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

The developer, DMITRII GRIDASOV, built the indicator for MT5 with alerts to PC, mobile, and email, enabling traders to capture setups as they form.

The algorithm evaluates candle structure, wick-to-body ratios, and local trend context before issuing a signal. It is best suited for trending and range-bound markets where single-candle reversal patterns provide meaningful entry cues. The indicator performs well on 15-minute to 4-hour charts, and on higher timeframes it tends to produce fewer but higher-quality signals.

Risk management is external to the indicator; users should apply stop loss and position sizing based on volatility and account risk. Expected performance characteristics include moderate trade frequency, higher win rates when combined with confirmation filters, and occasional clusters of false signals during choppy, low-volatility sessions.

The indicator itself issues pattern-based signals but does not enforce stop loss, so traders must adopt a disciplined stop loss strategy using recent swing highs/lows or ATR-based stops. Position sizing should be proportional to account risk, commonly 0.5–2% risk per trade depending on trader risk tolerance. Vulnerabilities include prolonged sideways markets that generate false patterns and high-volatility news events that produce erratic candles. Recommended account size depends on timeframe and lot sizing; a $500–$2,000 starter account is reasonable for small position tests with defined risk parameters.

Install the indicator file into the MT5 Indicators folder and restart the platform so the new indicator appears in the Navigator panel. Configure key parameters such as pattern sensitivity, minimum body-to-wick ratio, and timeframe filter to match your preferred charting horizon. Recommended brokers are those offering low spreads and reliable execution for forex and crypto CFDs. Test settings in the strategy tester and run a demo forward test for at least 30–60 days before live deployment.