There are various candlestick patterns. Among them, the dojis, morning starts, and evening stars are particularly effective patterns.
The indicator "DojiStars" for MT4 introduced this time will find and identify these two patterns. Therefore, it should be especially useful for those who want to improve their price action analysis.
This indicator finds and informs the doji and the morning and evening stars as in the image. A star mark is shown on the chart for doji patterns, and an arrow mark is shown on the chart for morning and evening stars.
Here, let's organize the doji lines, the morning star, and the evening star.
The morning star and the evening star are interpreted as indicating a trend shift.
Tips on how to use:
The indicator suggests dojis can be used for various purposes. For example, try combining it with the RSI, and that can further enhance the effectiveness of the doji pattern. Specifically, if the RSI is 70 or more and a doji pattern appears, consider it as a sign that a trend change or trend correction will start.
On the other hand, when the morning star and the evening star appear, trade in anticipation of the trend change. The effectiveness of the signal increases, especially when morning and evening stars occur near a resistance zone or a support zone.
Download the "DojiStars" indicator from the button below
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