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Phil,
Here is a similar study I call a two day Hammer. It is written for
Metastock. The first day is a close near the low, the second day is a close
near the high. It also specifies an increase in Average True Range. Good
hammer days seem to be high volatility days too.
You can further refine by requiring the low of the second day to be a multi
day low.
Ref((C-L)/(H-L),-1)<=.30 AND
((C-L)/(H-L)) >= .70 AND
Ref(ATR(1),-1) >ATR(10) AND
ATR(1) >= ATR(10)
RayF
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