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The Morning & Evening Star Indicator is designed to identify and highlightreversal patterns based on candlestick formations. This trading tool, where the Morning Star pattern is highlighted with a blue box and the Evening Star pattern with a pink box.
Reversal patterns typically appear at the end of trends, indicating a potential change in price direction.
Morning Star & Evening Star Indicator Specifications
The following table contains the specifications and features of the Morning & Evening Star Reversal Pattern Indicator.
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Indicator Categories:
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Price Action MT4 Indicators
Chart & Classic MT4 Indicators
Candle Sticks MT4 Indicators
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Platforms:
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MetaTrader 4 Indicators
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Trading Skills:
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Elementary
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Indicator Types:
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Reversal MT4 Indicators
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Timeframe:
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Multi-Timeframe MT4 Indicators
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Trading Style:
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Day Trading MT4 Indicators
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Trading Instruments:
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Share Stocks MT4 Indicators
Stock Market MT4 Indicators
Cryptocurrency MT4 Indicators
Forex MT4 Indicators
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Morning Star Pattern on the Chart
The AUD/USD 1-minute chart shows the Morning Star pattern marked with a pink box. The pattern forms according to the candle bodies, and after the Morning Star appears, the price shows an upward tendency.
Evening Star Pattern on the Chart
The EveningStarreversal pattern is identified with a blue box in the GBP/USD 5-minute chart. The chart below clearly shows a sharp price drop following the formation of the Evening Star pattern.
Indicator Settings: Morning & Evening Star Reversal Pattern
The image below shows the settings panel of the Morning & Evening Star Indicator:
- Fast MA Period: Period of the fast-moving average used in indicator calculations
- Slow MA Period: Period of the slow-moving average used in calculations
- Long Body Factor: Defines calculations for identifying large-bodied candles
- Short Body Factor: Defines calculations for identifying small-bodied candles
- Morning Star Color: Color setting for Morning Star pattern
- Evening Star Color: Color setting for Evening Star pattern
Conclusion
The Morning Star & Evening Star Indicator, as one of the MT4 candlestick indicators, clearly identifies the Morning Star and Evening Star patterns. These patterns indicate potential trend reversals and help traders identify entry points in the forex market and other financial markets.
This is a multi timeframe indicator; however, it performs more effectively on lower timeframes, such as 1-minute to 15 minute charts.
Does the Morning & Evening Star Indicator generate trade entry signals?
No, the Morning & Evening Star Indicator does not explicitly generate signals. However, the highlighted patterns can be considered as trade signals.
Does the Reversal Pattern Indicator display both Morning and Evening Star patterns simultaneously?
Yes, both bullish and bearish patterns can be displayed on the chart simultaneously.