The Meteor Shield prevents meteors from falling around the shield. Once placed, it will take a moment to charge. You can bypass the initial charging sequence by right-clicking the shield with a Meteor Chip. Once charged, it will protect your land from meteors.
You can increase the radius of the shield by using Red Meteor Gems to upgrade the shield. 4 Red Meteor Gems can be used to fully upgrade the shield. They are used by right clicking on the shield with the gem in hand. Once 4 gems are used, the shield will be at full power and it will shoot a purple beam into the sky. This beam will change color every time it deflects a meteor, depending upon which type of Meteor it just blocked and who is the owner of the Meteor Shield.
You can test to see if your land is protected by using a Protected Land Tester. If the Protected Land Tester lights up, then it means the land is protected.
The basic Meteor Shield protects up to 75 blocks away from it's center, however, it does not protect in a square, and it can be observed to lean toward one corner of the polygon it protects. [See image right]
Note: It requires meteor chip, which is obtained from fallen meteor, incase you want to craft this early (preventing meteor from your starting house), it can be found near bedrock when mining.
Note: The Meteor Shield will NOT deflect spawned meteors.