Candle Pressure & Response (JMA) evaluates price action dynamics by calculating bidirectional candle pressure, upper and lower wick rejection fractions, body efficiency, and range expansion metrics relative to ATR. Each output series is smoothed using a Jurik
Indicator · Pine Script v5 · Own pane
Hammers & Shooting Stars
This indicator identifies single-bar candlestick patterns, specifically hammer and shooting star formations.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code28
Settings3inputs
LicenceNone statedfile: MPL-2.0
Last update2 years ago3 Oct 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
28 lines of Pine Script v5 from 05. Candlestick Patterns/06. Hammers & Shooting Stars.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This Pine Script™ code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © cmoutafidis
//@version=5
indicator(title="Hammers & Shooting Stars")
// User input
fibLevel = input.float(defval = 0.333)
colorFilter = input.bool(defval = true)
atrFilter = input.float(defval = 0.1)
// Check ATR Filter
atr = ta.atr(14)
candleSize = high - low
atrFilterCheck = candleSize >= atr * atrFilter
fibBull = (low - high) * fibLevel + high
fibBear = (high - low) * fibLevel + low
highestBody = close < open ? open : close
lowestBody = close < open ? close : open
// Determine if we have a hammer or shooting star candle
hammerCandle = lowestBody >= fibBull and (not colorFilter or close > open) and atrFilterCheck
starCandle = highestBody <= fibBear and (not colorFilter or close < open) and atrFilterCheck
plotshape(hammerCandle, style = shape.triangleup, color = color.green, location = location.belowbar)
plotshape(starCandle, style = shape.triangledown, color = color.red, location = location.abovebar)
Overview
Hammers & Shooting Stars uses a configurable Fibonacci threshold to determine if the candle body rests in the upper or lower proportion of the total price range. An Average True Range (ATR) filter ensures that identified candles meet a minimum volatility size requirement, while an optional color filter restricts signals to matching bullish or bearish candle closes. Detected hammer patterns draw green triangles below the bar, while shooting star patterns plot red triangles above the bar.
- Hammer and shooting star pattern detection
- Configurable Fibonacci body threshold
- ATR-based minimum candle size filter
- Optional candle body color filter
- Visual triangle plots for bullish and bearish signals
Details
Published by
fiji-solutions on GitHub
Code credit
cmoutafidis, as written in the script's header
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Candlestick patterns, Volatility & bands
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 |
|---|---|---|---|
| fibLevel | float | 0.333 | fibLevel |
| colorFilter | bool | true | colorFilter |
| atrFilter | float | 0.1 | atrFilter |
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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