Hammer Shooting Star

Hammer Shooting Star

Hammer Shooting Star v1.1 – Advanced Candlestick Pattern Scanner

Author: LIANG1990

Are you searching for a reliable tool to identify market reversals with precision?
Hammer Shooting Star v1.1 is a professional MT4 indicator designed to scan and detect high-quality Hammer and Shooting Star candlestick formations.

Unlike basic pattern indicators, this tool applies multiple built-in filters (shape, size, trend alignment, and contextual conditions) to reduce false signals and highlight only the clearest patterns.

? Key Features

• Detects Hammer and Shooting Star reversal candlesticks.

• Strict size & shape recognition – no “loose” or inaccurate patterns.

• Enhanced with additional technical filters to improve accuracy (details proprietary).

• Multi-timeframe scanning: optimized for M15, M30, H1, H4.

• Real-time alerts via:

  • Popup notifications

  • Sound alerts

  • Email notifications

  • Push alerts to mobile devices

• Works across Forex, Indices, Commodities, Metals, and Crypto.

? Recommended Usage

• Best suited for M15, M30, H1, H4 timeframes.

• Each chart instance scans one timeframe only (ensures accuracy).

• For monitoring multiple timeframes (e.g., M15 + M30 + H1 + H4), open separate MT4 charts for the same symbol and attach the indicator individually. This way, you can scan several timeframes in parallel according to your trading preferences.

  ? Tip: For better workflow, some traders prefer installing a second MT4 terminal dedicated to scanning only.

  * **Scanning MT4:** Open multiple charts (M15, M30, H1, H4) with the indicator running.

  * **Trading MT4:** Keep your primary MT4 clean for placing trades and managing positions.

• Not recommended for M1/M5 (too much noise).

• D1, Monthly, Yearly may not display correctly.

• For best performance, use on **24-hour markets** (e.g., Forex, Crypto) or instruments with long trading sessions (e.g., Gold, Major Indices).  

• Avoid days following **market holidays**, since the calculation relies on the previous D1 candle. Incomplete daily candles from holiday sessions may reduce accuracy. 

? Personal Trading Tips (Optional)

• For improved reliability, consider combining this indicator with:

  • Classic Pivot Points (to locate potential reversal zones).

  • Volume indicators (to confirm market participation).

  • Support/Resistance tools of your choice (to filter out weak signals).

  • For higher accuracy, focus on instruments with continuous 24-hour trading (Forex, Crypto) or long-session markets (Gold, Major Indices).  

  • If the previous day was a market holiday, signals on the next day may be less reliable.

  • Always confirm signals with your own analysis (volume, pivot points, support/resistance).

• This way, Hammer/Shooting Star signals can become part of a more complete strategy.

? Why Choose This Indicator?

• Professional-grade pattern detection, not just simple candle matching.

• Built-in contextual filters help reduce false alerts.

• Lightweight and fast execution in MT4.

• Comprehensive alert system keeps you updated anytime.

⚠️ Disclaimer

This indicator is a technical analysis tool and does not guarantee profitability.
Always test on demo before using on live accounts. Use at your own risk.

❓ FAQ

Q: Does this indicator use volume analysis?
A: No. Volume confirmation is left to the trader.

Q: How many devices can I activate it on?
A: Each purchase includes 5 activations (standard in MQL5 Market).

Q: Can I use it with other strategies?
A: Yes! It is recommended to combine with pivot points, volume, or support/resistance indicators.