Hammer Candlesticks Ninja Trader Addon
Hammer Candlesticks Ninja Trader Addon
A simple script that changes the colour of the candle if the wick is larger than the candle snippet by WeyldFalcon .
HammerCandlesticks
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This script colours ‘Hammer/Inverted Hammer’ Bars based on percentage ratio Wicks/(High-Low).
In addition, one can play sounds attached to the signal bars.
Both Bar Color and Sound signals can be switched on/off by users in the indicator properties windows.
KEY TAKEAWAYS
Hammer candlesticks typically occur after a price decline. They have a small real body and a long lower shadow.
The hammer candlestick occurs when sellers enter the market during a price decline. By the time of market close, buyers absorb selling pressure and push the market price near the opening price.
The close can be above or below the opening price, although the close should be near the open for the real body of the candlestick to remain small.
The lower shadow should be at least two times the height of the real body.
Hammer candlesticks indicate a potential price reversal to the upside. The price must start moving up following the hammer; this is called confirmation.
More about candlestick here
