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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 .
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.
- 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