Hammer Pattern Indicator Download for MT4 - Free - [Trading Search] | Forex Indicator Download - MetaTrader 4 Resources

The Hammer Pattern indicator is a practical tool for traders to identify market patterns on Hammer price charts Technical analysis . The Hammer Candlestick Indicator in MetaTrader 4 (MT4) detects hammer patterns and marks price reversal points.

It highlights these points by drawing a blue rectangle for the hammer pattern and a red rectangle for the inverted hammer pattern, helping traders to identify them easily.

Hammer indicator table

Hammer pattern recognition

In the daily WTI Oil chart, the Hammer Pattern indicator detects the Hammer pattern with a blue rectangle on the price chart. This visual aid helps traders easily identify the pattern and predict potential trend reversals in the market.

inverted hammer pattern

In the 4-hour GBP/USD chart, during an uptrend, the Hammer Pattern indicator detects an inverted hammer pattern and highlights it by drawing a red rectangle on the chart. This helps traders identify potential reversal points and plan trades accordingly.

Hammer indicator settings

• Shadow/Body: Ratio of shadow to candle body
• Long Shadow/Small Shadow: Ratio of long shadow to small shadow
• Fast MA Period: fast moving average period
• Slow MA Period: Slow moving average period
• Bearish Hammer Color: The Color of a Bearish Hammer Candlestick
• Bullish Hammer Color: The color of the bullish hammer candle

Conclusion

The Hammer Pattern Indicator is a tool designed for beginner to intermediate traders to detect classic and chart pattern indicators . By identifying Hammer and Inverted Hammer patterns and displaying them on the chart, this trading tool helps traders gain more information to make decisions by highlighting potential reversal points in the market.