Shooting Star and Hammer (Pin Bar) Indicator TradingView - Free

1. Hammer (Bullish Reversal)

1. Shooting Star (Bearish Reversal)

1. Hanging Man (Bearish Continuation)

1. Inverted Hammer (Bullish Reversal)

This indicator automatically detects these patterns and highlights them with colored candlesticks, triangles, and circles, helping traders spot potential trend reversals or continuations with ease.

You can access the Indicator from this link:

https://tradingfinder.com/products/i...stick-pattern/

You can access the Indicator on the TradingView website:

https://www.tradingview.com/script/J...mmer-Shooting/

1. Visual Alerts: Marks bullish Pin Bars with blue circles and bearish Pin Bars with red circles.

1. Trend Confirmation: Uses triangles to indicate reversal signals (blue for bullish, black for bearish).

1. Multi-Timeframe Support: Works on M1 to Daily charts, suitable for scalping, day trading, and swing trading.

Detected Patterns & Their Meanings

1. Hammer (Bullish Reversal)

1. Appearance: Small body with a long lower wick.

1. Significance: Signals a potential uptrend reversal after a downtrend.

1. Example: Found in Gold (XAU/USD) daily charts before a bullish reversal.

2. Inverted Hammer (Bullish Reversal)

1. Appearance: Small body with a long upper wick.

1. Significance: Indicates a possible bullish reversal after a downtrend.

1. Example: Seen in Crude Oil (WTI) 1H charts before a trend reversal.

3. Hanging Man (Bearish Continuation)

1. Appearance: Small body with a long lower wick in an uptrend.

1. Significance: Suggests continuation of a downtrend.

1. Example: Appears in EUR/USD 1H charts during an uptrend.

4. Shooting Star (Bearish Reversal)

1. Appearance: Small body with a long upper wick.

1. Significance: Warns of a potential downtrend reversal.

1. Example: Detected in Dow Jones (DJI) 1H charts before a bearish move.

Indicator Settings & Customization

Key Configuration Options

1. Trend Effect: Set to "Off" to detect Pin Bars in all trends.

1. Trend Detection Period: Default 2 (adjust for sensitivity).

1. Show Bullish/Bearish Pin Bars: Enable/disable as needed.

1. Shadow-to-Body Ratios:
   1. Lower Shadow to Body: Default 3
   2. Higher Shadow to Body: Default 3

   
   

2. Info Table: Displays pattern details in the bottom-right corner.

Why Traders Use This Indicator

1. Improves Entry Timing: Identifies high-probability reversal points.

1. Works Across Markets: Effective in Forex, Stocks, Crypto, and Indices.

1. Enhances Strategy: Combines well with support/resistance, moving averages, and volume analysis.

Conclusion
The Candlestick Patterns Indicator is an essential tool for traders who rely on price action and candlestick analysis. By automatically detecting Pin Bars and key reversal patterns, it helps traders:
Spot trend reversals early
Avoid false breakouts
Optimize entries and exits
Whether you're a scalper, day trader, or swing trader, integrating this indicator into your TradingView charts can significantly improve your technical analysis accuracy.