Thanks for your larger explanation, Peter, but it didn't really address my 3 questions :-(
My TF+ code included Morris's criteria that the hammer's lower shadow be > 2x the body -- too messy in QP so used a variation of Monty's below.
Morris tested various TA candle filters and recommended using stoc [or RSI] levels; I tested and settled on Stoc(15,3) <20 [and >80 for bearish-reversal patterns].
Have you found MACD(12,26) <= 0 in combination with a 26-day ema that has monotonically decreased for the last 30 days tests well?
Bob
---
exchange = nyse, amex, nasdaq;
//input = "100k.lst";
output = "hammer bob.lst";
float maxPr, minPr, top;
minPr := 5; maxPr := 20; top := .67;
integer tbar;
tbar := -20;
//float temp, last;
DaysToLoad = 100 -tbar;
set Stochastic = 15,3,3;
printhdrln " Symbol,Stoch%D,MACD,tbar,date";
if close(tbar) <= maxPr and close(tbar) >= minPr then
if StochasticPctD(tbar) < 20 then
if open(tbar) >= high(tbar) - top*range(tbar)
and close(tbar) >= high(tbar) - top*range(tbar)
and range(tbar)> 0 and open(tbar) != close(tbar) then
println symbol,",",StochasticPctD(tbar):4:3,",",
MACD(tbar),",",tbar,",",date(tbar);
endif; endif; endif;
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