Double Shooting Star pattern mq (MT4) — review, price and free alternatives

The algorithm scans single and multiple timeframes to validate the pattern and avoid false positives, with internal filters for candle size and relative position to recent highs.

The detection logic is deliberately conservative, reducing signal count while improving average trade quality. The indicator is best used on higher timeframes such as H1 to D1 where the pattern produces clearer follow-through, and it pairs effectively with support and resistance zones or trendline resistance. DMITRII GRIDASOV designed the tool for MT4 and emphasized non-repainting behavior so backtests reflect realistic outcomes.

Risk controls are external to the indicator and recommended in the documentation: fixed stop loss beyond the pattern high, position sizing tied to account risk percentage, and avoiding trades during major news. Expected performance characteristics include modest trade frequency, moderate win rate with favorable risk-reward on winners, and periods of inactivity when patterns are rare. Overall the indicator offers transparent signals for systematic price action traders on MT4.

Stop loss strategy typically places stops above the pattern high or a multiple of recent ATR to avoid noise. Position sizing should be percentage-based, limiting risk per trade to 0.5%–2% of account equity depending on risk tolerance. Vulnerabilities include trending markets where bearish reversal patterns fail to produce follow-through and high-volatility news events that invalidate signals. Recommended account size varies by leverage and asset; for forex accounts a minimum of $1,000 is suggested to permit sensible sizing, while crypto or volatile asset traders may require larger capital buffers.

Attach the indicator to desired charts and enable alerts in the settings panel. Key parameters to configure include timeframe filter, minimum candle body size, and alert preferences for PC or mobile. Recommended brokers are low-spread, reliable ECN or STP providers that support MT4 and offer good execution. Optimal chart timeframes are H1, H4, and D1 for clearer pattern reliability. Backtest with history data on MT4 and forward-test on a demo account prior to live deployment.