All Candlestick Patterns detects and highlights a wide range of bullish, bearish, and neutral candlestick patterns directly on the price chart. It features optional trend filtering using either a 50-period simple moving average or a combination of 50-period an
Indicator · Pine Script v5 · On the chart
Hammer and Hanging Man (Candlestick Pattern)
This indicator marks Hammer and Hanging Man candlestick patterns on the price chart.
GitHub stars3on the repository
Pine versionv5runs as is
Lines of code35
Settings6inputs
LicenceNone statedfile: MPL-2.0
Last update2 years ago9 Aug 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
35 lines of Pine Script v5 from candlesticks/hammer_hanging_man.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © AugustoErni
//@version=5
indicator("Hammer and Hanging Man (Candlestick Pattern)", overlay=true)
import AugustoErni/uptrend_downtrend_loopback_candle_identification_lib/3 as upAndDownTrendsCandleIdentification
hammerHangingManBodySizeThreshold = input.float(defval=0.50, title="Hammer/Hanging Man body size threshold in percentage (0.50 = 50%)", step=0.01)
hammerHangingManLowerShadowMultiplier = input.float(defval=1.8, title="Hammer/Hanging Man lower shadow multiplier", step=0.1)
hammerHangingManUpperShadowThreshold = input.float(defval=0.10, title="Hammer/Hanging Man upper shadow threshold in percentage (0.10 = 10 %)", step=0.01)
lookbackPeriod = input.int(defval=3, title="Lookback Period", minval=1, step=1, tooltip="Loopback period to identify uptrend/downtrend analysis from candles.")
showHammer = input.bool(defval=true, title="Show Hammer", tooltip="Show or hide the Hammer pattern.")
showHangingMan = input.bool(defval=true, title="Show Hanging Man", tooltip="Show or hide the Hanging Man pattern.")
isBullishCandle = close > open
isBearishCandle = open > close
realBody = math.abs(close - open)
upperShadow = high - math.max(close, open)
lowerShadow = math.min(close, open) - low
isSmallRealBody = realBody <= hammerHangingManBodySizeThreshold * (high - low)
isLongLowerShadow = lowerShadow >= hammerHangingManLowerShadowMultiplier * realBody
isShortUpperShadow = upperShadow <= hammerHangingManUpperShadowThreshold * (high - low)
isLookbackDowntrendCandle = upAndDownTrendsCandleIdentification.downtrendLoopbackCandleIdentification(lookbackPeriod)
isLookbackUptrendCandle = upAndDownTrendsCandleIdentification.uptrendLoopbackCandleIdentification(lookbackPeriod)
isHammer = isBullishCandle and isSmallRealBody and isLongLowerShadow and isShortUpperShadow and isLookbackDowntrendCandle
isHangingMan = isBearishCandle and isSmallRealBody and isLongLowerShadow and isShortUpperShadow and isLookbackUptrendCandle
barcolor(isHammer ? color.white : isHangingMan ? color.black : na)
plotshape(isHammer and showHammer, title="Hammer", style=shape.arrowup, location=location.belowbar, color=color.rgb(255, 255, 255), text="Hammer", textcolor=color.green)
plotshape(isHangingMan and showHangingMan, title="Hanging Man", style=shape.arrowdown, location=location.abovebar, color=color.rgb(0, 0, 0), text="Hanging Man", textcolor=color.red)
Overview
A Hammer requires a bullish candle with a small real body, a long lower shadow, and a short upper shadow after a lookback downtrend. A Hanging Man uses the same body and shadow rules on a bearish candle after a lookback uptrend. Inputs set body size, shadow ratios, lookback length, and visibility of each pattern. Matching bars are colored and labeled with arrows. It does not generate entries, exits, or risk management.
- Hammer detection after a lookback downtrend
- Hanging Man detection after a lookback uptrend
- Adjustable body size and shadow thresholds
- Separate visibility toggles for each pattern
- Bar coloring and arrow labels on the chart
Details
Published by
augustoerni on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Candlestick patterns, Trend
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Hammer/Hanging Man body size threshold in percentage (0.50 = 50%) | float | 0.50 | hammerHangingManBodySizeThreshold |
| Hammer/Hanging Man lower shadow multiplier | float | 1.8 | hammerHangingManLowerShadowMultiplier |
| Hammer/Hanging Man upper shadow threshold in percentage (0.10 = 10 %) | float | 0.10 | hammerHangingManUpperShadowThreshold |
| Lookback Period | int | 3 | lookbackPeriod |
| Show Hammer | bool | true | showHammer |
| Show Hanging Man | bool | true | showHangingMan |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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