TradingView
MetaTrader4
MetaTrader5
The Morning & Evening Star indicator represents reversal patterns based on candlestick formations.
This TradingView classic and chart patterns indicator by displaying arrow shaped markers highlighting the Morning and Evening Star patterns.
The star pattern typically appears at the end of trends, signaling a change in price direction.
It is important to note that the Morning & Evening Star Reversal Pattern Indicator is primarily designed for stock indices but can also be used for Forex trading by selecting the "Forex" option in the settings.
Morning & Evening Star Indicator
The table below describes the features and specifications of the "Morning & Evening Star" indicator:
Category | Price Action - Classic & Chart Patterns - Candlestick Patterns |
Platform | TradingView |
Skill Level | Beginner |
Indicator Type | Reversal |
Timeframe | Multi Timeframe |
Trading Style | Intraday Trading |
Market | Stocks |
Bullish Trend Condition
Based on the 4-hour Netflix (NFLX) stock chart analysis, the Morning Star pattern has formed at the end of a short term downtrend.
As shown in the image below, this pattern consists of one large bearish candle, one small-bodied (Body) candle, and one large bullish candle, which the indicator marks with a small arrow.
The formation of the Morning Star pattern can serve as a warning for a trend reversal and an opportunity to enter buy (long) trades.
Bearish Trend Condition
According to the 4-hour Tesla (TSLA) stock index chart, the Evening Star pattern has formed at the end of an uptrend, after which the price trend has turned bearish.
This pattern consists of one large bullish candle, one small-bodied candle, and one large bearish candle, which the indicator marks with an arrow.
The appearance of the Evening Star pattern signals a trend reversal from bullish to bearish.
Indicator Settings
The image below shows the settings panel for the "Morning & Evening Star" indicator in TradingView, offering the following options:
- Morning & Evening Star Filter: Set filters for pattern detection
- Market Use: Select the market type for applying the indicator
Conclusion
The Morning & Evening Star Indicator is one of the TradingView candlestick indicators in that marks Morning & Evening Star formations using arrow markers.
The Morning and Evening Star are strong reversal patterns that generally appear at the end of trends, signaling trend reversals.
Is the Morning & Evening Star Indicator applicable to the Forex market?
The Morning & Evening Star Indicator is primarily designed for stocks, but it can also be used in the Forex market by adjusting the settings panel.
Do the arrows indicate trade entry signals?
The arrows highlight the pattern formations. However, since Morning & Evening Star patterns are reversal signals, they can be used to identify potential entry points.