indicator · on price · open source
Evening Star
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About
Evening Star: a 3-bar bearish reversal — large bullish bar, small indecision bar, then a strong bearish bar that closes below the midpoint of the first.
- Red bar colour on the confirmation bar.
- Strongest when the third bar closes well into the first bar's body.
Source code
//@version=5
indicator("Evening Star", overlay=true)
es = close[2] > open[2] and math.abs(close[1] - open[1]) < (high[1] - low[1]) * 0.3 and close < open and close < (open[2] + close[2]) / 2
barcolor(es ? color.red : na)
plotshape(es, "Evening Star", style=shape.triangledown, location=location.abovebar, color=color.red, text="ES")
alertcondition(es, "Evening Star", "Evening Star pattern printed")
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