Analysis Techniques & Strategies

$image\insert_showme.gif$ C_ShootingStar (ShowMe)

Shooting Star

C_ShootingStar displays the Japanese Candlestick pattern; Shooting Star

Shooting Star is defined as:

The body of the candle is small but not a Doji, and near the low of the bar, the tail is usually twice as long as the body
The price trend is rising
The body gaps up from the body on the previous bar
The previous body is green and larger than the average body

Input Information

Name	Default	Description
Length	14	Length used to calculate the average body
Factor	2	Threshold factor for the size of body in relation to the range of the bar ( 2 = Tail must be 2x larger than body)

Shooting Star may be considered a bearish reversal top pattern, that needs confirmation.

Shooting Star plots on the Close when true for the current bar.