OPEN-SOURCE SCRIPT
Basic Hammer Strategy
This is a basic strategy that will buy after a hammer is printed, and sell when a predetermined risk or reward price is hit. You can change the risk and reward values in the settings. Risk and reward values are in increments of $0.01. Default values are 75 ($0.75) and 200 ($2.00). If the strategy is producing losses, try adding a zero to the end of the risk value and the reward value. Example: Higher valued stocks may do better with a Risk of 750 ($7.50) and a Reward of 2000 ($20.00). Maybe even a Risk of 750 ($7.50) and reward of 1000 ($10.00). Play around with these values to get the best result for different charts. Initial investment is set to $1000
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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