Hammer and Hanging Man Pattern Candle Indicator MT4

Hammer and Hanging Man Pattern Indicator off chart MT4

Summary

The Hammer and Hanging Man indicator is a candle pattern indicator that draws a signal on the chart whenever a matching candle pattern is formed. The indicator criteria are:

1. Upper shadow <= 10% of the real body, Lower shadow >= 60% of the real body.

2. Candle can be green or red.

The signal is shown on the chart by a blue circle below the candle. Indicator includes alert notifications.

Key Benefits

Candle patterns are some of the most commonly used technical analysis tools. This indicator allows you to quickly identify the Hammer and Hanging Man Pattern either on the chart or in a separate window.

This will help you to scan the markets to analyse this signal against your trading strategy or to assist you in your trade management decisions.

 

For full indicator details and inputs visit the indicator page HERE

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