indicator · on price · open source
Morning Star
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About
Morning Star: a 3-bar bullish reversal — large bearish bar, small indecision bar, then a strong bullish bar that closes above the midpoint of the first.
- Green bar colour on the confirmation bar.
- Strongest when the third bar closes well into the first bar's body.
Source code
//@version=5
indicator("Morning Star", overlay=true)
ms = 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(ms ? color.green : na)
plotshape(ms, "Morning Star", style=shape.triangleup, location=location.belowbar, color=color.green, text="MS")
alertcondition(ms, "Morning Star", "Morning Star pattern printed")
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