OPEN-SOURCE SCRIPT
Hammer & Inverted Hammer Detector
This Pine Script indicator detects Hammer and Inverted Hammer candlestick patterns based on price action and VWAP (Volume Weighted Average Price). It evaluates the relationship between the current and previous candles, checking shadow lengths and body size to confirm the pattern. If a Hammer is identified, a green upward label appears below the candle, while an Inverted Hammer is marked with a red downward label above the candle.
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.
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