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Custom Studies
Name: Hammer
Description:
The Hammer pattern is a reversal pattern during the transition from a bearish trend to a bullish one. The Hammer can be identified by the following three signs: 1. The body is in the lower part of the price range. The color of the body doesn't matter. 2. The lower shadow is twice longer than the body. 3. The candlestick doesn't have an upper shadow and it's very short. The longer is the lower part and the smaller is the body, the greater is the potential of a bullish Hammer.

Syntax:

if c>o and 2*(c-o)<(o-l)and c=h and o\1\<o\2\ and
c\1\<c\2\ and
o<o\1\ and o<o\-1\ then
return true;

if c<o and 2*(o-c)<(c-l)and o=h and o\1\<o\2\ and
c\1\<c\2\ and
o<o\1\ and o<o\-1\ then
return true;

return false;



Download to import into Tradecision.

How to use this custom study in Tradecision:
  1. Click Download.
  2. Save this study in a safe location on your hard drive.
  3. Open Tradecision and in the Tools menu click the Study Builder.
  4. In the Study Builder dialog, click Import, locate the saved file and then click OK. Now you can insert the study directly into a price chart or modify it like any other study.
 
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