Hanging Man and Shooting Star ms (MT4) — review, price and free alternatives

The developer, DMITRII GRIDASOV, designed the indicator for MT4 with a strict no-repaint policy and emphasis on immediacy, providing push, mobile and email alerts so signals are actionable in real time.

The algorithm checks candle body and wick proportions, recent volatility context, and optional timeframe confirmation before issuing an arrow. This reduces false positives in trending environments and increases relevance on daily and four-hour charts. The indicator performs best in markets showing clear reversal setups after extended moves, such as post-impulse corrections in forex and volatile crypto pairs.

Risk control is handled externally by the trader but the indicator includes recommended stop loss distances and optional filters to avoid signals during low liquidity windows. Expected performance characteristics are moderate win rates with favorable risk-reward entries when combined with disciplined position sizing.

The indicator itself provides entry signals; stop loss strategy should use recent swing extremes or a multiple of average true range to accommodate volatility. Position sizing approach should follow fixed fractional risk, typically 0.5 to 2 percent of account equity per trade, depending on confidence and volatility. Vulnerabilities include trending markets where reversal signals can underperform and low liquidity periods on exotic crypto pairs. A recommended minimum account size for sensible risk control is $500 to $1,000 depending on lot sizing and broker leverage.

Install the indicator file into the MT4 indicators folder and restart the platform. Configure key parameters such as sensitivity, minimum candle size, and multi-timeframe confirmation. Use reputable ECN or low-spread brokers for forex and a stable crypto bridge for crypto pairs. Preferred chart timeframes are H4 and D1 for reliable signals.