Conditions of a Perfect Hammer: . Body height must be short. . The total height of the candle must be taller than the Daily ATR-264. The taller the candle is, the stronger the Hammer is. . The lower shadow’s length should be very tall. It is better to be over 75 percent of the Daily ATR-264. . The upper shadow does not exist, or if it does, it is very small. It shouldn't be more than 25 percent of the Daily ATR-264. . The hammer that has an ascending body is stronger than the one which has a descending body.
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Price Action Lesson 1: Hammer
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Price Action Lesson 3: Hammer, The first sign of the beginning Ascending wave
@mir-igor, You can add it to your chart of any platform, it's a built-in indicator of all popular platforms, even in TradingView: just select "Average True Range" from "Indicators>Technical Analysis>Built-ins", then go to "Format" and in the "Inputs" tab set the "Length" to 264 and "Smoothing" to "SMA".
buubuujak
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@ForecastCity, I just added the indicator and changed to "264" and " smoothing", but i still didnt get what do you mean " taller than the ATR" the ATR appears as a wave,not a candle. How do i know its "taller" or not.
Thank you for your help! i think this strategy really helps!
buubuujak
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@ForecastCity, I have it under my chart price instead of ontop of the chart price, maybe thats why? How do i change it if that is the problem? Thank you