Hammer automatic finding script — Indicator by HPotter

Hammer

hammer

Hi
Let me introduce my Hammer automatic finding script.
This is a bullish reversal candlestick which occurs in a downtrend.
It has a small real body at the top of the candlestick and a long lower 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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 10/04/2014
//    This is a bullish reversal candlestick which occurs in a downtrend. 
//    It has a small real body at the top of the candlestick and a long lower shadow.  
////////////////////////////////////////////////////////////

study(title = "Hammer", overlay = true)
upper = highest(10)[1]
barcolor(high < min(open[1], close[1]) ?  abs(open - close) * 3 < min(open, close) - low ? (high - max(open,close)) < 0.05 * (abs(open - close)) ? yellow :na  : na : na)