Accurate "DojiStars" Indicator
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.
First, the doji is a candlestick with no or very little difference between the opening and closing prices. Doji patterns indicate a change in trend or a disturbed state.
There are various kinds of doji patterns. Dojis that have no or very little difference between high and low as well as open and close prices are called "tops".
On the other hand, Morning and Evening Stars consist of three candlesticks.
In the case of a morning star, the first candlestick is a negative line, the second candlestick is a very small candlestick such as a coma, and the last candlestick is a positive line and the closing price is 50% or more of the entity of the first candlestick. The close of the third line must exceed the 50% point of the first line.
The evening star is the opposite.
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.
- Show a star for Dojis
- Shows Arrows for morning and evening Doji stars
Download the "DojiStars" indicator from the button below
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.