattern.

It means the following: Evening Star pattern was not formed, but we are openning of the trade on the 3rd candle (because we do not want to wait untill this pattern will be completely formed. It is the similar to trade on open bar with signal systems, means: open the trade when pattern was not formed.


This is the explanation of the second way of trading (from this text with the video):



As to the practical way of trading so they (in the video above) are suggesting to use Volume for confirmation. There are some other article when the traders are using RSI or Demarker for confirmation and to filter false signals.

This is the example with Demarker: