indicator · on price · open source
Shooting Star
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About
Shooting Star: small body at the bottom of the candle with a long upper wick (≥ 60% of range) and a tiny lower wick. Bearish reversal at the top of an uptrend.
- Red bar colour highlights the warning.
- Watch the next candle — a gap down or weak close confirms.
Source code
//@version=5
indicator("Shooting Star", overlay=true)
hlRange = high - low
smallBody = hlRange > 0 and math.abs(close - open) < hlRange * 0.3
longUpper = high - math.max(close, open) > hlRange * 0.6
tinyLower = hlRange > 0 and math.min(close, open) - low < hlRange * 0.2
star = smallBody and longUpper and tinyLower
barcolor(star ? color.red : na)
plotshape(star, "Shooting Star", style=shape.triangledown, location=location.abovebar, color=color.red, text="SS")
alertcondition(star, "Shooting Star", "Shooting Star pattern printed")
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