CSPHammer: Hammer Candlestick Pattern
In candlesticks: Candlestick Pattern Recognition

Description Usage Arguments Details Value Note Author(s) References See Also Examples

Look for Hammer Pattern in a OHLC price series

1	CSPHammer(TS, minlowershadowCL=2/3, maxuppershadowCL=.1, minbodyCL=.1)

`TS`	xts Time Series containing Open, High, Low and Close Prices
`minlowershadowCL`	minimum lower shadow to candle length ratio
`maxuppershadowCL`	maximum tolerated upper shadow to candle length ratio
`minbodyCL`	minimum body to candle length ratio

Number of candle lines: 1

The hammer is a one-day formation. This patter is expected to be a early sign for the reversal of a downtrend into an uptrend. It has got a long lower shadow, a small body at the top of the candle, and no or only a very short upper shadow. The color of the body is not important.

A xts object containing the column:

Hammer

TRUE if hammer pattern detected

The function filters candles that look like hammers, without considering the current trend direction. If only hammer patterns in a downtrend should be filtered, a external trend detection function must be used. See examples.

Andreas Voellenklee

The following site(s) were used to code/document this candlestick pattern:
http://www.candlesticker.com/Cs18.asp

CSPDoji TrendDetectionChannel TrendDetectionSMA

## Not run: 
  getSymbols('YHOO',adjust=TRUE)
  
  # filter for hammer patterns
  CSPHammer(YHOO)
  
  # filter for hammer patterns that occur in downtrends
  CSPHammer(YHOO) & TrendDetectionChannel(YHOO)[,"DownTrend"]

## End(Not run)