C ShootingStar

Definition

The C ShootingStar indicator identifies the occurrence of a Shooting Star candlestick pattern and marks the bars with this pattern.

A Shooting Star is a bearish candlestick with a long upper shadow, little or no lower shadow, and a small real body near the low of the day. It is observed in the rising trend.

The Shooting Star candle pattern has the following characteristics:

1. small body (but not a Doji candle);
2. the body is near the low of the bar;
3. the tail is usually twice as long as the body;
4. the body gaps up from the previous bar's body;
5. the previous bar's body is green and larger than the average body.

Default Inputs

Length sets the number of bars used to calculate the average body, 14 by default.

Factor sets the body size in relation to bar range, 2 by default.