All Candlestick Patterns detects and highlights a wide range of bullish, bearish, and neutral candlestick patterns directly on the price chart. It features optional trend filtering using either a 50-period simple moving average or a combination of 50-period an
Indicator · Pine Script v5 · On the chart
Shooting Star and Inverted Hammer Pattern
This indicator identifies Shooting Star and Inverted Hammer candlestick patterns overlayed directly on the price chart.
GitHub stars3on the repository
Pine versionv5runs as is
Lines of code34
Settings6inputs
LicenceNone statedfile: MPL-2.0
Last update2 years ago9 Aug 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
34 lines of Pine Script v5 from candlesticks/shooting_star_inverted_hammer.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © AugustoErni
//@version=5
indicator("Shooting Star and Inverted Hammer Pattern (Candlestick Pattern)", overlay=true)
import AugustoErni/uptrend_downtrend_loopback_candle_identification_lib/3 as upAndDownTrendsCandleIdentification
showShootingStar = input.bool(defval=true, title="Show Shooting Star", tooltip="Show or hide the Shooting Star pattern.")
showInvertedHammer = input.bool(defval=true, title="Show Inverted Hammer", tooltip="Show or hide the Inverted Hammer pattern.")
lookbackPeriod = input.int(defval=5, title="Lookback Period", minval=1, step=1, tooltip="Loopback period to identify uptrend/downtrend analysis from candles.")
weakCandleThreshold = input.float(0.45, title="Weak Candle Threshold (0.45 = 45%)", step=0.01)
upperShadowThreshold = input.float(1, title="Upper Shadow Threshold (1 = 1 times the body length)")
noLowerShadowThreshold = input.float(0.05, title="No/Lower Shadow Threshold (0.05 = 5%)", step=0.01)
isBullishCandle = close > open
isBearishCandle = open > close
isLookbackDowntrendCandle = upAndDownTrendsCandleIdentification.downtrendLoopbackCandleIdentification(lookbackPeriod)
isLookbackUptrendCandle = upAndDownTrendsCandleIdentification.uptrendLoopbackCandleIdentification(lookbackPeriod)
isWeakCandle = math.abs(close - open) <= (high - low) * weakCandleThreshold
isLongUpperShadow = (high - math.max(open, close)) >= upperShadowThreshold * math.abs(open - close)
isNoLowerShadow = (math.min(open, close) - low) <= (high - low) * noLowerShadowThreshold
isShootingStar = isWeakCandle and isLongUpperShadow and isNoLowerShadow and isLookbackUptrendCandle
isInvertedHammer = isWeakCandle and isLongUpperShadow and isNoLowerShadow and isLookbackDowntrendCandle
barcolor(isShootingStar and isBullishCandle ? color.white : isShootingStar and isBearishCandle ? color.black : na)
barcolor(isInvertedHammer and isBullishCandle ? color.white : isInvertedHammer and isBearishCandle ? color.black : na)
plotshape(isShootingStar and showShootingStar, title="Shooting Star", style=shape.arrowdown, location=location.abovebar, color=color.rgb(0, 0, 0), text="Shooting Star", textcolor=color.red)
plotshape(isInvertedHammer and showInvertedHammer, title="Inverted Hammer", style=shape.arrowup, location=location.belowbar, color=color.rgb(255, 255, 255), text="Inverted Hammer", textcolor=color.green)
Overview
Shooting Star and Inverted Hammer Pattern evaluates candle body weakness, upper shadow length, and lower shadow proportions in combination with a trend lookback calculation. A Shooting Star is detected during uptrends, while an Inverted Hammer is detected during downtrends. The script plots labeled arrows above or below matching bars and recolors the candles. Users can adjust parameters for trend lookback, shadow ratios, and body size thresholds.
- Shooting Star pattern detection
- Inverted Hammer pattern detection
- Configurable shadow and body ratio thresholds
- Trend lookback evaluation
- Bar coloring and shape plots
Details
Published by
augustoerni on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Candlestick patterns, Trend
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Show Shooting Star | bool | true | showShootingStar |
| Show Inverted Hammer | bool | true | showInvertedHammer |
| Lookback Period | int | 5 | lookbackPeriod |
| Weak Candle Threshold (0.45 = 45%) | float | 0.45 | weakCandleThreshold |
| Upper Shadow Threshold (1 = 1 times the body length) | float | 1 | upperShadowThreshold |
| No/Lower Shadow Threshold (0.05 = 5%) | float | 0.05 | noLowerShadowThreshold |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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