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    cTrader Hammer Candlestick Pattern Detector

    cTrader Hammer Candlestick Patterns

    cTrader Hammer Candlestick Pattern Detector


    14-Day Refund Option (Read Policy)

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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, or Telegram messages. This pattern is one of the most popular technical indicators used in Forex trading. This is for bullish signals only
    (OS) Type: Windows & macOS Compatible
    Current version: 1.2.0
    Updated: Thursday, 16 May 2024

    cTrader Indicator

    Need a cTrader broker?  Open a demo account

    Educational use only: Read our disclaimer

    R184,92 Incl. VAT.
    cTrader License

    2-year license, 1-year free updates




    Full source code - £739.68 Incl. VAT





    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, the 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 traders with an indicator to download we also provide educational material to learn how to trade using Hammer candlesticks.

     

    Telegram Alerts

    When a signal happens for a trend reversal, the indicator will send a Telegram alert directly to your PC or mobile device, this is much faster than email as it is a push notification.

     
     

    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.

     

    Watch a Video Demonstration

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

    Duration: 15 minutes

     

    cTrader Hammer Candlestick Video

     

    How To Install & Remove

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

     

    Any Questions?

    If you have any questions or bugs, please first search our product help forum for the answer, if you cannot find it, post a new question.

     

    Need a Broker

    If you are still looking for a broker you can trust, look at our best cTrader broker site.

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    Disclaimer

    The charting indicators and cBots available on this site are designed for the cTrader Desktop platform. cTrader is a registered trademark of Spotware Systems Ltd. NinjaTrader® is a registered trademark of NinjaTrader Group, LLC. No company within the NinjaTrader Group has any affiliation with the owner, developer, or provider of the products and services described on this site. Furthermore, NinjaTrader Group, LLC does not have any ownership, interest, endorsement, recommendation, or approval of these products or services. This website, along with all products and services provided by ClickAlgo, is intended for informational and educational purposes only. All content is hypothetical, carefully selected after the fact to demonstrate our products, and should not be interpreted as financial advice.


    Risk Warning

    Trading futures and forex involves significant risk and is not suitable for all investors. A trader may lose all or more than their initial investment. Historical performance is not necessarily indicative of future results. Approximately 74-89% of retail investor accounts lose money when trading CFDs. Only risk capital—money that can be lost without affecting one's financial security or lifestyle—should be used for trading. Investors should carefully assess whether they have sufficient risk capital before engaging in trading activities.


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