Forex Hammer Candlestick Trading Strategy
From the Old Kings archive: Forex Hammer Candlestick Trading Strategy, an indicator for MetaTrader 4. Its name points to candlestick patterns. It draws arrows on the chart, can send alerts and marks candlestick patterns. It has 20 settings, for example Show Alert (default true), Pointer Offset (default 9) and High Offset (default 10). Attach it to a chart to see what it draws, then compare it with price on a few timeframes. Inside: 3 indicator files with source code (.mq4) you can open and edit in MetaEditor. Old Kings are classic community tools shared as-is. Not tested by PolyMaria. Try it on a demo account first. Are you the author of this tool? Message us on Telegram (@abumarket_support) and we will credit you or take it down.
Indicator · MT4 · v1.0 · Free
About Forex Hammer Candlestick Trading Strategy
Forex Hammer Candlestick Trading Strategy is an indicator for MetaTrader 4. It draws buy and sell arrows on the chart, can alert you with a pop-up, sound, email or push message and marks candlestick patterns. It has 20 settings, such as Show alert, Pointer offset and High offset. MQL source code included.
Files in the download: Candlestick - Hammer and Shooting Star Signal.mq4, Pivots_Daily.ex4, W1_Pivot.mq4, hammer trading system 15 min.tpl, hammer trading system 4h template.tpl, installation manual.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Show alert | true | Turn this alert on or off |
| Pointer offset | 9 | |
| High offset | 10 | |
| Display shoot star | true | |
| Show shoot star alert | true | Turn this alert on or off |
| Offset shoot star | 12 | |
| Color shoot star | Aqua | Colour on the chart |
| Text shoot star | 8 | |
| Display hammer | true | |
| Show hammer alert | true | Turn this alert on or off |
| Offset hammer | 6 | |
| Color hammer | Aqua | Colour on the chart |
| Text hammer | 8 | |
| Candle wick body percent | 0.90 | |
| Candle length | 12 | |
| Support label color | DodgerBlue | Colour on the chart |
| Resistance label color | Teal | Colour on the chart |
| Pivot label color | Green | Colour on the chart |
| Fontsize | 10 | |
| Label shift | 0 | Bar shift (0 = current bar) |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Buy/Sell Arrows · Alerts · Candlestick Patterns · MT4 Indicator · MQL4 Source Code