PROTECTED SOURCE SCRIPT
Hammer Pivot
Purpose of the Indicator
This indicator is designed to identify special “pivot” candles on a price chart based on the ratio of the candle’s body and wicks. It highlights potential reversal or continuation points by drawing key high/low levels and optionally candle shapes.
It’s particularly useful for:
Spotting bullish and bearish signals.
Detecting hammer and inverted hammer type candles.
Creating visual support/resistance levels.
Use Cases
Support & Resistance Levels: The high/low lines of pivot candles often act as short-term levels.
Trend Reversal Detection: A bullish pivot may signal the start of an uptrend; a bearish pivot may signal the start of a downtrend.
Confirmation for Entries: Combine with other indicators or price action for trade entries.
Chart Clarity: Option to show/hide past pivots so charts don’t get cluttered.
This indicator is designed to identify special “pivot” candles on a price chart based on the ratio of the candle’s body and wicks. It highlights potential reversal or continuation points by drawing key high/low levels and optionally candle shapes.
It’s particularly useful for:
Spotting bullish and bearish signals.
Detecting hammer and inverted hammer type candles.
Creating visual support/resistance levels.
Use Cases
Support & Resistance Levels: The high/low lines of pivot candles often act as short-term levels.
Trend Reversal Detection: A bullish pivot may signal the start of an uptrend; a bearish pivot may signal the start of a downtrend.
Confirmation for Entries: Combine with other indicators or price action for trade entries.
Chart Clarity: Option to show/hide past pivots so charts don’t get cluttered.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.