Strong pattern Hammer
The indicator detects such strong patterns as Hammer and Inverted Hammer.
It displays a list of currency pairs and a timeframe, where the pattern has been detected, in the upper left corner.
If the Send Message mode is enabled, it sends messages to, for example, mobile device where the MetaQuotes ID is registered.
- Search on currency pairs - currency pairs for searching combinations
- Search on the time frames - timeframes where patterns will be searched
- Send a message (push) to mobile MT4 - sends notification to MetaQuotes ID
Further, we will explain settings of a Stochastic oscillator which will be used by the indicator.
As well as color of text and indicator's labels when the oscillator reaches its extreme levels.
Trading by Hammer's Candles:
Once you have found the candle, check the following.
- The longer the hammer's grip, the more accurate the signal is.
- There must be an empty space to the left of the pattern. I.e. there mustn't be a chart.
- Stop orders should trigger on the next candle, otherwise we will look for another pattern.
Place a stop order several points above the hammer's head, and stop loss should be placed at the back of the grip.
Bear in mind that a candle cannot be opened or closed beyond the range of the previous candle.
The indicator has different colors. This is not a guideline to follow. It just indicates position of the Stochastic oscillator.
Red color means that when a candle forms, the oscillator is above the upper limit. Blue color means that the oscillator is below the lower limit.
White or yellow color indicate that the oscillator is within these limits.
We recommend to attach it to the chart and make your own conclusion.
May your trading be profitable!