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The Hammer candlestick pattern detecting software will automatically identify a bullish price reversal trade setup using price action and will inform the trader via a pop-up window, email, telegram bot or SMS text message. This pattern is one of the most popular technical indicators used in Forex trading. This is for bullish signals only
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In a nutshell, this hammer candlestick pattern detector indicator will inform the trader via various messaging options after the candle has formed, please note that this indicator is to be used to identify long trades only on price reversals and it will not provide signals for short trades.
cTrader Hammer Time

What Is The Hammer Candlestick Pattern?

The Hammer is a bullish reversal pattern that forms after a decline in price after a bear run. Hammers can also mark bottoms or support levels if you identify a hammer pattern while using the cTrader Support & Resistance Tool you will have a higher probability of success. 
 
The low of the long lower shadow denotes that the sellers have driven the prices down during the session and a strong strong finish will indicate that the buyer has regained control towards the end of the session. Alone this is not a strong enough indication to enter a trade, the hammer candle will require additional bullish confirmation, the trader will need to analyse the surrounding candles, volume traded as well as confirm strong support & resistance levels.
 
cTrader Hammer Pattern

 

How This Software Detects Price Reversal Patterns

 As well as detecting 4 different types of hammer candlestick formations, it also has an input parameter that the trader can modify for the number of the previous bearish candlestick, the trade setup shown above has 3 bearish candles followed by a strong hammer candlestick.

 

Types of Hammer Candles Identified

There are 4 different types of hammer candlesticks that are identified using this software.

 

cTrader Hammer Candle

Strong Hammer

A strong hammer candle has a bullish body with a long shadow below.

Weak Hammer

A weak hammer candle has a bearish body with a long shadow below.

 

 cTrader Inverted Hammer Pattern

Strong Inverted Hammer

A strong inverted hammer candle has a bullish body with a long shadow above.

Weak Inverted Hammer

A weak inverted hammer candle has a bearish body with a long shadow above.

 

 Example Trade Setup Using A Hammer

The image below shows a typical trade setup using the hammer candlestick.

 

cTrader Hammer Pattern Trade Setup
 

Additional Integrated EMA Indicator

Integrated into this indicator is an exponential moving average which will help filter out false signals.

 

Learn How To Trade Using Hammer's

We do not just provide trader's with an indicator to download we also provide educational material to learn how to trade using Hammer candlesticks.

Learn Candlestick Patterns

How to Trade Using Hammer Candlestick Patterns

 

What Kind of Alerts Are There?

 This indicator has 4 different types of alerts to help the trader which is a simple pop-up message on your desktop to an Email, Telegram Bot and SMS text message. The last two provide instant messages so you get informed within seconds of the candle forming.

 

 cTrader Pin Bar Instant Alerts

 

 HOW TO CONFIGURE AND SET-UP YOUR ALERTS

We provide full support and educational material to help you set-up your email, telegram bot and SMS text message accounts so you can start receiving your alerts as soon as possible. There is also a free tool you can use to test that your settings are correct and to help you if you need it.

 

POP-UP WINDOW MESSAGE

This indicator will also display the classic pop-up window when an alert occurs.

cTrader Hammer Candlestick Alerts

 

How To Use The Input Parameters

Your adjustable parameters are all explained in a PDF document which can be viewed below.

download pin bar documentation

 Download Your Parameter Instruction Manual

 

 Your Adjustable Input Parameters

All your adjustable parameters are shown below.

cTrader Hammer Pattern Software Input Parameters

 

Watch a Video Demonstration

The video has been uploaded to 1080p High Quality, so do not forget to set your U-Tube video quality to 1080p HD. 

Duration: 15 minutes

 

How To Install

First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install onto the platform.

~ Add the indicator to any chart to register ~

 

ClickAlgo Product Helpdesk

If you cannot find the help you need on the product support page then submit a support ticket.

In a nutshell, this hammer candlestick pattern detector indicator will inform the trader via various messaging options after the candle has formed, please note that this indicator is to be used to identify long trades only on price reversals and it will not provide signals for short trades.
cTrader Hammer Time

What Is The Hammer Candlestick Pattern?

The Hammer is a bullish reversal pattern that forms after a decline in price after a bear run. Hammers can also mark bottoms or support levels if you identify a hammer pattern while using the cTrader Support & Resistance Tool you will have a higher probability of success. 
 
The low of the long lower shadow denotes that the sellers have driven the prices down during the session and a strong strong finish will indicate that the buyer has regained control towards the end of the session. Alone this is not a strong enough indication to enter a trade, the hammer candle will require additional bullish confirmation, the trader will need to analyse the surrounding candles, volume traded as well as confirm strong support & resistance levels.
 
cTrader Hammer Pattern

 

How This Software Detects Price Reversal Patterns

 As well as detecting 4 different types of hammer candlestick formations, it also has an input parameter that the trader can modify for the number of the previous bearish candlestick, the trade setup shown above has 3 bearish candles followed by a strong hammer candlestick.

 

Types of Hammer Candles Identified

There are 4 different types of hammer candlesticks that are identified using this software.

 

cTrader Hammer Candle

Strong Hammer

A strong hammer candle has a bullish body with a long shadow below.

Weak Hammer

A weak hammer candle has a bearish body with a long shadow below.

 

 cTrader Inverted Hammer Pattern

Strong Inverted Hammer

A strong inverted hammer candle has a bullish body with a long shadow above.

Weak Inverted Hammer

A weak inverted hammer candle has a bearish body with a long shadow above.

 

 Example Trade Setup Using A Hammer

The image below shows a typical trade setup using the hammer candlestick.

 

cTrader Hammer Pattern Trade Setup
 

Additional Integrated EMA Indicator

Integrated into this indicator is an exponential moving average which will help filter out false signals.

 

Learn How To Trade Using Hammer's

We do not just provide trader's with an indicator to download we also provide educational material to learn how to trade using Hammer candlesticks.

Learn Candlestick Patterns

How to Trade Using Hammer Candlestick Patterns

 

What Kind of Alerts Are There?

 This indicator has 4 different types of alerts to help the trader which is a simple pop-up message on your desktop to an Email, Telegram Bot and SMS text message. The last two provide instant messages so you get informed within seconds of the candle forming.

 

 cTrader Pin Bar Instant Alerts

 

 HOW TO CONFIGURE AND SET-UP YOUR ALERTS

We provide full support and educational material to help you set-up your email, telegram bot and SMS text message accounts so you can start receiving your alerts as soon as possible. There is also a free tool you can use to test that your settings are correct and to help you if you need it.

 

POP-UP WINDOW MESSAGE

This indicator will also display the classic pop-up window when an alert occurs.

cTrader Hammer Candlestick Alerts

 

How To Use The Input Parameters

Your adjustable parameters are all explained in a PDF document which can be viewed below.

download pin bar documentation

 Download Your Parameter Instruction Manual

 

 Your Adjustable Input Parameters

All your adjustable parameters are shown below.

cTrader Hammer Pattern Software Input Parameters

 

Watch a Video Demonstration

The video has been uploaded to 1080p High Quality, so do not forget to set your U-Tube video quality to 1080p HD. 

Duration: 15 minutes

 

How To Install

First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install onto the platform.

~ Add the indicator to any chart to register ~

 

ClickAlgo Product Helpdesk

If you cannot find the help you need on the product support page then submit a support ticket.

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