The Hammer is a Japanese candlestick pattern characterized by a small body near the top of the candle, a long lower wick, and a very short or nonexistent upper wick.
When it appears after a price decline, the Hammer reflects an attempt by buyers to regain control: despite significant selling pressure during the period, prices eventually closed near their opening level or in the upper part of the candle's range.
This pattern may draw attention to a potential bullish reversal.
The Hammer Indicator automatically identifies Hammer candlestick patterns directly on ProRealTime charts.
It makes these Japanese candlestick patterns easier to spot when analyzing price movements, without having to examine every candle individually. Detected Hammers are marked by a black arrow below the candle.
Many parameters allow you to adapt the display to your own criteria. All settings can be adjusted directly from the indicator's “Configuration” menu in ProRealTime, without modifying the code.
To scan the market for stocks showing a Hammer, use our Hammer Screener.
Adjustable validation criteria:
Available filters:
Video presentation:
Details of available settings:
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Disclaimer
Our proposed tools (indicators and screeners) are not investment advices but tools allowing everyone to find specific graphic configurations. The automated trading systems offered have been developed and optimised using historical data; however, past performance is no guarantee of future results. Investing in the financial markets involves risks up to and including the total loss of capital. The user of the proposed tools understands and accepts that the use of these tools is under his sole and entire responsibility. P2C Trading declines all responsibility in the use of the tools and the consequences that would result.
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