Shooting Star Trading System

Shooting Star Trading System — Bearish Reversal Detection for MT5 --MANUAL--

Introductory Pricing: This indicator is offered at introductory pricing that increases based on sales milestones. The current price is $49. After 10 sales, the price increases to $59. After 30 sales, it increases to $69. After 60 sales, the final price of $79 takes effect. All buyers receive the same full-featured indicator regardless of purchase price.

This indicator identifies Shooting Star formations by examining whether each candle exhibits a long upper shadow after a rising session, with the candle body positioned near the bottom of its range and a minimal lower shadow. The Shooting Star reflects a session in which buyers initially drove price upward, but sellers reclaimed control before the close, pulling price back down toward the open. This structure signals potential exhaustion of the prior uptrend. Bulkowski's research places the Shooting Star at a 59% reversal rate when confirmed by the following bar's price action — making confirmation a defining requirement rather than an optional filter.

This indicator detects Shooting Star formations on any symbol and timeframe, draws automated Entry/SL/TP trading levels using a Sell Stop order below the pattern low, and tracks signal performance in real-time. Includes a multi-timeframe scanner monitoring up to 150 symbols across 8 timeframes simultaneously.

Included Tools

Each Shooting Star Trading System purchase includes access to the following companion tools at no additional cost:

1. Smart Trend Consensus MT5 — Multi-timeframe trend agreement indicator. Displays trend direction across up to 7 timeframes on a single dashboard. Helps confirm whether a Shooting Star is forming at the end of a genuine uptrend before placing a bearish entry. https://www.mql5.com/en/market/product/160553

2. Price Volume Distribution MT5 — Volume profile and price distribution analysis. Identifies high-volume price zones where institutional orders cluster. Useful for confirming that Shooting Star patterns form near significant resistance levels where supply is concentrated. https://www.mql5.com/en/market/product/160452

3. Shooting Star Trading System EA — Automated signal execution based on indicator output buffers. Reads Entry/SL/TP levels from the indicator and places trades automatically when the Sell Stop is triggered. Configurable lot sizing, risk per trade, and session filters. (Delivered via MQL5 private message after purchase confirmation.)

Contact the author through MQL5 messaging after purchase to receive access to the companion tools.

How Shooting Star Detection Works

The indicator evaluates each completed bar against six sequential structural gates:

1. Upper shadow ratio gate: The upper shadow — the distance from the candle high to the top of the body — must represent a minimum proportion of the total candle range. This is the defining criterion of the Shooting Star: a long upper shadow confirms that buyers drove price significantly higher during the session before sellers reversed it. Standard threshold: upperShadow/range >= 0.45. Strict threshold: >= 0.55.

2. Lower shadow ratio gate: The lower shadow must remain small relative to total range, confirming that sellers were in control near the close without a meaningful bounce from the low. Standard threshold: lowerShadow/range <= 0.15. Strict threshold: <= 0.08.

3. Body position gate: The candle body must be positioned in the lower portion of the total range, confirming that the close occurred near the opening after the session high was rejected. Standard threshold: bodyPosition <= 0.40 (body occupies the bottom 40% of range). Strict threshold: <= 0.30.

4. Body/ATR gate: The candle body must equal or exceed a minimum multiple of the 14-period Average True Range, confirming the formation has a real body rather than approximating a Gravestone Doji. This gate explicitly excludes zero-body candles. Standard: body/ATR >= 0.02. Strict: >= 0.03.

5. Range/ATR minimum gate: The total candle range must meet a minimum size relative to ATR, confirming the pattern represents meaningful volatility rather than a small consolidation candle. Standard: range/ATR >= 0.20. Strict: >= 0.50.

6. Range/ATR maximum gate: The total candle range must not exceed an upper limit relative to ATR, rejecting extreme spike candles that do not represent typical Shooting Star formations. Standard: range/ATR <= 3.00. Strict: <= 2.50.

Uptrend context is determined from the bars immediately before each candidate. A Shooting Star forming after a declining sequence or in a sideways range does not meet the reversal premise and is filtered at the plugin layer. The compound pass rate for Standard preset is approximately 4.5%; for Strict, approximately 0.4%.

6-Factor Quality Scoring

Each pattern that passes all six gates receives a quality score from 0 to 1 based on six weighted factors:

• Upper shadow ratio: proportion of total range occupied by the upper shadow — higher values score higher (weight: 0.35)
• Body position inverted: 1.0 minus body position — body closer to the bottom scores higher (weight: 0.25, pre-inverted)
• Lower shadow inverted: lower shadow ratio subtracted from maximum allowed — less lower shadow scores higher (weight: 0.15, pre-inverted)
• Range/ATR: candle range size relative to recent Average True Range, rewarding larger candles relative to current volatility (weight: 0.10)
• Close vs prior range: how far the current close falls within the prior candle's range, confirming price weakness (weight: 0.10)
• Relative range: this candle's range compared to the previous candle's range, confirming relative significance (weight: 0.05)

The upper shadow factor carries the highest weight (0.35) because the length of the upper shadow is the core structural requirement of the Shooting Star. A pattern with an upper shadow occupying 80% of range scores substantially higher than one near the 45% detection limit.

Two detection presets are available. Standard mode applies baseline thresholds suited to most timeframes and symbols. Strict mode tightens all six gates and selects only the most clearly-formed examples with an upper shadow visibly dominating the candle. A Custom mode allows individual adjustment of each gate independently.

Entry Mode: Sell Stop

Shooting Star patterns use a Sell Stop entry placed below the pattern low rather than immediate entry at candle close. This confirms that sellers are following through after the rejection candle — aligning with Bulkowski's finding that next-bar confirmation drives the 59% reversal rate. The entry level is set at the candle low minus 0.05×ATR. Stop loss is placed above the candle high plus 0.20×ATR. Take profit levels are calculated from entry using configurable risk-reward multiples: TP1 = 1R, TP2 = 2R, TP3 = 3R, TP4 = 4R.

Pattern-Specific Settings

• Min Upper Shadow Ratio: minimum upper shadow as a fraction of total range (Standard: 0.45, Strict: 0.55)
• Max Lower Shadow Ratio: maximum lower shadow as a fraction of total range (Standard: 0.15, Strict: 0.08)
• Max Body Position: maximum body position within range — lower value means body closer to bottom (Standard: 0.40, Strict: 0.30)
• Min Body/ATR: minimum body size as a multiple of ATR — excludes Gravestone Doji (Standard: 0.02, Strict: 0.03)
• Min Range/ATR: minimum total range as a multiple of ATR (Standard: 0.20, Strict: 0.50)
• Max Range/ATR: maximum total range as a multiple of ATR (Standard: 3.00, Strict: 2.50)
• SL Buffer (xATR): offset applied above the pattern high for stop loss placement (default: 0.20)
• Detection Preset: Standard, Strict, or Custom
• Quality Score Minimum: filter signals below a defined score threshold

Automated Trading Levels

Every detected pattern automatically draws Entry, Stop Loss, and up to 4 Take Profit levels (TP1-TP4) directly on the chart. Entry is placed as a Sell Stop at the candle low minus 0.05×ATR. Stop Loss is placed above the candle high plus 0.20×ATR. Stop Loss can be calculated using one of three methods: Donchian Channel (based on the recent channel high for bearish signals), ATR multiplier (a fixed distance above the signal high), or Pattern (a buffer beyond the candle high). Take Profit levels are spaced using configurable risk-reward multiples applied to the stop distance.

Live Signal Tracking

The indicator tracks each signal from detection through completion. Signal states include: Active (Sell Stop placed, awaiting trigger), TP Hit (one or more take profit levels reached), SL Hit (stop loss triggered), and Expired (signal invalidated before entry). All state transitions are reflected in the signal statistics dashboard.

Donchian Channel Trailing Stop

An optional trailing stop system uses the Donchian Channel upper band for bearish signals as a dynamic stop level that adjusts with price as the trade progresses. As the channel upper band declines during a downward move, the trailing stop follows, preserving open profit without requiring a fixed exit target. This method can be combined with fixed TP levels or used independently.

Multi-Timeframe Scanner (150 Symbols x 8 Timeframes)

Monitor patterns across the entire market from a single chart. The scanner checks up to 150 symbols across 8 timeframes simultaneously and displays results in a sortable panel. Each row shows symbol, timeframe, signal direction, quality score, and current signal state. Symbols are loaded from MT5 Market Watch. Scanner updates asynchronously to avoid blocking chart calculations during refresh cycles.

Market Structure Analysis (BOS / CHOCH)

Built-in Break of Structure and Change of Character detection identifies key swing points and labels structural shifts on the chart. BOS marks a continuation of the prevailing direction when price breaks a prior swing high or low. CHOCH marks a potential reversal when price breaks structure against the prior trend. These labels provide context for evaluating whether a Shooting Star signal forms at a genuine structural high or in the middle of a range.

Multi-Layer Signal Filtering

Seven independent filters can be enabled or disabled individually to control which detected patterns are displayed:

1. Quality filter: only show patterns scoring at or above the defined minimum quality threshold
2. Extreme zone filter: block signals when price is positioned near overbought Donchian Channel extremes
3. Direction filter: only allow signals aligned with the detected higher-timeframe trend direction
4. Stoploss hunt filter: validate that signals originate from genuine sweeps of prior swing levels
5. Signal zone filter: require signals to form near confirmed market structure events (BOS, CHOCH, swing levels)
6. Spacing filter: enforce a minimum number of bars between consecutive signals
7. Opposite signal filter: prevent conflicting buy and sell signals from appearing simultaneously

4-Channel Alert System

Alerts are delivered through four independent channels that can be enabled separately: MT5 pop-up notification, MT5 push notification to mobile app, email alert, and sound alert with a selectable audio file. Alerts fire at pattern detection and optionally at TP hits and SL hit.

Signal Statistics Dashboard

A draggable panel displaying real-time performance metrics for signals detected in the current session and historically. Metrics include total signals detected, entry trigger rate, TP1 through TP4 hit rates, SL hit rate, average quality score, and win rate. The dashboard updates automatically as signal states change.

Professional Chart Themes

Built-in color schemes allow switching the indicator's visual style to match different chart backgrounds. Available themes include Dark, Light, and Custom. Each theme adjusts the color palette for pattern markers, trading level lines, scanner panel, and dashboard text. Custom color overrides are available for all elements through the inputs panel.

EA Signal Buffers

Indicator outputs are available as data buffers for Expert Advisors. Buffer 0 outputs the signal direction (-1 for bearish) at the bar where a pattern is detected. Buffer 1 outputs the quality score. Buffer 2 outputs the calculated Entry price. Buffer 3 outputs the Stop Loss price. Buffers 4 through 7 output TP1 through TP4 prices. An EA can read these buffers using iCustom() to build automated strategies without modifying the indicator source.

Recommendations

Timeframes: H1 provides a reliable balance between signal frequency and structural quality for Shooting Star patterns on XAUUSD and major Forex pairs. H4 produces fewer but more clearly defined formations with stronger reversal follow-through. Shooting Stars carry more significance on higher timeframes where each session represents more accumulated buying pressure.

Symbols: The indicator works on any symbol available in MT5 Market Watch. Shooting Star formations are commonly observed on XAUUSD, Forex major and minor pairs, and stock indices — particularly at resistance zones and prior swing highs following a multi-bar advance.

Confirmation note: Because the Shooting Star uses a Sell Stop entry rather than immediate entry, it only triggers if selling pressure follows through. Patterns where the Sell Stop is never triggered represent cases where the market continued upward, consistent with the 41% non-reversal rate in Bulkowski's data.

Installation:

1. Copy the indicator file to the MQL5/Indicators directory in the MT5 data folder.
2. Restart MetaTrader 5 or refresh the Navigator panel.
3. Locate Shooting Star Trading System under Custom Indicators in the Navigator.
4. Drag the indicator onto a chart and configure inputs as needed.
5. For the scanner, attach the indicator to a single chart; it will monitor all configured symbols automatically.

Notes:

• No repainting: signals are confirmed only on bar close and do not change after detection.
• Bar-close processing only: the indicator evaluates each bar once at close, following per-bar processing standards.
• Bearish only: the Shooting Star pattern is a bearish reversal signal; no bullish entries are generated.
• Scanner operates asynchronously and updates in the background without affecting chart rendering performance.
• Memory usage is optimized for long-running sessions; object pooling is used for all chart drawings.

Documentation and User Guides

Detailed guides for each feature are available on the MQL5 Blog:

PART	Section	Description
1	INTRODUCTION	Product introduction, what the product helps you with
2	INSTALLATION & SETUP	System requirements, step-by-step installation guide
	Guide to Installing Free Indicators and EAs Included with the Mirage Trading System Purchase
3	INTERFACE DISPLAY	Explanation of the components displayed on the chart
	User Guide: Trading Lines & Signal Tracking System	The system automatically draws Entry, Stop Loss, and Take Profit lines (TP 1–4) on the chart, tracks price action for hits, records Win/Loss results, and displays real-time performance statistics.
	User Guide : Visualization, Zone Fill, Signal Dashboard & Cancelled Signals	When you attach an indicator to a chart, the system renders the following visual components for each detected signal
	User Guide: MTF SCAN & Dashboard User Guide	MTF SCAN automatically scans all Market Watch symbols across 8 timeframes (M1 to W1) and displays results on a Dashboard grid directly on your chart.
	User Guide : Chart Theme User Guide	Chart Theme is a feature that changes the entire chart color scheme in MetaTrader 5 — including the background, candles, grid, text, and Bid/Ask lines — with a single click.
4	CORE CONCEPTS	Fundamental concepts that the system is built upon
	User Guide: Market Structure Functionality in the Trading System	Identifies trend direction (Uptrend, Downtrend, Ranging) by analyzing swing highs/lows, and detects key events: BOS (trend continuation) and CHoCH (potential trend reversal).
	User Guide : Signal Types, States, and Lifecycle	A signal is the system's notification when it detects a qualifying candlestick pattern on the chart. Each signal tells you the expected price direction and provides suggested entry, stop loss, and take profit levels.
5	SIGNAL FILTERS	Filters that refine and validate trading signals
	User Guide: Trade Direction (Direction Filter) in the Trading System	Defines the allowed trading direction (Buy only, Sell only, both, or neither) as the first filter before searching for entry signals, based on current market trend.
	User Guide: Signal Zone Filter in the Trading System	Eliminates signals not near important price zones, retaining only those connected to market structures (swing high/low, BOS, CHoCH) to reduce noise.
	User Guide: StoplossHunt Filter User Guide — Filtering "SL Sweep" Signals	Identifies higher-probability signals by checking whether price "swept stoploss" before forming a pattern.
	User Guide : Extreme Zone Filter	Extreme Zone Filter is a signal filtering feature that helps avoid entering trades when price is at the top or bottom of a Donchian price channel.
	User Guide: Opposite Signal Filter	The Opposite Signal Filter is an automatic feature that prevents new signals from appearing when you already have an active trade running in the opposite direction.The principle is very simple: Don't buy when you're selling. Don't sell when you're buying.
	User Guide : Quality Filter User Guide	Quality Filter is a feature that helps you receive only the best signals — price patterns formed clearly, with balanced proportions and high reliability — and reject weak signals, dull patterns, and those below standard.
6	TRADE MANAGEMENT
	User Guide : Risk/Reward & SL Method User Guide	Risk/Reward (R:R) is the ratio between the amount of money you accept losing (Risk) and the amount of money you expect to gain (Reward) in a single trade.
	User Guide: Trailing Stop Loss (TSL) User Guide	Regular Stop Loss (SL) stays fixed in one place. You set SL at 1990.00, and it stays there forever — even if price has risen to 2030.00.Trailing Stop Loss (TSL) is different. It automatically moves in your favor when price advances. As price moves up, TSL moves up with it. When price stalls or reverses, TSL holds the best position it reached.
7	CONFIGURATION PARAMETERS GUIDE	Detailed guide to each configuration parameter
	SIGNAL SCANNING CONFIGURATION GUIDE - MIRAGE TRADING SYSTEM EA	Guide to mastering signal scanning settings within the Inputs tab, optimizing trade discovery on a single chart or across the entire market.
8	ALERTS & NOTIFICATIONS
	User Guide: Alerts & Notifications User Guide	Configure push notifications, and on-screen popups when new signals are detected.
9	SYSTEM RISKS & LIMITATIONS	Notes on system risks and limitations

Support

• Product comments section on this page
• Direct message to the author via MQL5: https://www.mql5.com/en/users/khiemni/seller
• Response time: within 24 hours