MT5 Morning and Evening Star Indicator Download – Free | Forex Indicator Download – MetaTrader 5 Resources – MetaTrader 5 Resources

The Morning Star and Evening Star indicators are designed to detect and display candlestick reversal patterns. This trading tool highlights the morning star pattern blue box and the evening star pattern pink box.

The Morning Star and Evening Star reversal patterns often occur at the end of a trend and indicate a possible directional shift in price.

Morning Star and Evening Star Indicator Specifications

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

Morning and evening stars at a glance

The Morning Star pattern indicates the beginning of a new bullish move after the end of a bearish trend, while the Evening Star pattern indicates a shift in price direction to a bearish trend.

The structures of these two reversal patterns are defined as follows:

• Morning Star: Starts with a large bearish candle, then a small real body candle, and ends with a strong bullish candle to start a new uptrend.

• Evening Star: Begins with a large bullish candle, then a small real body candle, and ends with a strong bearish candle, confirming the end of the bullish trend.

Morning Star Pattern Example

Based on EUR/USD 30-minute chart analysis, the Morning Star pattern is highlighted with a pink box. As shown in the picture, this structure is formed based on the position and size of the candle bodies, and once the pattern occurs, the price shows an upward trend.

Evening Star Form Example

Based on the 1-minute Binance Coin (BNB) chart, the Morning Star and Evening Star indicators use blue boxes to show the Evening Star pattern. As shown in the figure, the price drops sharply after the formation of the pattern, indicating that the price has begun to move downward with a strong bearish move .

Indicator Setup: Morning Star and Evening Star Reversal Patterns

The indicator setting panel is shown in the figure below:

• Fast MA Period: The fast moving average period used in the calculation
• Slow MA Period: The slow moving average period used in the calculation
• Long Body Factor: Calculation to detect large candles
• Short Body Factor: Calculation for detecting small candles
• Morning Star Color: Color setting of morning star pattern
• Evening Star Color: Color setting of the evening star pattern

Conclusion

Morning Star and Evening Star indicators are classic chart pattern indicators for MT5. It can identify reversal patterns intuitively and accurately. These patterns indicate potential changes in price direction and help traders detect market entry points in the forex market and other financial markets.