Indicators: Hammer Indicator

[Automated-Trading]

Hammer Indicator:

The code above is a "Hammer" indicator that detects candlestick hammer formations (bullish and bearish) and inverted hammer formations (bullish and bearish) on a MetaTrader 5 chart. This indicator identifies price reversal patterns by calculating the size and ratio of the candlestick wicks based on adjustable parameters: MaxRatioShortWick, MinRatioLongWick, and MinCandleSize. When a pattern is detected, the indicator displays a colored arrow near the candle’s lowest or highest price according to the pattern’s direction. The code also includes functions to create and delete objects automatically when the indicator is initialized or stopped.

Author: Rama Destrian Hartadi

[Toby Protsman]

Thanks for the update I'm new to forex trading and just learning the process of it this is very useful information. 

[Satnam Singh]

Thanks! Code is helpful!

[Tbor Yorgonson]

Great script mate thanks, I have been looking for ways to describe a pattern and this gives some more clarity!

[Rama Destrian Hartadi]

Tbor Yorgonson #:
Great script mate thanks, I have been looking for ways to describe a pattern and this gives some more clarity!

Glad I could help.

[Juan Luis De Frutos Blanco]

void OnDeinit(const int reason){ ObjectsDeleteAll(0,"Sig",0,-1); }