Hammer Pivot

Purpose of the Indicator

This indicator is designed to identify special “pivot” candles on a price chart based on the ratio of the candle’s body and wicks. It highlights potential reversal or continuation points by drawing key high/low levels and optionally candle shapes.

It’s particularly useful for:

Spotting bullish and bearish signals.

Detecting hammer and inverted hammer type candles.

Creating visual support/resistance levels.


Use Cases

Support & Resistance Levels: The high/low lines of pivot candles often act as short-term levels.

Trend Reversal Detection: A bullish pivot may signal the start of an uptrend; a bearish pivot may signal the start of a downtrend.

Confirmation for Entries: Combine with other indicators or price action for trade entries.

Chart Clarity: Option to show/hide past pivots so charts don’t get cluttered.