by 
Mean Reversion Strategy is an overlay strategy that identifies pullbacks using a long-term EMA, RSI, and candlestick patterns. It generates long signals when a bullish engulfing candle forms below the EMA while RSI is oversold, and short signals when a bearish
Strategy · Pine Script v5 · On the chart
Hammers and Stochastic Strategy
Hammers and Stochastic Strategy overlays signals on the price chart by combining candlestick pattern detection with the Stochastic oscillator.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code80
Settings5inputs
LicenceNone stated
Last update7 months ago27 Mar 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Hammers and Stochastic Strategy identifies standard hammer and inverted hammer candles and validates them with Stochastic oversold and overbought threshold filters within a hardcoded date window. Long positions enter when a hammer forms while %K is below the oversold level, exiting when %K reaches overbought. Short positions enter on inverted hammers with %K above overbought, exiting when %K drops below oversold. It supports pyramiding up to 20 orders and lacks a stop loss.
- Hammer and inverted hammer pattern detection
- Stochastic oscillator momentum filter
- JSON formatted execution alerts
- Fixed cash position sizing
- Built-in date range filter
Details
Published by
gabriel-klettur on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Candlestick patterns, Oscillators & momentum, Mean reversion
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy can add several entries in the same direction
- The strategy enters trades without a stop loss
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| K Period | int | 14 | k_period |
| D Period | int | 3 | d_period |
| Smooth K | int | 3 | smooth_k |
| Overbought Level | int | 80 | overbought |
| Oversold Level | int | 20 | oversold |
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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