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Shooting Star

Tristan's Star: 15m Shooting Star DetectorThis script is designed to be used on the 1-minute chart , but it analyzes the market as if you were watching the 15-minute candles. Every cluster of 15 one-minute candles is grouped together and treated as a single 15-minute candle. When that 15-minute “synthetic” candle looks like a shooting star pattern (small body near the low, long upper wick, short lower wick, bearish bias), the script triggers a signal. At the close of that 15-minute cluster, the script will: Plot a single “Sell” label on the last 1-minute bar of the group. Draw a horizontal line across the 15 bars at the high, showing the level that created the shooting star. Optionally display a table cell in the corner with the word “SELL.” This lets you stay on the 1-minute timeframe for precision entries and exits, while still being alerted when the higher-timeframe (15-minute) shows a bearish reversal pattern.
Pine Script® indicator
by OhRayOhRay
4
Hammer & Shooting Star — StrategyHammer & Shooting Star Strategy for Intraday Trading This strategy identifies two candlestick patterns commonly used in technical analysis: Hammer Candles (a bullish reversal signal): A hammer candle has a small body at the top with a long lower wick. The strategy goes long on the next bar open when a hammer is detected, with a stop loss at the low of the hammer bar and a target at the high. Shooting Star Candles (a bearish reversal signal): A shooting star candle has a small body at the bottom with a long upper wick. The strategy goes short on the next bar open when a shooting star is detected, with a stop loss at the high of the shooting star bar and a target at the low.
Pine Script® strategy
by sriniaks
Shooting Star Detector[cryptovarthagam]🌠 Shooting Star Detector The Shooting Star Detector is a powerful price action tool that automatically identifies potential bearish reversal signals using the well-known Shooting Star candlestick pattern. Ideal for traders who rely on candlestick psychology to spot high-probability short setups, this script works across all markets and timeframes. 🔍 What is a Shooting Star? A Shooting Star is a single-candle pattern that typically forms at the top of an uptrend or resistance zone. It’s characterized by: A small body near the candle's low, A long upper wick, and Little or no lower wick. This pattern suggests that buyers pushed price higher but lost control by the close, hinting at potential bearish momentum ahead. ✅ Indicator Features: 🔴 Accurately detects Shooting Star candles in real-time 🔺 Plots a red triangle above every valid signal candle 🖼️ Optional background highlight for visual clarity 🕵️‍♂️ Strict ratio-based detection using: Wick-to-body comparisons Upper wick dominance Optional bearish candle confirmation ⚙️ Detection Logic (Rules Used): Upper wick > 60% of total candle range Body < 20% of total candle Lower wick < 15% of candle range Bearish candle (optional but included for accuracy) These rules ensure high-quality signals that filter out false positives. 📌 Best Use Cases: Spotting trend reversals at swing highs Confirming entries near resistance zones Enhancing price action or supply/demand strategies Works on: Crypto, Forex, Stocks, Commodities 🧠 Trading Tip: Pair this detector with volume confirmation, resistance zones, or bearish divergence for higher-probability entries. 📉 Clean, minimal, and non-repainting — designed for traders who value accuracy over noise. Created with ❤️ by Cryptovarthagam Follow for more real-time price action tools!
Pine Script® indicator
by cryptovarthagam
Price Action StrategyThe **Price Action Strategy** is a tool designed to capture potential market reversals by utilizing classic reversal candlestick patterns such as Hammer, Shooting Star, Doji, and Pin Bar near dinamic support and resistance levels. ***Note to moderators - The moving average was removed from the strategy because it was not suitable for the strategy and not participating in the entry or exit criteria. - The moving average length has been replaced/renamed by the support/resistance lenght. - The bullish engulfing and bearish engulfing patterns were also removed because in practice they were not working as entry criteria, since the candle price invariably closes far from the support/resistance level even considering the sensitivity range. There was no change in the backtest results after removing these patterns. ### Key Elements of the Strategy 1. Support and Resistance Levels - Support and resistance are pivotal price levels where the asset has previously struggled to move lower (support) or higher (resistance). These levels act as psychological barriers where buying interest (at support) or selling interest (at resistance) often increases, potentially causing price reversals. - In this strategy, support is calculated as the lowest low and resistance as the highest high over a 16-period length. When the price nears these levels, it indicates possible zones for a reversal, and the strategy looks for specific candlestick patterns to confirm an entry. 2. Candlestick Patterns - This strategy uses classic reversal patterns, including: - **Hammer**: Indicates a buy signal, suggesting rejection of lower prices. - **Shooting Star**: Suggests a sell signal, showing rejection of higher prices. - **Doji**: Reflects indecision and potential reversal. - **Pin Bar**: Represents price rejection with a long shadow, often signaling a reversal. By combining these reversal patterns with the proximity to dinamic support or resistance levels, the strategy aims to capture potential reversal movements. 3. Sensitivity Level - The sensitivity parameter adjusts the acceptable range (Default 0.018 = 1.8%) around support and resistance levels within which reversal patterns can trigger trades (i.e. the closing price of the candle must occur within the specified range defined by the sensitivity parameter). A higher sensitivity value expands this range, potentially leading to less accurate signals, as it may allow for more false positives. 4. Entry Criteria - **Buy (Long)**: A Hammer, Doji, or Pin Bar pattern near support. - **Sell (Short)**: A Shooting Star, Doji, or Pin Bar near resistance. 5. Exit criteria - Take profit = 9.5% - Stop loss = 16% 6. No Repainting - The Price Action Strategy is not subject to repainting. 7. Position Sizing by Equity and risk management - This strategy has a default configuration to operate with 35% of the equity. The stop loss is set to 16% from the entry price. This way, the strategy is putting at risk about 16% of 35% of equity, that is, around 5.6% of equity for each trade. The percentage of equity and stop loss can be adjusted by the user according to their risk management. 8. Backtest results - This strategy was subjected to deep backtest and operations in replay mode on **1000000MOGUSDT.P**, with the inclusion of transaction fees at 0.12% and slipagge of 5 ticks, and the past results have shown consistent profitability. Past results are no guarantee of future results. The strategy's backtest results may even be due to overfitting with past data. 9. Chart Visualization - Support and resistance levels are displayed as green (support) and red (resistance) lines. - Only the candlestick pattern that generated the entry signal to triger the trade is identified and labeled on the chart. During the operation, the occurrence of new Doji, Pin Bar, Hammer and Shooting Star patterns will not be demonstrated on the chart, since the exit criteria are based on percentage take profit and stop loss. Doji: Pin Bar and Doji Shooting Star and Doji Hammer 10. Default settings Chart timeframe: 20 min Moving average lenght: 16 Sensitivity: 0.018 Stop loss (%): 16 Take Profit (%): 9.5 BYBIT:1000000MOGUSDT.P
Pine Script® strategy
by felipemiransan
7
Candlesticks Patterns [TradingFinder] Pin Bar Hammer Shooting🔵 Introduction Truly, the title "TradingView" doesn't do justice to this excellent website, and that's why I've written about its crucial aspect. In this indicator, the identification of all candlesticks known as "Pin bars" is explored. These candlesticks include the following: - Hammer : A Pin bar formed at the end of a bearish trend, with its body being either bearish or bullish. - Shooting Star : Formed at the end of a bullish trend, with its body being either bearish or bullish. - Hanging Man : Formed during an upward trend, characterized by a candle with a lower shadow. - Inverted Hammer : Formed during a downward trend, characterized by a candle with an upper shadow. 🟣 Important : For ease of use, we refer to these four candlestick patterns as Pin Bars and categorize them into the main friends "Bullish" and "Bearish." 🟣 Important : In all sources, Hanging Man and Inverted Hammer are referred to as "Reversal candles." However, in reality, whenever they appear after breaking a significant area (Break Out), we expect these candles to signal a continuation of the trend and confirmation in the direction of the trend. 🟣 Important : One of the best signs of market manipulation and entry by market giants is the "Ice Berg." So, it provides one of the best trading opportunities. 🔵 Reason for Creation Many traders, especially volume traders, use Pin bars as confirmation and enter the market after their occurrence. In this indicator, all four patterns are identified and displayed in a colored candle format, using "triangle" and "circle." When they are evident on the chart, directly or by drawing a horizontal line, they give us good alerts for reversal or continuation areas. 🔵 Information Table 1. Red circle: Pin bars formed in a downtrend. 2. Blue circle: Bullish Pin bars formed in an uptrend. 3. Black triangle: Bearish Pin bar candle in an uptrend. 4. Blue triangle: Bullish Pin bar candle in a downtrend. 🔵 Settings Trend Detection Period: A special feature that considers smaller or larger fluctuations. If individual price waves need to be considered, use lower numbers; if the overall trend direction is desired, use larger numbers (e.g., 5-7 or higher). This precisely sets the Zigzag or Pivot format, not displayed but considered in the indicator calculation. Trend Effect : By changing the Trend Effect status to "Off," all Pin bars, whether bullish or bearish, are displayed regardless of the current market trend. If the status remains "On," only Pin bars in the direction of the main market trend are shown. 🟣 Important : Black triangles "Number 3" and blue triangles "Number 4" displayed in the information table section, as explained in the "Information Table" section. Show Bullish Pin Bar : When set to "Yes," displays bullish Pin bars; when set to "No," does not display them. Show Bearish Pin Bar : When set to "Yes," allows the display of bearish Pin bars; when set to "No," does not display them. Bullish Pin Bar Setting : Using the "Ratio Lower Shadow to Body" and "Ratio Lower Shadow to Higher Shadow" settings, you can customize your bullish Pin bar candles. Larger numbers impose stricter conditions for identifying bullish Pin bars. Bearish Pin Bar Setting : Using the "Ratio Higher Shadow to Body" and "Ratio Higher Shadow to Lower Shadow" settings, you can customize your bearish Pin bar candles. Larger numbers impose stricter conditions for identifying bearish Pin bars. Show Info Table : Allows the display or non-display of the information table (located at the bottom of the page and on the right side). 🔵 How to Use At the end of a downtrend, look for "Hammer" candles, easily identified one by one. To identify the "Shooting Star" candle pattern at the end of an uptrend; expect a price reversal in the downtrend. For trades in the downward direction, wait for the formation of an "Inverted Hammer" Pin bar. And finally, in an uptrend, where a "Hanging Man" candle can form. 🔵 Features For better visualization, triangles and circles are used above the candles, but they can be easily removed. All Pin bars are displayed in color with the following meanings: - Black-bodied candle: Inverted Hammer - Turquoise blue candle: Hammer - Pink candle: Hanging Man - Red candle: Shooting Star 🟣 Important : The capability to detect the powerful two-candle pattern "Tweezer Top" at the end of an uptrend emerges by forming two "Shooting Star" candles side by side. Similarly, the two-candle pattern "Tweezer Bottom" is created at the end of a downtrend with the formation of two "Hammer" candles side by side. To identify the "Tweezer" pattern, make sure the settings in the "Trend Effect" section are set to "Off." 🟣 Auxiliary Indicators During the start of trading sessions such as Asia, London, and New York, where the highest liquidity exists, alongside this indicator, you can use the Trading Sessions indicator. Sessions The combination of Order Blocks "-OB" and "+OB" with candles is one of the best trading methods. The indicator that identifies order blocks, along with this indicator, can yield remarkable results in the success of Pin bar candles. Order Blocks Finder The trading toolset "TFlab" presents this indicator. To benefit from all indicators, we invite you to visit our page " TFlab Scripts ".
Pine Script® indicator
by TFlab
2
Hammer and inverted Hammer The "Hammer and Inverted Hammer" indicator is straightforward and effective. It automatically spots key candlestick patterns for you, making it easier to see potential market turns. You can also adjust a few settings to fit your trading style. Simple, yet quite handy for traders! Alerts for Hammer Pattern: When the script identifies a Hammer pattern, it can trigger an alert. This is particularly useful if you're looking for potential bullish reversal signals and don't want to miss them. Alerts for Inverted Hammer Pattern: Similarly, when an Inverted Hammer pattern is detected, the script can also trigger an alert. This is helpful for spotting potential bearish reversal signals. SETTINGS EXPLAINED Minimum Lower Tail Length (%): This setting allows you to define what percentage of the total candle size should be considered a significant lower tail. This is important for identifying the Hammer pattern. Number of Consecutive Candles (for Lower Tails): This input lets you choose how many consecutive candles with significant lower tails must be present to identify a pattern. Percentage of Candle Below Previous Low: This setting determines what percentage of the candle's range must extend below the lowest low of a specified number of previous candles. It's used to assess the significance of a Hammer pattern. Number of Previous Candles for Lowest Low: This decides how many previous candles the script should look at to calculate the lowest low, which is then used in the Hammer pattern analysis. Minimum Upper Tail Length (%): Similar to the lower tail setting, this defines the significant length of an upper tail, used for identifying the Inverted Hammer pattern. Number of Consecutive Candles (for Upper Tails): This input is for setting how many consecutive candles with significant upper tails are required to confirm an Inverted Hammer pattern. Percentage of Candle Above Previous High: This setting is used to determine how much of the candle's range must be above the highest high of a set number of previous candles, aiding in the identification of the Inverted Hammer pattern. Number of Previous Candles for Highest High: It specifies the number of past candles to consider for calculating the highest high, which is important for the analysis of Inverted Hammer patterns. These settings allow you to customize how the script identifies Hammer and Inverted Hammer patterns, making it adaptable to different trading strategies and market conditions.
Pine Script® indicator
by FogWalkerTrader
1
Japanese Candle Patterns Detector in Potential Price ZoneThis script would find the 8 famous "Japanese Candle Stick Patterns" in your chart. Please be aware it find patterns in "Potential price zones" only, which help you to avoid none-important patterns during a price trend. I used RSI and ATR in my codes to find best candle forms and price conditions. *** This indicator shared before but without source code. According to follow requests, I publish it again with source codes. I hope it helps you in trading journey... Bellow patterns are detecting: Hammer | ShootingStar | Engulfing Candle | Doji | Tweezers Top/Buttom | Three White Soldiers/Three Black Crows | Marubozu | Harami * You can select your preferred patterns from indicator setting. * Pattern names are abbreviated for better view on chart. * Separate alerts for different type of candles for whom looking for a specific candle pattern * Main alert which notify about every kind of candle patterns detect in a chart
Pine Script® indicator
by UnknownUnicorn2078160
7
Trend Pinbar PT49 by CuancuanIdea Behind: Buying the short-term trend that shows a pin-bar candlestick pattern. Meant to be traded on a daily chart / higher timeframe. To determine the short-term trend we use short EMA such as 8-16-30 and check the slope of each one, and definitely, the shorter one must be above the longer one for an uptrend. Vice versa for a downtrend. To determine a pin-bar candlestick, I calculate that the body size (open to close) is at maximum a-third of the candle size (high to low). Besides that, I ensure that the close of the candle is above the shortest MA for bullish and below it for bearish. As extra filters to reduce trade numbers: 1. Longer MA Filter = You can turn it off if you think the higher timeframe filter is unnecessary. 2. Slope Filter = To ensure the slope of the shorter MA is steeper rather than the mid-MA. 3. Size Filter = To check whether the overall candle size (high to low) is bigger than the ATR number. When the size filter is turned on, it removes small insignificant candles. PS: Don't trade anything live unless you find it comfortable after backtesting it by yourself .
Pine Script® indicator
by TradingTradingCuanCuan
1
Hammer & Shooting Star [C] - KaspricciHammer and Shooting Star This indicator identifies Hammer and Shooting Star candles and marks them with a respective label. It uses a set of predefined fibonacci levels to measure the size of the body in comparison to the overall size of the candle. You can change the fibonacci level according to your preferences. You can enable a confirmation of the Hammer or Shooting Star candle by a following green or red candle. Settings Fibonacci Level - Select on of the predefined fibonacci levels as a threshold for the maximum size of the body compared to the overall size of the candle. Confirm by next candle - by default turned off. If turned on, this will check the subsequent candle and only mark a Hammer followed by a green candle or a Shooting Star followed by a red candle. Show labels on chart - by default turned on. If turned off, the indicator will hide the labels on the chart. Alerts You can create alerts for Hammer and Shooting Star candles. The indicator provides the respective conditions. Linking with Backtesting Strategy I also added a feature to combine this indicator with a backtesting strategy. It provides a plot Connector which can be selected in a backtesting strategy supporting this linking feature. Signals: Signal: 2 - Hammer candle (long entry) Signal: -2 - Shooting Start candle (short entry) You can see the signal values in the status line of the indicator. This is based on the External Signal Protocol defined by PineCoders .
Pine Script® indicator
by Best-Algo-Trader
7
Candlestick Channels [LuxAlgo]Candlestick Channels return channels whose extremities converge towards the price when a corresponding candlestick pattern is detected. This allows for us to obtain more reactive extremities in the presence of a cluster of candlestick patterns. The detected candlestick patterns are also highlighted with labels on your chart automatically. Settings Trend Length: Period of the stochastic oscillator used to determine trend sentiment; this sentiment is used to detect certain candlestick patterns. Convergence: Convergence percentage of the channel extremities used during the occurrence of a candlestick pattern. A lower value will return extremities converging more slowly toward the price. Smooth: Determines the degree of smoothness of the channel extremities. Patterns This category determines which patterns are detected by the indicator. Patterns toggled off will not be detected and won't affect the channels. Usage Candlesticks patterns are commonly used by traders to detect potential reversals or continuation periods in the price. It can be of interest to use them as core elements in the calculation of more classical indicators, this can allow us to filter out potential false signals returned by candlestick patterns by shifting the source of interpretation towards the channel extremities instead. In this indicator extremities converge towards the price when a corresponding pattern is detected. As such bullish patterns will make the upper extremity converge towards the price, facilitating a cross with price. Using a lower convergence percentage will require a greater number of patterns to make the extremity converge closer towards the price. Users can use the channel like most indicators returning extremities, with an uptrend being detected when price cross over the upper extremity and a downtrend being detected when price cross under the lower extremity. An approach solely making use of crosses between the price and the average line can be used but the user should expect further whipsaws signals. Users can eventually use the candlestick patterns as entries and use the extremities for confirmation. For example, users can follow a candlestick pattern return an indication in accordance with the detected trend by the channels. This approach would lead to the following of bullish patterns when they occur in an uptrend, that is when the price is above the average line (in orange). The same logic applies to bearish patterns. The chart above highlights the candlesticks patterns in accordance with a detected trend. Notes - Bullish/Bearish engulfing patterns are turned off by default due their more frequent appearance. - Candlestick patterns relying on gaps were not included, since they would be more uncommon in cryptocurrencies, thus leading to a disparity between the indicator performance on the cryptocurrency and stock market.
Pine Script® indicator
by LuxAlgo
26
Smarter Pullback + Candlestick Pattern (Steven Hart)Built with love "Smarter Pullback + Candlestick Pattern" This indiator will help you to find a Pullback + Candlestick Pattern, inspirated by Steven Hart You can combine with your own strategy, or use this purely DISCLAIMER : Measure the risk first before use it in real market Backtest The Strategy was very important, so you know the probability Fundamentally Logical : Pullback (Some Previous candle is Red for Bull Pullback vice versa) the Entry candle must be a Candlestick Pattern Features : 1. Engulfing 2. Hammer & Shooting Star 3. Doji How to use it : 1. Adjust the Pullback Period 2. Check and Uncheck the Pattern you want to see 3. Adjust the style to your favourite Regards, Hanabil
Pine Script® indicator
by hanabil
5
The Strat Numbers & CombosThis indicator is an all-in-one " The Strat " script. This script displays the following: The Strat candle numbers (1's, 2's, & 3's) The Strat Combo labels along with trigger line Pivot Machine Gun ( PMG ) dynamic labels Hammer & Shooter candle labels The Strat Candle Numbers label each candle, on any timeframe, either a 1, 2, or 3. 1's are inside bars of the previous candles. 2's take out only one side of the previous candle. And 3's go outside both sides of the previous candle. The Strat Combo labels (which are made of the 1's, 2's, 3's outlined above) display labels when a Strat Combo occurs. The script displays a label, direction arrow, and trigger line for each Strat Combo. This indicator finds the following Strat Combos: 2-1-2 bullish reversal (BLR) 2-1-2 bullish continuation (BLC) 3-1-2 BLR 3-2-2 BLR 1-2-2 rev strat BLR 2-2 BLR 2-1-2 bearish reversal (BRR) 2-1-2 bearish continuation (BRC) 3-1-2 BRR 3-2-2 BRR 1-2-2 rev strat BRR 2-2 BRR Double inside candles The Pivot Machine Gun (PMG) labels any 5 or more consecutive candles that make higher lows or 5 or more consecutive candles that make lower highs. A PMG can continue going in its direction or it can reverse and come back through the range. The logic in this indicator dynamically finds each level in a PMG and draws a line for easy identification. The script also identifies if the candle type is a Hammer, Inverted Hammer, Shooting Star, or Hanging Man. These candle types are highly likely reversal points in price action.The indicator will plot a shape with a color coded icon identifying the candle. The distance between the shape and the candles can be manually adjusted in the inputs section. This indicator has many style options . The user can independently toggle on/off the Strat numbers, boxes around the Strat Combos, and Hammer and Shooter shapes. Also all of the colors used in this script can be changed from the inputs section, so a user can easily change colors to match their current color scheme.
Pine Script® indicator
by Infinity_Trading_
57
Hammers & Stars StrategyOverview This script trades basic hammer and shooting star candlestick patterns. It's an extremely simple strategy with minimal filters, and according to my personal manual backtesting and automated trading results, performs best on the Daily chart on certain forex pairs. It is intended to be traded on the forex markets but theoretically should work on all markets (especially if you optimize the settings). The script also comes with complete AutoView automation for Oanda. Make sure you've connected AutoView to TradingView and Oanda, then simply set an alert using the "alert() function calls only" condition and it will automatically execute trades based on whatever settings you've selected (only recommended for experienced traders - use at your own risk!) If you're not sure how to set up AutoView, search "The Art of Trading AutoView Guide" on YouTube to find my detailed video guide. Check out my website and YouTube channel for more information, scripts, resources and free Pine Script & trading lessons (link in my profile). Best of luck with your trading! - Matt / The Art of Trading Settings Menu Tooltips are included explaining what the various settings do, but here's a quick summary: Strategy Settings >= ATR Filter: Minimum size of entry candle compared to ATR <= ATR Filter: Maximum size of entry candle compared to ATR Stop Loss ATR: Stop loss multiplier (x ATR) R:R: Risk:Reward profile Fib Level: Used to calculate upper/lower third of candle. (For example, setting it to 0.5 will mean hammers must close >= 50% mark of the total candle size) Start Date Filter: Date & time to begin trading from End Date Filter: Date & time to stop trading AutoView Oanda Settings Use Oanda Demo: If turned on then oandapractice broker prefix will be used for AutoView alerts (demo account). If turned off then live account will be used Use Limit Order: If turned on then AutoView will use limit orders. If turned off then market orders will be used (recommended to use limit order to mitigate spread issues) Days To Leave Limit Order: This is your GTD setting (good til day) Account Balance: Your account balance (used for calculating position size) Account Currency: Your account balance currency (used for calculating position size) Risk Per Trade %: Your risk per trade as a % of your account balance
Pine Script® strategy
by ZenAndTheArtOfTrading
28
Tweezers and Kangaroo TailHello Traders, Here Tweezers and Kangaroo Tail script is in your service. The script searches for Tweezer / Kangaroo Tail candlestick patterns and shows them as T (Tweezer) and K (Kangaroo Tail). Thanks to RorschachT who game me the idea and some details while working on this script. What are these candlestick patterns? Tweezers : - A tweezers pattern occurs when the highs/Lows of two candlesticks occur at almost exactly the same level - Both candles must have wicks - Bigger Wick / Smaller Wick rate should not be greater than 150% ( 150% by default and you have option to change it) - First Candle must be highest/lowest for last 5 candles (5 by default and you have option to change it) - The level of High for Top, Low for Bottom must be almost lower than 20% of the bigger wick of tweezer candles (20% by default and you have option to change it) - The Candles can be right next to each other or apart but not more than 12 candles apart (12 by default and you have option to change it) - You will see that Tweezers pattern occurs frequently Kangaroo Tail: - Looks almost like a Hammer or Inverted Hammer candle - They have both its open and close in the top or bottom third of the candle - There must be some space/room on the left of the kangaroo tail - The open and close of the Kangaroo Tail candle must be inside the range of the previous candlestick - The next candle should create a new high or new low - You have several options to set details about the "Room" that should be on the left and also options for Wick/Body rates - You can see example below You have option to enable/disable any of these patterns. as far as I have tested they are strong reversal patterns but none of the indicators or patterns may not be enough alone. so you should confirm the signals using other indicators or tools If you need more information you can find a lot of info on the net ;) Example: Tweezers - Aparted Example: Kangaroo Tail - Bullish Enjoy!
Pine Script® indicator
by LonesomeTheBlue
45
Hammer & Shooting Star IndicatorA hammer candle is defined here as 1) the lower shadow (wick) is at least twice the length of the main body and 2) the close is in the top half of the range. A shooting star has the opposite conditions 1) the upper shadow is at least twice the size of the main body and 2) the close is in the lower half of the range. These candles should not be used by themselves but used in context ie with Bollinger bands, RSI or other oscillators they can form part of a mean reversion system.
Pine Script® indicator
by DavidOConnorSpain
2
HG Scalpius H & SS ScanHG Scalpius H & SS Scan This indicator highlights hammer candles and shooting star candles based on the below definitions: Hammer = lower wick >= 2* real body and closes in top half of range Shooting Star = upper wick >= 2*real body and closes in bottom half of range hammer = (min(open,close)-low)>= (2*abs(open-close)) and close > (((high-low)/2)+low) shootingStar = (high-max(open,close))>= (2*abs(open-close)) and close < (((high-low)/2)+low)
Pine Script® indicator
by Autarch_Capital
1