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Advanced Hammer & Hanging Man candlestick pattern indicator with alert for NinjaTrader 8

Advanced Hammer & Hanging Man candlestick pattern indicator with alert for NinjaTrader 8
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This indicator will automatically detect Hammer & Hanging Man candlestick pattern.

Hammer and Hanging Man are two candlestick patterns share the same shape of bar. By definition, a hanging man is a bearish reversal pattern and hammer is a bullish reversal candlestick pattern. Both of them have a long lower wick and a short body at the top of the candlestick with little or no upper wick.


The only difference is that the Hammer appears at the bottom and Hanging Man appears at the top of a trend.


This indicator is able to detect both Hammer and Hanging Man.

Features and inputs.
  • Candle Type, this input controls the type of Candlestick, you can choose from: Bearish, Bullish and Any.
    • If you chose Bearish, the indicator will check if the bar is a bearish bar which means Close less than Open.
    • If you chose Bullish, the indicator will check if the bar is a Bullish bar which means Close greater than Open.
    • If you chose Any, the indicator will not check the bar type.
  • Pattern Type, there are 3 options: Top, Bottom and Anywhere.
    • If you chose Top, it's actually the Hanging Man, the indicator will check if the bar has the highest price within the given number of bars from the 'Trend range' input.
    • If you chose Bottom, it's actually the Hammer, the indicator will check if the bar has the lowest price within the given number of bars from the 'Trend range' input.
    • If you chose Anywhere, the indicator will not check the above 2 conditions.
  • Upper Wick, there are 3 options: Yes, No and Both.
    • If you chose Yes, the indicator will check if the bar has Upper Wick. In other words, the pattern bar must have Upper Wick.
    • If you chose No, the indicator will check if the bar doesn't has Upper Wick. In other words, the pattern bar must not have Upper Wick.
    • If you chose Both, the indicator will not check if the bar has Upper Wick.  In other words, the pattern bar can be either with or without the Upper Wick.
  • Lower Wick Multiplier, this input will check if the lower wick is longer than the candlestick body by the times of Multiplier. For example, when using 2, it will check if the lower wick is at least 2 times longer than the candlestick body.
  • Trend range, as mentioned above, it's used to check if the pattern bar has either the highest price within the given number of bars, or has the lowest price within the given number of bars from the 'Trend range' input. This input will not work if Pattern Type=Anywhere.
    • For example, when using Trend range=30 and Pattern Type=Bottom, the indicator will check if the bar has the lowest low  within past 30 bars.
  • Enable HighLight, when enable this input, the indicator will highlight the pattern bar with the HighLight color.
  • Enable Alert, when enable this input, the indicator will send sound alert whenever a patterns is found.
  • Sound Alert File, you can choose any sound file from the list.









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