OPEN-SOURCE SCRIPT
Shooting Star Detector[cryptovarthagam]
🌠 Shooting Star Detector [Cryptovarthagam]
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!
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!
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.