If you need rewind option along with the live stream then you can enable the nDVR option. You can set a maximum of 180 minute nDVR period.

In normal HLS playback URL doesn’t have a rewind option. The URL only deliver the live content. If the stream is offline then the URL will not work.

In case of nDVR enabled URL will play last recorded 180 minute content if the live streaming is offline. Also you can rewind the stream.