OPEN-SOURCE SCRIPT
Hammer Scanner v1
Updated
This script is for helping you to find bullish and bearish hammers.
Release Notes
Added more varieties of hammer candles.There are 4-types in total:
- Hammer (Bullish)
- Inverted Hammer (Bullish)
- Hanging Man (Bearish)
- Shooting Star (Bearish)
You should always use candlesticks in combination with other indicators such as oscillators, moving averages, Bollinger bands.
Release Notes
Added user requested feature for the maximum height of body to be 1/3 that of the shadow.Added user control to define the maximum height of the tail to be 1/2 that of the body.
Diagram:
—[ ]————————
Tail / Body / Shadow
Default Rules:
1) Tail no taller than 1/2 the body height.
2) Body no taller than 300 pips.
3) Body must be shorter than 1/3 of the shadow.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.