Thank you for clearing that up Bruce!!!

Bruce,

I had a thought.  Is there anyway to highlight on the chart itself with a condition that a hammer is indeed a hammer?  For example, like a little dot right below a hammer when it appears kind of like an indicator?  That way, I could just have that as an overlap on my chart to begin with.  Just throwing an idea out there.  Let me know what you think.  Have a nice night.  Thank you.

Justin.

Thank you Bruce:   I am a bit confused by all of the formulas given.  Let me know if this makes sense.  If I create a Condition based on the 4th formula above H - C < (H - L) / 3 AND H - O < (H - L) / 3 and set the period to "8" in the time frame drop down section, then I will be able to scan my watchlists for hammers with lower shadows 2x the height of the real body in the past 8 days???

Thank you, Justin.

Hello,

Happy Holidays.  I wanted to create an easy scan for hammers with a lookback period of 8 days.  Specifically, I want to be able to scan (for example the S&P 500 or any other watch list) for hammers that appeared on the chart within the past 8 sessions.

This is the formula I found for hammer scanning in one of the other discussions and had some questions.

(H-L)>(3*abs(O-C))AND((C-L)/(.001+(H-L))>0.8)AND(O-L)/((.001+(H-L))>0.8)
*Sort in ascending order*

Criteria I would like:

1. Market in a down trend (not as important as I can determine that from the chart myself, but if needed say 3-5 days.

2. Small real body at or near the top of the range.

3. Lower shadow atleast 2x height of the real body***This is extremely important to me and wanted to see if the formula above achieves this?

Overall, I want to scan for hammers with a look back period and cannot figure out a way to achieve this.  Can you help me???

Thanks.

Justin

Thank you Bruce!  I did not know that Open Interest could not be included in custom indicators.  I was trying to search for a solution all day yesterday on the forums.  I have a couple of other questions concerning setting up Easy Scans, but I will post those later this morning b/c I want to be sure I have everything I want to set up first.  Thank you again for your time and help.

Justin

Thanks again for all your help.

Justin

Hello Worden Trainer,

I hope that you are doing well.  I wanted to see if you could help me create a couple indicator formulas that I used with my last charting software.   I am going to write them out with the formulas from the other software so I hope that it makes some sense.  If not, I will work with you to try and figure it out.  Thank you for your help!

1. MovAvg (Open - Close, bars used in Avg) / MovAvg (Range, bars used in Avg) * 50+50

    The Bars used in the Average would be "6"  

2. CumulativeSum (Open Interest * (Close - Close .1) / (True High - True Low)) + OBV

     The .1 is yesterdays close like worden has in their formulas.

3. MovAvg (Abs (Close - Open), X Days) / MovAvg ((True High - True Low), X Days) * 100

    "X" would equal 1 for this formula

4. Swing Point (Strength, Swing Point Method, Alt Mode): The settings for these would be Swing Point (1,0,2)

     For identifying swing points on the chart, I would like to have lines (or just dots) connecting swing point highs from swing point lows.  The criteria I have for a swing high is any bar that has lower highs on each side.  For a swing low, just the opposite, any bar that has higher lows on each side.