Inverted Hammer

inverted_hammer

Function Name: inverted_hammer

Tags: None

Category: Candlestick, Pattern

The Inverted Hammer indicates that the prior downtrend is about to end and may reverse to an uptrend or move sideways. This pattern is an indication of a financial instrument's short-term outlook. The Inverted Hammer forms when the Upper Shadow is longer than the Real Body and the Lower Shadow is small or non-existent. The Inverted Hammer is the same as a Shooting Star, but the Inverted Hammer only appears at the end of a downtrend.

Recognition criteria:

1. Market is in a downtrend.

2. The first day of the pattern is a black candlestick formed at the lower end of the trading range.

3. The second day of the pattern is a small real body and is formed at the lower end of the trading range.

 

4. Upper shadow of the second candlestick should be at least twice as long as its real body.

5. Lower shadow of the second candlestick is small or non-existent.

 

Parameters:

AvgBodyHeightPeriod: The number of body heights that are averaged to form the body length baseline.

LongBodyRelativeThresh: Baseline multiple used to form the threshold for long body of the first candlestick.

SmallBodyRelativeThresh: Baseline multiple used to form the threshold for short body if the second candlestick.

UpperShadowMinRelativeSize: Minimum size of the second candlestick's upper shadow relative to its real body.

LowerShadowMaxRelativeSize: Maximum size of the second candlestick's lower shadow relative to its real body.

ShowTraderBar, ShowTraderMark: Display control flags.

 

Link: http://www.candlesticker.com/Cs30.asp

 

Parameters

AvgBodyHeightPeriod

 

Default Value: 14  |  Minimum: 1  |  Maximum: 999

 

Type: Numeric

LongBodyRelativeThresh

 

Default Value: 1  |  Minimum: 0  |  Maximum: 100

 

Type: Numeric

SmallBodyRelativeThresh

 

Default Value: 0.5  |  Minimum: 0  |  Maximum: 1

 

Type: Numeric

UpperShadowMinRelativeSize

 

Default Value: 2  |  Minimum: 2  |  Maximum: 100

 

Type: Numeric

LowerShadowMaxRelativeSize

 

Default Value: 0.20000000000000001  |  Minimum: 0  |  Maximum: 1

 

Type: Numeric

ShowTraderBar

 

Default Value: -1

 

Type: Boolean

ShowTraderMark

 

Default Value: -1

 

Type: Boolean