custom hammer and inverted hammer
Info
The custom hammer and inverted hammer is a Indicator for MetaTrader 5 that this indicator has an input field multiplication factor, where user can input any value to detect custom hammer or inverted hammerit will plot specified color from inputexample : if multiplication factor is 1. 25 then it will look for any hammer where shadow of a hammer is minimum 1.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use custom hammer and inverted hammer
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
this indicator has an input field multiplication factor, where user can input any value to detect custom hammer or inverted hammerit will plot specified color from inputexample : if multiplication factor is 1.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: custom macd indicator for metatrader 4/5 - another powerful indicator for MetaTrader 5 traders.
this indicator has an input field multiplication factor, where user can input any value to detect custom hammer or inverted hammer
Also recommended: macd indicator with custom timeframe - similar indicator with strong performance on MetaTrader 5.
it will plot specified color from inputexample : if multiplication factor is 1.25 then it will look for any hammer where shadow of a hammer is minimum 1.25x of body and vice versa for inverted hammer.
Source Code
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_plots 1
#property indicator_label1 "Open;High;Low;Close"
#property indicator_type1 DRAW_COLOR_CANDLES
#property indicator_width1 1
input color clr_Green=C'12,229,193';.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.