Morning & Evening Star Indicator for MT5 Download – Free – [TradingFinder]

The Morning & Evening Star Indicator is designed to detect and display candlestick reversal patterns. This trading toolhighlights the Morning Star pattern with a blue box and the Evening Star pattern with a pink box.

Morning & Evening Star reversal patterns generally appear at the end of a trend and indicate the possibility of a directional shift in price.

Morning Star & Evening Star Indicator Specifications

The specifications and features of the Morning & Evening Star Reversal Pattern Indicator are shown in the table below.

Morning Star & Evening Star at a Glance

The Morning Star pattern signifies the start of a new bullish move following the end of a bearish trend, while the Evening Star pattern indicates a shift in price direction toward a bearish trend.

The structure of these two reversal patterns is defined as follows:

• Morning Star: Begins with a large bearish candle, followed by a small bodied candle, and concludes with a strong bullish candle, initiating the new upward trend.

• Evening Star: Starts with a large bullish candle, followed by a small bodied candle, and finishes with a strong bearish candle confirming the end of the bullish trend.

Morning Star Pattern Example

Based on the EUR/USD 30-minute chart analysis, the Morning Star pattern is highlighted with a pink box. As shown in the chart, the structure is formed according to the placement and size of the candle bodies, and once the pattern appears, the price shows an upwardtendency.

Evening Star Pattern Example

According to the 1-minute Binance Coin (BNB) chart, the Evening Star pattern is displayed by the Morning & EveningStar Indicator using a blue box. As seen in the image, a significant price drop occurs following the pattern formation, indicating the beginning of a strong bearish move.

Indicator Settings: Morning & Evening Star Reversal Pattern

The indicator settings panel is shown in the image below:

• Fast MA Period: Fast moving average period used in calculations
• Slow MA Period: Slow moving average period used in calculations
• Long Body Factor: Calculation for detecting large-bodied candles
• Short Body Factor: Calculation for detecting small-bodied candles
• Morning Star Color: Color setting for the Morning Star pattern
• Evening Star Color: Color setting for the Evening Star pattern

Conclusion

The Morning Star & Evening Star Indicator are the classic & chart pattern indicators for MT5. It visually and accurately identifies reversal patterns. These formations indicate potential price direction changes and help traders detect entry points in the forex market and other financial markets.