Hammer Detector

### Hammer Pattern Detector

The Hammer Pattern Detector is a specialized technical analysis tool designed to identify high-probability hammer candlestick patterns. This indicator uses precise mathematical calculations to detect hammer patterns that meet specific criteria, helping traders identify potential market reversals.

#### Key Features
- Precise detection of hammer patterns based on shadow-to-body ratios
- Customizable parameters for fine-tuning pattern recognition
- Visual alerts with markers above qualifying candles
- Built-in alert functionality for real-time notifications

#### Parameters
1. **Shadow Length Multiplier (min)**: Controls how many times longer the lower shadow must be compared to the candle body (default: 2.0)
2. **Maximum Upper Shadow (%)**: Sets the maximum allowed length for the upper shadow as a percentage of total candle length (default: 10%)
3. **Minimum Body to High Distance (%)**: Defines how close the body must be to the high of the candle (default: 90%)

#### Detection Criteria
The indicator identifies hammer patterns based on three main conditions:
- Lower shadow must be at least twice the length of the body (adjustable)
- Upper shadow must be minimal (max 10% of total candle length by default)
- Candle body must be positioned near the high of the candle

#### Use Cases
- Identifying potential trend reversals
- Finding entry points in oversold conditions
- Confirming support levels
- Part of a broader reversal strategy

#### Tips for Best Results
- Use in conjunction with support/resistance levels
- Combine with volume analysis for confirmation
- Consider overall market context and trend
- Adjust parameters based on your trading timeframe

#### Installation
1. Add the indicator to your chart
2. Adjust the parameters according to your trading style
3. Optional: Set up alerts for real-time notifications

#### About
Created by WK
Version: 1.0
All rights reserved ©WK

For questions or suggestions, please reach out through TradingView.