Question

Answer

Also See: CPR Tour

You could use out built-in Candlestick Pattern Recognition (CPR) indicator. You can add this indicator directly to a chart, or you can access it in the RTL language. For instance, your signal that looked for a Hammer would just be:

CPR = 1

With CPR setup with "Hammer" being the only element on the right. Recommended settings for CPR are:

Long Shadow = 2
Small Shadow = 0.75
Equal Percent = 0.50

I noticed that these settings seem to have been reset to 0.0 in recent installers...so you may want to update those and make them your default (to make existing settings your default settings, just click "Presets: Make Default")

You would do the same thing basically for your "Inverted Hammer" signal.

If that's not sufficient, we could probably work on a signal over which you'd have more control. We'll just need to get a good definition of the characteristics of a hammer (and inverted hammer) and hammer them into a signal...

I came up with a signal you could use that might replicate the Hammer...

((HI - LO) > (0.50 * AVG(HLR, 20))) AND ((SMIN(OP, CL) - LO) >= (2 * ABS(CL - OP))) AND ((HI - SMAX(OP, CL)) <= (0.06 * (HI - LO))) AND (ABS(CL - OP) > (0.10 * (HI - LO)))

But this signal isn't nearly as efficient as CPR...so you'll just have to evaluate which one works best for you... You could tweak this one if you like. You can read about how we came up with this syntax by reading through this chat log:

http://www.linnsoft.com/chat/logs3/support060503.htm
 

Below is a link to the chart definition (Hammer.txt) of the chart above so you can quickly import it (just do a "file: open: file" on this text file from within IRT)...

Hammer Chart Definition

And here is the "Hammer" marker (hammer.bmp) that I used in the chart.

You can put this marker into your system by simply placing it into the "markers" folder within the Investor/RT folder. You might want to put that marker in there before importing the chart so it imports right. You have to restart IRT with that marker in the folder for it to take effect. In the screenshot, the blue markers represent the "CPR = 0" signals.