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Morning & Evening Star Indicator for MT4 Download – Free – [TradingFinde]

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Morning & Evening Star Indicator for MT4 Download – Free – [TradingFinde]
Morning & Evening Star Indicator for MT4 Download – Free – [TradingFinde] 0
Morning & Evening Star Indicator for MT4 Download – Free – [TradingFinde] 1
Morning & Evening Star Indicator for MT4 Download – Free – [TradingFinde] 2
Morning & Evening Star Indicator for MT4 Download – Free – [TradingFinde] 3
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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.

Indicator Categories:
Price Action MT4 Indicators
Chart & Classic MT4 Indicators
Candle Sticks MT4 Indicators
Platforms:
MetaTrader 4 Indicators
Trading Skills:
Elementary
Indicator Types:
Reversal MT4 Indicators
Timeframe:
Multi-Timeframe MT4 Indicators
Trading Style:
Day Trading MT4 Indicators
Trading Instruments:
Share Stocks MT4 Indicators
Stock Market MT4 Indicators
Cryptocurrency MT4 Indicators
Forex MT4 Indicators

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.

Bullish trend analysis with Morning & Evening Star Reversal Pattern Indicator
Identifying buy positions using the Morning & Evening Star Candlestick Pattern Indicator

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.

Morning & Evening Star Indicator in a Bearish Trend
Entering sell trades using the Morning & Evening Star Reversal Pattern Indicator

Indicator Settings: Morning & Evening Star Reversal Pattern

The image below shows the settings panel of the Morning & Evening Star Indicator:

Morning & Evening Star Candlestick Pattern Indicator Settings
Reviewing the settings panel of the Morning & Evening Star Indicator in MetaTrader 4
  • 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.

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FAQs

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.

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