Summary of ✔️ Morning & Evening Star Pattern Indicator TradingView - Free - [TradingFinder]
The video discusses the Morning Star and Evening Star indicators available on TradingFinder, specifically for use on TradingView. These indicators help traders identify reversal patterns in price charts, providing insights into potential market trends.
Main Financial Strategies and Market Analyses:
- Morning Star Pattern:
- A bullish reversal pattern that occurs at the end of a downtrend.
- Composed of three candles: a large bearish candle, a small-bodied candle, and a large bullish candle.
- Indicates a potential upward price movement.
- Evening Star Pattern:
- A bearish reversal pattern that forms at the end of an uptrend.
- Consists of a large bullish candle, a small-bodied candle, and a large bearish candle.
- Suggests a potential downward price movement.
Methodology/Step-by-Step Guide:
- Accessing the Indicator:
- Search for the Morning Star and Evening Star indicators in the TradingView indicator section.
- Add the indicator to your chart and activate the "add to favorites" option for quick access.
- Using the Indicator:
- Once installed, the indicator identifies Morning Star and Evening Star patterns on the price chart.
- Traders should look for these patterns near support or resistance levels to make buy or sell decisions.
- Settings Configuration:
- Filter Option: Toggle the filter for identifying strong candlestick patterns (disabled by default).
- Market Type Selection: Choose between Forex and stock modes for calculating gaps.
- In Forex mode, calculations are done without considering gaps.
- Selecting the third mode identifies fewer patterns but potentially higher quality ones.
- Analyzing Patterns:
- Traders can assess the identified patterns and their implications for price movements.
The video concludes with an invitation for viewers to share their comments and suggestions.
Presenters/Sources:
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Category
Business and Finance