TsangYouJun

Hammer Scanner v1

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.
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Comments

Thank you! is it possible to define the size of the body of the candle in the Hammer? I think the body should be about 1/3 size of the total hammer..
Reply
cjmarka Mahesh407
@Mahesh407, that's exactly right. I was hoping for the ability to make that adjustment.
+1 Reply
TsangYouJun Mahesh407
@Mahesh407, updated as requested. Please note that the candle is defined as follows:

—OOO———————
Shadow / Body / Tail

It’s written opposite in the code, but that’s just a naming problem.

Rules:
1) Shadow no taller than 1/2 of the Body
2) Body no taller than 300 pips
3) Body must be shorter than 1/3 of the Tail

1/2, 300 and 1/3 are all user modifiable values.
Reply
Mahesh407 TsangYouJun
@TsangYouJun, You are a legend! Thanks mate!
Reply
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