Schottky diode is used to provide a "free wheeling funciton", sometimes it is called "free wheeling diode". When there is no current to the machine (the motor), it is in free wheeling condition and become an generator. The direction of current flow remains unchange. The current will flow from motor -ve terminal or +ve terminal via the diode(i.e. motor +ve becomes -ve and vice versa). The "bar side" of the diode should be connected to motor +ve( red line).
P.S. don't connect the motor with schottky to an ESC with reverse mode and use the reverse mode.
Schottky diode is used to provide a "free wheeling funciton", sometimes it is called "free wheeling diode". When there is no current to the machine (the motor), it is in free wheeling condition and be ...