Hammer Pattern indicator in classic chart patterns for MT4 Download – Free – [Trading Finder]

The Hammer Pattern indicator is a practical tool for traders to identify the Hammer pattern on the price chart. The Hammer indicator in MetaTrader 4 (MT4) detects the Hammer pattern and marks price reversal points. It highlights these points by drawing a blue rectangle for the Hammer pattern and a red rectangle for the inverted Hammer pattern, helping traders easily recognize them.

Hammer Indicator Table

Hammer Pattern Identification

In the daily WTI Oil chart, the Hammer Pattern indicator detects the Hammer pattern and marks it with a blue rectangle on the price chart. This visual aid helps traders easily recognize the pattern and predict potential trend reversals in the market.

Inverted Hammer Pattern

In the 4-hour GBP/USD chart, during an uptrend, the Hammer Pattern indicator detects an inverted Hammer pattern and highlights it by drawing a red rectangle on the chart. This helps traders recognize potential reversal points and plan their trades accordingly.

Hammer Indicator Settings

• Shadow/Body: Ratio of shadow to candle body
• Long Shadow/Small Shadow: Ratio of a long shadow to a small shadow
• Fast MA Period: Fast Moving Average period
• Slow MA Period: Slow Moving Average period
• Bearish Hammer Color: Color for bearish Hammer candle
• Bullish Hammer Color: Color for bullish Hammer candle

Summary

The Hammer Pattern Indicator is a tool designed for beginner to intermediate traders to detect classic patterns. By identifying the Hammer and inverted Hammer patterns and displaying them on the chart, this indicator helps traders make better decisions by highlighting potential reversal points in the market.