Morning And Evening Star Indicator MT5
- Indicators
- Eda Kaya
- Version: 2.1
Morning & Evening Star Indicator for MetaTrader5
The Morning & Evening Star Indicator is developed to recognize and highlight candlestick reversal patterns. This MT5 candlestick indicator uses a blue box to mark the Morning Star pattern and a pink box to identify the Evening Star pattern. These reversal patterns typically form at the end of a prevailing trend, indicating a potential shift in price direction.
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Morning Star & Evening Star Indicator Specifications
The table below outlines the key specifications and features of the Morning & Evening Star Reversal Pattern Indicator:
Category | Price Action – Classic & Chart Patterns – Candlestick |
Platform | MetaTrader 5 |
Skill Level | Beginner |
Indicator Type | Reversal |
Time Frame | Multi timeframe |
Trading Style | Day Trading |
Market | All Markets |
Morning Star & Evening Star at a Glance
The Morning Star pattern signals the start of a bullish movement after a bearish trend ends, while the Evening Star indicates a transition toward a bearish trend. The structural characteristics of these reversal patterns are defined as follows:
- Morning Star: A large bearish candle, followed by a small-bodied candle, and then a strong bullish candle that initiates an upward trend.
- Evening Star: A large bullish candle, followed by a small-bodied candle, and then a strong bearish candle confirming the trend reversal.
Morning Star Pattern Example
On the EUR/USD 30-minute chart, the Morning Star pattern is marked with a pink box. This pattern forms based on the size and placement of candle bodies, and after it appears, the price begins to rise.
Evening Star Pattern Example
In the 1-minute Binance Coin (BNB) chart, the Evening Star pattern is highlighted with a blue box by the Morning & Evening Star Indicator. The chart shows a significant price drop following the pattern, indicating the start of a bearish move.
Indicator Settings: Morning & Evening Star Reversal Pattern
- Fast MA Period: Fast-moving average period used in calculations
- Slow MA Period: Slow-moving average period used in calculations
- Long Body Factor: Criteria for identifying large-bodied candles
- Short Body Factor: Criteria for identifying small-bodied candles
- Morning Star Color: Display color for Morning Star patterns
- Evening Star Color: Display color for Evening Star patterns
Conclusion
The Morning Star & Evening Star Indicator is a classic candlestick chart pattern tool designed for MT5. It visually and effectively detects these reversal formations, which signal potential changes in price direction and assist traders in spotting entry opportunities in the forex and other financial markets.