Evening Star pattern MT5 r (MT5) — review, price and free alternatives

The algorithm checks candle body sizes, gap conditions, and confirmation candles to avoid common false positives. DMITRII GRIDASOV designed the indicator to work best in down-trending markets or at clear resistance zones, and the code supports optional multi-timeframe confirmation to tighten entries. The indicator does not repaint and signals with no delay, enabling effective risk management.

Risk management is embedded through adjustable stop loss, take profit, and position sizing guidance. Expected performance characteristics include moderate win rates with higher average reward-to-risk on valid pattern setups.

The indicator relies on classical stop loss placement below pattern lows, which limits tail risk on individual trades. Position sizing should follow percentage risk rules, typically 0.5% to 2% of account equity per signal to manage drawdown.

Attach the indicator to the desired chart and enable alerts in the settings for PC and mobile notifications. Key parameters to configure include timeframe, minimum candle size, confirmation candle requirement, stop loss, and take profit levels. Use regulated MT5 brokers with low spreads for Forex and crypto-friendly brokers for digital assets. Optimal chart timeframes are H1 and H4 for balance of signal quality and frequency. Backtest on a demo account for at least 3 months of data before live deployment and perform forward testing on a small account.