Hammer, Hanging man, Shooting star, Inverted hammer Indicators by DovCaspi

hammer hangingman shootingstar invertedhammer

This script creates Hammer, Hanging man, Shooting star, Inverted hammer chart indicators.
RED + CROSS = Sell
GREEN + DOT = Buy

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

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

study("Hammer and Hanging man", overlay=true)

high_h = high[1]
low_h = low[1]
open_h = open[1]
close_h = close[1]

shadow_h = high_h - low_h
body_h = abs(open_h - close_h)
bodyMid_h = 0.5 * (open_h + close_h) - low_h


shadow = high - low
body = abs(open - close)
bodyMid = 0.5 * (open + close) - low
bodyRed = open > close and body > (0.3 * shadow)
bodyGreen = close > open and body > (0.3 * shadow)

bodyTop =  bodyMid_h > (0.7 * shadow_h)
bodyBottom =  bodyMid_h < (0.3 * shadow_h)
hammerShape = body_h < (0.5 * shadow_h)

hangingMan = bodyRed and hammerShape and bodyTop ? high_h : na
hammer = bodyGreen and hammerShape and bodyTop ? high_h : na

shootingStar = bodyRed and hammerShape and bodyBottom ? low_h : na
invertedHammer = bodyGreen and hammerShape and bodyBottom ? low_h : na

plot( hangingMan  , title="Hanging man", style=cross, linewidth=10,color=red, transp=95, offset = -1)
plot( hammer  , title="Hammer", style=circles, linewidth=10,color=green, transp=95, offset = -1)


plot( shootingStar  , title="Shooting star", style=cross, linewidth=10,color=red, transp=95, offset = -1)
plot( invertedHammer  , title="Inverted hammer", style=circles, linewidth=10,color=green, transp=95, offset = -1)