The Shooting Star candlestick pattern is a single day pattern that can appear during an uptrend and opens high, while it closes near its open. It trades much higher as well. It is bearish in nature, but looks like an Inverted Hammer.
The bullish version of the Shooting Star pattern is the Inverted Hammer candlestick pattern.
Traditionally, this candlestick pattern is recognized in conjunction with a specific trend direction, i.e. it might be important for the pattern if the price has been generally going up or down. The ‘Detect Trend Based On’ option allows you to specify which of the following methods to use to detect the trend:
By comparing two different SMAs, the 'SMA50, SMA200' option only detects stronger trends. When the trend is weak and the condition above is not met, no patterns will be detected. In contrast, the 'SMA50' option will also detect weaker trends.