Morning and Evening Star pattern mp (MT4) — review, price and free alternatives

The algorithm evaluates three sequential candles for pattern shape, confirms the setup against short-term trend bias, and issues a color-coded arrow plus alerts. On MT4 the indicator exposes parameters for minimum candle size, trend lookback, alert toggles, and risk settings so traders can tune sensitivity. Developer DMITRII GRIDASOV provides regular updates and supports MT4 installation instructions.

In practice the indicator performs best in trending markets that allow a clear preceding impulse leg and then a reversal attempt; choppy, low-liquidity sessions show lower reliability. Risk management is primarily user-configured via stop loss and position size; typical recommended settings limit risk to 0.5–1.5% per trade with fixed or ATR-based stops. Expected performance characteristics include moderate win rates combined with favorable risk-reward setups, suitable for disciplined traders who follow a rules-based entry and exit plan.

The indicator itself does not manage money, so traders must implement stop loss rules; a typical approach is fixed percentage risk per trade between 0.5% and 1.5% of account equity. Position sizing based on ATR or fixed pip distance helps standardize exposure across currency pairs. Vulnerabilities include low-liquidity periods, major macro news events, and sideways markets where three-candle patterns occur frequently without follow-through. For conservative application, a recommended minimum account size is $1,000 on majors with micro-lots, or $5,000+ for standard lot trading.

Attach the indicator to a chart and enable alerts, email, and mobile notifications in MT4 options and the indicator inputs. Key parameters to configure include minimum candle size, trend lookback, stop loss method (fixed or ATR), and alert toggles. Recommended brokers are low-spread ECN or STP brokers with reliable tick data for accurate candle formation. Use H4 and Daily chart timeframes for primary signals and run a demo forward test for at least three months before committing live capital.