MT4 Morning and Evening Star Indicator Download – Free | Forex Indicator Download – MetaTrader 4 Resources – MetaTrader 4 Resources

The Morning Star and Evening Star indicators are designed to identify and highlight reversal patterns based on candlestick patterns. This trading tool , where the Morning Star pattern is highlighted with a blue box and the Evening Star pattern is highlighted with a pink box.

Reversal patterns often occur at the end of a trend and indicate a possible change in price direction.

Morning Star and Evening Star Indicator Specifications

The table below contains the specifications and characteristics of the Morning Star and Evening Star Reversal Pattern indicators.

Morning and evening stars at a glance

The Morning Star pattern indicates a bullish reversal in price, while the Evening Star pattern indicates a bearish trend reversal. The two modes are structured as follows:

• Morning Star: A large bearish candle, followed by a small real body candle, then a large bullish candle.
• Evening Star: A large bullish candle, followed by a small real body candle, then a large bearish candle.

Morning star pattern on chart

The AUD/USD 1 minute chart shows the Morning Star pattern, marked with a pink box. This pattern is formed based on the body of the candle, and after the morning star appears, the price shows an upward tendency.

Evening star pattern on chart

The Evening Star Reversal pattern is identified by a blue box on the GBP/USD 5 minute chart. The chart below clearly shows the sharp decline in price after the formation of the Evening Star pattern .

Indicator Setup: Morning Star and Evening Star Reversal Patterns

The picture below shows the setting panel of the morning and evening star indicator:

• Fast MA Period: The period of the fast moving average used in indicator calculations
• Slow MA Period: The period of the slow moving average used in the calculation
• Long Body Factor: Defines the calculation used to identify large body candles
• Short Body Factor: Defines the calculation used to identify small candles
• Morning Star Color: Color setting of morning star pattern
• Evening Star Color: Color setting of the evening star pattern

Conclusion

As one of the MT4 candlestick indicators, the Morning Star and Evening Star indicators can clearly identify the Morning Star and Evening Star patterns. These patterns indicate potential trend reversals and help traders identify entry points into the forex market and other financial markets.

This is a multi-time frame indicator; however, it performs more effectively on shorter time frames such as 1 minute to 15 minute charts.