Hammer Pattern Indicator for MetaTrader 5 (MT5) — Free Download

The Hammer Pattern Indicator for MT5 is a specialized tool designed to assist traders in identifying Hammer and Inverted Hammer candlestick patterns, which are pivotal in signaling potential trend reversals.

💎free indicator download:
https://cdn.tradingfinder.com/file/102273/hammer-mt5-by-tflab.zip

💎source :
https://tradingfinder.com/products/indicators/mt5/hammer-pattern-free-download/

By highlighting these patterns directly on the chart, the indicator enhances the decision-making process for traders across various markets.​

Overview

🔺Key Features

Visual Pattern Recognition

• Hammer Candlesticks: Displayed in blue, indicating potential bullish reversals.
• Inverted Hammer Candlesticks: Displayed in red, signaling potential bearish reversals.

🔹Moving Average Filters

• Fast Moving Average: Period set to 5.
• Slow Moving Average: Period set to 20.
• These filters aid in identifying strong candlestick patterns with a higher probability of trend reversals.​

Pattern Identification Examples

Hammer Pattern

• Example: 15-minute Gold (XAUUSD) chart.
• Description: The indicator detects Hammer candlesticks and marks them on the chart, assisting traders in spotting potential bullish reversals.

📊Inverted Hammer Pattern

• Example: 30-minute NZD/CAD chart.
• Description: The indicator identifies Inverted Hammer candlesticks at the end of uptrends, marking them in red to signal potential bearish reversals.​

Customizable Settings

• Shadow/Body Ratio: Adjust the ratio of the shadow to the candle body to refine pattern detection.
• Long Shadow/Small Shadow Ratio: Set the ratio between long and small shadows for precise pattern identification.
• Fast MA Period: Configure the period for the fast-moving average (default is 5).
• Slow MA Period: Configure the period for the slow-moving average (default is 20).
• Bearish Hammer Color: Customize the color for bearish Hammer candlesticks.
• Bullish Hammer Color: Customize the color for bullish Hammer candlesticks.​

🔍Summary

The Hammer Pattern Indicator is an effective tool for traders aiming to identify potential trend reversals through Hammer and Inverted Hammer candlestick patterns. Its integration of visual cues and moving average filters makes it suitable for various trading styles and markets.​

FAQS

❓ What does the Hammer Pattern Indicator do?
It detects Hammer and Inverted Hammer candlestick patterns on MT5 charts.

❓ Is this indicator free?

Yes, it’s available for free download on the Trading Finder website.

❓ Can I use it on any asset?

Yes, it works on Forex, crypto, stocks, indices, and commodities.

❓ Does it repaint signals?

No, the indicator does not repaint once a candle closes.

❓ Is it beginner-friendly?

Yes, it’s easy to use with simple settings and visual signals.