I created basic ghost effect shader using Unreal 5.4.1. I used 'Fresnel' function mainly, and blend mode with 'Translucent'. I set up the color parameters for emissive, and alpha values for Opacity. These effects are similar as previous shader that I created [ Unreal 5 ] Force Field Shader. Originally, SKM_Manny_Simple materials have set up with 2 part: Head, Upper arm, Thigh ~lower hierarchies & Torso, Lower arm ~lower hierarchies. So I injected it both into the basic Unreal character (SKM_Manny_Simple)'s materials.
decreased Opacity_in value, increased Opacity_Out value
increased Opacity_in value, decreased Opacity_Out value
