Star Pattern Identifier

28 Oca

The Star Pattern Identifier is a custom TradingView indicator designed to detect and mark Morning Star (MS) and Evening Star (ES) candlestick patterns, which are powerful reversal signals. This indicator offers a flexible and customizable approach by incorporating adjustable parameters for both the size and volume of the third candle in the pattern.

Key Features:
Morning Star (MS): A bullish reversal pattern that occurs after a downtrend.
Evening Star (ES): A bearish reversal pattern that occurs after an uptrend.
Adjustable Parameters:
Third Candle Size Multiplier: Define how large the body of the third candle should be relative to the second candle (default is 2x).
Third Candle Volume Multiplier: Control the minimum volume of the third candle in relation to the second candle (default is 0.5x).
The script ensures that the third candle’s volume is at least 50% of the second candle's volume and that its body is at least twice the size of the second candle, to filter out weaker signals.
The patterns are marked directly on the chart with "MS" (Morning Star) or "ES" (Evening Star) labels for easy identification.
Practical Use:
Use this indicator to spot potential trend reversals with more confidence by ensuring strong candlestick body and volume conditions.
Customize the parameters to suit your trading strategy and preferences.
How it Works:
The indicator looks for a bearish first candle, followed by a bullish or indecisive second candle, and a bullish third candle for the Morning Star pattern.
For the Evening Star, the indicator looks for a bullish first candle, followed by a bearish or indecisive second candle, and a bearish third candle.
The size and volume of the third candle are checked to ensure it meets the set parameters, confirming the strength of the reversal signal.
This tool is perfect for traders seeking to spot reversal signals in the market.

12 Şub

Sürüm Notları

🌟 Star Pattern Identifier 🌟

The Star Pattern Identifier is a custom TradingView indicator designed to detect Morning Star and Evening Star candlestick patterns, which are commonly used to spot potential trend reversals. This indicator places visual markers on the chart to highlight these patterns:

Morning Star (MS) – A potential bullish reversal pattern (📈), typically found at the end of a downtrend.
Evening Star (ES) – A potential bearish reversal pattern (📉), often signaling the end of an uptrend.

✨ Features:
🔹 Customizable Settings

📏 Third Candle Size Multiplier – Adjusts the size requirement for the third candle.
📊 Third Candle Volume Multiplier – Ensures the third candle’s volume meets a set threshold.
🔄 Volume Condition Toggle – Enable/disable volume-based confirmation.
🔹 Smart Pattern Detection

✅ Ensures proper gap conditions between candles.
📈📉 Detects patterns based on price structure and, optionally, volume.
🔹 Clear Visuals on Your Chart

🟢 Morning Star (MS) – Green marker below the bar.
🔴 Evening Star (ES) – Red marker above the bar.

⚠️ Disclaimer:
🚨 This indicator is for educational and informational purposes only and does not constitute financial advice. 📉 Trading carries risks, and past performance does not guarantee future results. Always DYOR (Do Your Own Research) and consult a financial professional before making trading decisions. The developer is not responsible for any financial losses incurred from using this indicator. Trade wisely! ⚖️📊

evvelsi gün

Sürüm Notları

Description

This indicator automatically detects Morning Star and Evening Star candlestick formations — classic three-bar reversal patterns widely used in technical analysis.
This version extends the base logic with optional higher-timeframe RSI and MACD filters, as well as an ATR-based liquidity filter, providing more refined control over when patterns appear.

It’s designed for visual analysis and confirmation — not for automated trading or direct buy/sell signaling.

How It Works

The script examines the last three candles to check for the structure of a Morning or Evening Star pattern:

• Candle 1 shows directional strength (down for Morning Star, up for Evening Star).
  
• Candle 2 is a small indecision candle (“star”) that gaps away from Candle 1.
  
• Candle 3 moves strongly in the opposite direction, confirming potential reversal momentum.
  

You can optionally apply higher-timeframe RSI and MACD filters to align detected stars with larger-scale momentum.
An ATR filter helps avoid low-volatility or illiquid conditions.

Key Features

• Detects Morning Star and Evening Star formations automatically.
  
• Adjustable gap logic (require gaps from both sides, only second→third, or none).
  
• Optional RSI and MACD filters from higher timeframes for trend confirmation.
  
• “Bright MACD” mode — confirms only when MACD histogram is expanding.
  
• ATR liquidity filter — avoid patterns forming during flat or low-volume sessions.
  
• Real-time higher-timeframe MACD updates using lookahead_on.
  
• On-chart visual markers for bullish and bearish stars.
  

Inputs Overview

Pattern Parameters

• Gap Mode: Choose “Both”, “SecondOnly”, or “None”.
  
• Min Gap %: Minimum gap size relative to the average candle body.
  
• Small Star Factor: Maximum allowed body size of the star relative to the first candle.
  
• First/Third Candle Factors: Minimum body size of first and third candles compared to the star.
  

RSI Filter

• Use Higher-Timeframe RSI: Toggle on/off.
  
• RSI TF: Select which higher timeframe RSI to reference.
  
• RSI Length: Default 14.
  

MACD Filter

• Use Higher-Timeframe MACD: Toggle on/off.
  
• MACD TF: Select timeframe for MACD.
  
• Fast/Slow/Signal Lengths: Default 12/26/9.
  
• Bright MACD Mode: Option to require MACD histogram expansion.
  

ATR Filter

• Use ATR Filter: Toggle on/off.
  
• ATR Length: Period used for ATR and average calculation.
  
• Min ATR Multiplier: Multiplier of the average ATR required for liquidity validation
  

How to Use

1. Apply the indicator to any chart and timeframe.
   
2. Configure your desired gap mode and candle ratios.
   
3. (Optional) Enable RSI, MACD, or ATR filters for confirmation.
   
4. Watch for green upward triangles (Morning Stars) and red downward triangles (Evening Stars).
   
5. Use these patterns as visual reversal cues alongside your own analysis tools and context.
   

How It Helps

• Simplifies the identification of multi-candle reversal formations.
  
• Reduces false positives by filtering through momentum and volatility criteria.
  
• Helps discretionary traders focus on high-quality setups aligned with broader trends.
  
• Ideal for learning candlestick behavior and visual backtesting.
  

⚠️Disclaimer:
This script is provided for educational and informational purposes only. It is not financial advice and should not be considered a recommendation to buy, sell, or hold any financial instrument. Trading involves significant risk of loss and is not suitable for every investor. Users should perform their own due diligence and consult with a licensed financial advisor before making any trading decisions. The author does not guarantee any profits or results from using this script, and assumes no liability for any losses incurred. Use this script at your own risk.