Hammers — Indicator by Kliphten

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Plots an arrow above a hammer candle or candle with big lower wick. Yellow signifies a candle with higher than average volume. Blue is a lower than average volume candle. Hammers/Lower Wick candles are best after a drop in price or near bottoms.

Release Notes:

Previously was only marking hammers that had a larger range than the previous candle. Now marking all hammers. If range is less than previous candle, indicator is on bottom of candle. If range is greater than previous candle, indicator is on top of candle.

Release Notes:

Updated name.

Release Notes:

Updated how top wick is compared to 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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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