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Hanging Man Candlestick
On the TimeToTrade charts, an indicator can be added to detect Hanging Man Candlestick patterns. The indicator can then be used to execute trades, provide an Email or SMS text message notification when your Candlestick chart patterns have been met or backtest trading strategies.
A Hanging Man Candlestick consists of a bullish or bearish candlestick with a small body near the candle high, with a little or no head and a long tail. The tail is typically at least twice as long as the body height. It is considered a bearish pattern when preceded by an upward trend or when the market is over bought or at a point of resistance.
When a Hammer candlestick pattern is identified after a bullish move, it can signal the end of the move and a potential reversal in the price action:
An overview of Candlesticks
A candle represents the changes in price over an interval of time such as 1 day or 1 minute. The main body of the candle illustrates the opening price at the start of the time interval and the price when the market closed at the end of the interval. The head and tail represent the highest and lowest prices during the interval.
The length of the 'Head' is the difference between the highest price during the interval and the greater of the Open or Close price. The length of the 'Tail' is the difference between the lowest price and the difference between lesser of the Open or Close price. The length of the 'Body' if the difference between the Open and Close price. The full length of the candle is referred to as the 'Shadow'.
If the price closed at a price above the opening price, then the candle is referred to as a 'bullish' candle and if the price closed below the opening price, then the candle is referred to as a 'bearish' candle. On the TimeToTrade charts the bullish candles are coloured green and the bearish candles are coloured red as illustrated:
Hanging Man Indicator
The Hanging Man indicator can be displayed on the TimeToTrade charts. It can be used to identify Hanging Man chart patterns, where by the indicator will rise above 0 to 1 when the Hanging Man chart pattern has been identified:
To add the Hanging Man indicator to the TimeToTrade charts, go to the chart settings and click on the 'Add Indicator' button. Click on the search box and type the name of the Candlestick indicator that you are looking for, or for example type 'candle' and scroll through the results:
After adding the Hanging Man indicator, within the chart settings, click on it to set the colour and tolerance:
The tolerance is used to 'soften' the Candlestick rules. For example, if there are two candles in a sequence, and the requirement is for the second candle high and low to be fully engulfed by the body of the first candle, adding a tolerance value, will allow the high or low of the second candle to be outside the body of the first candle, by the specified tolerance amount.
Hanging Man Alerts
Alerts can be set up to provide an Email or SMS text message notification of when your Candlestick chart patterns have been met. The alerts can also be used to backtest trading strategies or execute demo trades. To learn more:
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