Shooting Star Trading System
- Indicadores
- Ich Khiem Nguyen
- Versão: 1.0
- Ativações: 10
Shooting Star Trading System for MetaTrader 5
Shooting Star Trading System is a price action indicator for MT5 designed to detect bearish Shooting Star reversal patterns and display structured trading levels on the chart.
A detailed user guide is available on the author’s MQL5 Blog.
Additional updates are available through the author’s MQL5 Channel.
Depending on the current support policy, buyers may receive additional access to selected companion tools developed by the author.
Overview
Shooting Star Trading System identifies single-candle bearish reversal structures where price trades higher during the bar and then closes back near the lower part of the range after rejecting the session high.
This pattern can help highlight potential exhaustion after an upward move and provide a structured framework for planning bearish setups.
All calculations are based on completed bars only.
Detection is non-repainting, and signal values do not change after the bar is closed.
The indicator can draw Entry, Stop Loss, and Take Profit levels on the chart and track signal progress after detection.
Detection logic
The detection model evaluates each completed candle using several structural conditions, such as:
-
Upper shadow length relative to total range
-
Lower shadow size relative to total range
-
Body position within the candle range
-
Candle body size relative to ATR
-
Minimum and maximum range size relative to ATR
-
Short-term uptrend context before the pattern
Patterns that do not meet the selected structural requirements are ignored.
The indicator focuses on bearish Shooting Star detection only.
Quality evaluation
Each valid pattern can be evaluated with a multi-factor quality model, including:
-
Upper shadow ratio
-
Body position within the range
-
Lower shadow ratio
-
Range relative to ATR
-
Close position within the previous candle range
-
Relative range compared to the prior candle
Signals below the selected minimum quality threshold can be filtered out automatically.
Multiple detection modes are available, including Standard Mode, Strict Mode, and Custom Mode.
Entry and trade planning
For confirmed setups, the indicator can project breakout levels using a Sell Stop entry below the pattern low.
For each valid setup, the indicator can display:
-
Entry level
-
Stop Loss level
-
Up to four Take Profit levels
-
Risk and reward zones on the chart
Stop Loss can be calculated using a pattern-based method, ATR-based logic, or Donchian Channel reference.
An optional Donchian-based trailing stop is available for users who want dynamic stop adjustment as price moves in favor of the signal.
Filters and tools
Optional filters can be used to reduce unnecessary signals:
-
Quality Filter
-
Extreme Zone Filter
-
Direction Filter
-
Stoploss Hunt Filter
-
Signal Zone Filter
-
Spacing Filter
-
Opposite Signal Filter
The built-in scanner can monitor multiple symbols and timeframes from a single chart.
The indicator also includes BOS and CHOCH labels, a signal dashboard, alert options, chart themes, statistics tracking, and output buffers for Expert Advisor integration through iCustom().
Alert options include popup notification, push notification, email, and sound alerts.
Recommended use
Recommended timeframes are H1 and H4 for clearer structure.
Lower timeframes can be used with stricter filtering settings.
The indicator can be applied to XAUUSD, Forex pairs, indices, and other symbols, depending on broker data quality and symbol characteristics.
Loading sufficient chart history is recommended for more stable structure analysis.
MetaTrader 5 only.
No DLL calls.
No external WebRequest connections.
Important notes
This indicator is a technical analysis tool.
It does not guarantee trading results.
Users should test settings in their own environment and apply appropriate risk management.
Support is available through the product comments section or via MQL5 direct message.
