Morning Star Indicator MT4 | MT5

The Morning Star Indicator on MT4 is a pattern indicator designed to help traders identify the morning star candlestick pattern. Additionally, on MetaTrader 5, this indicator can provide traders with an exit point for short positions and an entry point for long positions when this bullish reversal pattern emerges.

This morning star is composed of three candlestick patterns :

• First Candle: A large bearish candlestick showing strong selling momentum.
• Second Candle: A small-bodied candlestick (bullish, bearish, or neutral), indicating market indecision and a potential pause in the downtrend.
• Third Candle: A large bullish candlestick that closes well into the body of the first candlestick, confirming the reversal.

The Morning Star Indicator simplifies the identification of this pattern by scanning charts and highlighting its appearance automatically. It can be used in various timeframes, from short-term intraday trading to longer-term swing trading, making it versatile for traders.

In the EURGBP,1H timeframe, trading example on MT4, a large red candlestick emerges at the end of a downtrend, followed by a small-bodied bearish candle with a significant gap. When a third green candlestick forms, the indicator identifies the morning star pattern, signaling a reversal to an uptrend.

In the USDCAD, M15 timeframe, trading example on MT5, a large red candle marks the conclusion of a downtrend, followed by a small-bodied neutral candlestick with a significant gap. The appearance of a third bullish candle prompts the indicator to detect the morning star pattern, confirming the shift to an uptrend.

This indicator is ideal for traders who rely on candlestick patterns for decision-making, helping them save time and avoid manual chart scanning.