Hammer Representation in a Spreadsheet

Discussion in 'Technical Analysis' started by carltonp, Mar 9, 2011.

  1. Hello All,

    Can someone please tell how I might go about writing a formula in Excel that will identify a Hammer on a candlestick?

    I searched the internet and I'm found the following:

    Close <(High – (0.1*(High – Low)))

    However, when I back-test the formula its not a true representation of a Hammer as described by many on this forum and in many books.

    You're help will be greatly appreciated.