Hi Bruce,

I keep scanning the hammer PFC and constantly messses some bars. I had an example yesterday on ACIA. I am not sure if I can load the screeshot here but you can look it up. this is the formula I used.

Do you have any thoughs ?

ABS(C - O) <= .2 * (H - L) AND ABS(O - C) >= .1 * (H - L) AND O - L >= .5 * (H - L) AND C - L >= .5 * (H - L) AND (H - O <= .05 * (H - L) OR H - C <= .05 * (H - L)) AND H - L >= .8 * (AVGH10 - AVGL10) AND H > L

I think you can drop all but this:

ABS(C - O) <= .2 * (H - L) AND ABS(O - C) >= .1 * (H - L) AND O - L >= .5 * (H - L) AND C - L >= .5 * (H - L) 

You will get a few false positives, but I think that's better than missing stocks like ACIA that don't meet the stringent requirements of the original formula.

The formula has a variety of requirements (this is the same list from yesterday minus "The bottom of the candle to be at a 5 period low.").

• The body to be 10-20% of the candle.
• The body to be entirely in the top half of the candle.
• The top of the body to be in the top 5% of the candle.
• The candle to have a range at least 80% of the 10 period average.
• That the candle have a non-zero total range.

The top of the body is not in the top 5% of the candle. If you want to eliminate that requirement you would get the following.

ABS(C - O) <= .2 * (H - L) AND ABS(O - C) >= .1 * (H - L) AND O - L >= .5 * (H - L) AND C - L >= .5 * (H - L) AND H - L >= .8 * (AVGH10 - AVGL10) AND H > L

When formulas are written, it starts with a definition. Then that definition is converted into a formula. So the author of this formula just has a different idea of what is required for a candle to be a hammer than you do (the requirements are stricter).

If you know how you want to define a hammer in an objective way (not a subjective "I know it when I see it type definition"), we can probably help you create a Condition Formula which will find candidates which meet your exact requirements.