The indicator points hammers in bearish trend through a black arrow under the candle. Can be used on all time frames, from the smallest to the largest.

The criteria, characteristics, of the hammer are adjustables in a very simple way and without having to modify any line of the code. Just click on “Configure” 🔧 to  change many settings.

Because everyone has his own criteria to validate a hammer, then everyone has the possibility to modify the searching criterias for hammers :

• MaxUpperWickLength = Maximum length of upper wick in multiple of the body,
• MinLowerWickLength = Minimum length of lower wick in multiple of the body,
• MaxPenetrationPreviousCandleBody = Maximum percentage of penetration of the hammer into the body of the previous candle. The hammer’s body must not penetrate more than this setting (in percentage) the previous candle body to validate the pattern. This setting allow to define the relative position of the hammer to the previous candle.
• RRtoSMAOK = filtering to have the stop (lower wick) less far than the moving average in objective (Risk Reward = 1 at minima). This setting is a filter for the risk reward ratio. When activated, the hammers won’t be returned unless the RR is ≥ 1, using the lower wick for the stop and the mobile average defined in the following parameter. Checked = Activated / Not Checked = Disactivated.
• SMAPeriod = period of the moving average in objective for the filter above.
• ConfirmationCandle = the indicator will display hammers if the following candle is a confirmation of the hammer. The confirmation closing is higher than the hammer body. Note that the arrow will be above the hammer and not on the confirmation candle. Checked = Activated / Not Checked = Disactivated,
• Last3ClosingBearish = because hammer candles are reversal signals, we can activate this filtering to display hammers only if they appear after a minimum of 3 bearish closings in order to have a short bearish trend. Checked = Activated / Not Checked = Disactivated,
• PreviousCandleRed = the previous candle must be red, Checked = Activated / Not Checked = Disactivated.

The values shown above are given, as examples and do not constitute an optimal or recommended setting, everyone should find his own settings.

🇫🇷 Marteau / 🇮🇹 Martello / 🇩🇪 Hammer / 🇪🇸 Martillo