Star Pattern Identifier

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.