Once upon a time, M. Night Shyamalan found a formula that worked, and he’s sticking to it.

Ever since the success of “The Sixth Sense,” he has created semi-spiritual melodramas with third-act, O. Henry-esque twists. The only problem is with every repeat of his signature formula, the result loses power.

Shyamalan’s latest undertaking, “The Village,” is a murky mystery-romance marketed as a massive thriller. That alone will disappoint some viewers, but the flaws in the story may put off even more of them.

“The Village” follows an isolated 19th-century Pennsylvania settlement, where earnestness and obedience are cherished, and questions are not. The village borders the woods, where unnamed carnivorous creatures prowl. The color red, the proverbial color of temptation, attracts them, so it is forbidden in the village. Crisis hits the village with the discovery of murdered, skinned livestock and then with blood-red slashes on doors.

Joaquin Phoenix plays Lucius Hunt, a stoic young man who requests permission to journey through the woods to retrieve new medicines. He presents evidence that the mentally troubled Noah (Adrian Brody) has ventured past the village line unharmed.

Before Lucius can set off through the woods, he is maliciously put out of commission, much to the grief of the spunky, blind Ivy Walker (Bryce Dallas Howard). Telling much more would ruin the story, but let’s just say the film creates more questions than answers with its stretched and unsatisfying ending.

William Hurt, Sigourney Weaver and Brendan Gleeson round out the cast, but the talents of such excellent actors go to waste with Shymalan’s script.

“The Village” succeeds with its atmosphere where it fails with its script. James Newton Howard’s musical score creates chills where otherwise none would exist, while the set – done in yellows, greens, and grays – expertly sets a somber, frightened mood.

Unfortunately for Shyamalan (and the rest of us), a first-rate cast, a great score and a gorgeous, spooky look are not enough to turn this folktale into a keeper.