Hammer Pattern indicator in classic chart patterns for MetaTrader 5 Download - Free - [Trading Finder]

The Hammer Pattern indicator is designed to help traders detect Hammer candlestick patterns in MetaTrader 5 (MT5). The Hammer indicator highlights Hammer candlesticks in blue and inverted Hammer candlesticks in red on the chart, making it easier for traders to spot these patterns. Additionally, the indicator uses two moving averages with periods of 5 and 20 to create filters for identifying strong candlesticks with a high potential for trend reversals on the chart.

Hammer Indicator Table

Hammer Pattern Identification

The Hammer Pattern indicator detects hammer candlesticks in the 1-hour Bitcoin chart and marks them on the chart, helping traders easily identify these patterns and stay informed about potential trend reversals in the market.

Inverted Hammer Pattern

In the 30-minute NZD/CAD chart, at the end of uptrends, the Hammer Pattern indicator detects inverted Hammer candlesticks and displays them in red. Traders can use these patterns to inform them of potential trend reversals at the end of uptrends.

Hammer Indicator Settings

• Shadow/Body: Set the ratio of shadow to candle body
• Long Shadow/Small Shadow: Set the ratio of a long shadow to a small shadow
• Fast MA Period: Set the fast-moving average period
• Slow MA Period: Set the slow-moving average period
• Bearish Hammer Color: Set the color for bearish Hammer candlesticks
• Bullish Hammer Color: Set the color for bullish Hammer candlesticks

Summary

The Hammer Pattern Indicator is a practical pattern recognition tool for beginner to intermediate traders. By detecting and displaying the Hammer and inverted Hammer patterns on the chart, this indicator helps traders easily spot these patterns and make better trade decisions.