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, symbol code.
It’s recommended to confirm the trading signals issued by the Evening Star Pattern with other technical indicators.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time until you full understand how it works.
It supports all time frames and Forex pairs.
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The following chart shows how the Evening Star Pattern indicator looks like 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:
The indicator only provides sell signals.
- 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.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the EveningStar.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration