The Evening Star Pattern indicator for Metatrader 5 scans the price chart for the bearish Evening Star pattern and shows it on the chart.
It’s a price action trading pattern that doesn’t lag the price and often appears at the end of an uptrend or rally in a bearish trend.
Essentially, it always signals a sell signal.
The following indicator inputs and parameters can be modified: gap is taken into account (true, false), candle 2 type, candle sizes, and symbol code.
It’s recommended to confirm the trading signals issued by the Evening Star Pattern with other technical indicators.
Please make yourself familiar with this technical indicator and test it first on a demo account for an extended period until you fully understand how it works.
It supports all time frames and Forex pairs.
Free Download
EveningStar.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Evening Star Pattern indicator looks when applied to the MT5 chart.
How To Buy And Sell Trading Instruments With The Evening Star Pattern Indicator?
Find a simple trading example below:
Buy Signal
The indicator only provides sell signals.
Sell Signal
- A sell signal is formed when the red colored smile face alert appears in the chart.
- Open a sell trade and place your stop order 3 pips above short-term resistance.
- Exit the sell trade for a risk to reward ratio of 2.0 or higher.
