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Shooting Star Detector[cryptovarthagam]

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🌠 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!

Feragatname

Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.