Quicktip 59 | Daily hammer on intraday chart

Quicktip 59 is designed to be applied to intraday charts. It calculates whether the currently forming daily bar (or completed daily bars) is a hammer or inverse hammer pattern in its current state of development (i.e. if you took a snapshot of the daily bar (so far) is it a hammer or inverse hammer pattern?Show more

The quick tip is based on program 54 which is a strategy that uses hammer and inverse hammer patterns in its algorithm.

Quick tip 59 uses the OpenD( 0 ), HighD( 0 ), and LowD( 0 ) functions which provide the open, high and low of the current day.

This quick tip also gives an example of the use of the _Quicktip59_FN function. The function returns -1 for an inverse hammer pattern and returns + 1 for a hammer pattern.

See https://markplex.com/free-tutorials/tradestation-easylanguage-quicktips/quicktip-59-daily-hammer-on-intraday-chart/