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The Hammer Pattern indicator is designed to help traders detect Hammer candlestick patterns on the MetaTrader 5 platform . The Hammer indicator highlights Hammer Candlestick blue and Inverted Hammer Candlestick red on the chart, making it easier for traders to spot these patterns.

Additionally, the indicator uses two moving averages with periods of 5 and 20 to create a filter for identifying strong candlesticks on the chart with high trend reversal potential.

Hammer indicator table

Hammer pattern recognition

The Hammer Pattern indicator detects hammer candlesticks on 1-hour Bitcoin charts and marks them on the chart, helping traders easily identify these patterns and stay informed of potential trend reversals in the market.

inverted hammer pattern

In the 30-minute NZD/CAD chart, at the end of an uptrend, the Hammer Pattern indicator detects an inverted hammer candlestick and displays it in red . Traders can use these patterns to inform them of potential trend reversals at the end of an uptrend.

Hammer indicator settings

• Shadow/Body: Set the ratio of shadow to candle body
• Long Shadow/Small Shadow: Set the ratio of long shadow to small shadow
• Fast MA Period: Set the fast moving average period
• Slow MA Period: Set the slow moving average period
• Bearish Hammer Color: Set the color of the Bearish Hammer candlestick
• Bullish Hammer Color: Set the color of the bullish hammer candlestick

Conclusion

The Hammer Pattern Indicator is a practical pattern recognition tool for beginner to intermediate traders. By detecting and displaying Hammer and Inverted Hammer patterns on charts, this chart and classic patterns help traders easily identify these patterns and make more informed trade decisions.