Shooting Star pattern mg: Automated MT4 indicator for bearish reversal detection and alerts

This Shooting Star pattern mg review for 2026 delivers a concise performance analysis based on MT4 chart data and developer documentation. The report evaluates how the indicator signals bearish Shooting Star patterns, the timing of alerts, and the impact of confirmation filters on false signal reduction. The author, DMITRII GRIDASOV, designed the indicator as a no-repaint, no-delay detector that highlights bearish reversal candidates with a red arrow and supports PC, mobile, and email notifications. What makes Shooting Star pattern mg unique is its emphasis on pure price action pattern recognition combined with optional support and resistance overlays and configurable sensitivity. The algorithm scans candle structure rules and filters out formations that fail size and wick proportion thresholds, reducing noise on low timeframes. In practice the indicator works best on H1 and H4 charts where the pattern significance increases; it produces moderate trade frequency, focusing on quality entries rather than volume. Risk management is built around clear guidelines: place stop loss beyond the pattern high, use position sizing that risks 0.5 to 1.5 percent per trade, and avoid deploying signals during strong countertrend rallies. Expected performance characteristics include conservative win rates with controlled drawdowns when combined with S&R confirmation, and variable trade counts depending on market volatility. Overall, Shooting Star pattern mg is a focused MT4 indicator suitable for traders prioritizing objective pattern signals and disciplined risk control.