OPEN-SOURCE SCRIPT
Weekly Hammer Reversal Scanner V2
## Weekly Hammer Reversal Scanner V2
The **Weekly Hammer Reversal Scanner V2** is designed to identify potential bullish reversal setups based on weekly hammer candlestick patterns combined with additional technical confirmation.
Rather than identifying every candle that technically qualifies as a hammer, the scanner uses multiple filters to help isolate stronger setups.
### What the Scanner Looks For
A qualifying setup can include:
* **Weekly Hammer Pattern** — A small candle body with a lower wick at least 2× the size of the body and a relatively small upper wick.
* **Strong Weekly Close** — The stock must close toward the upper portion of its weekly trading range.
* **Prior Downtrend** — Helps identify hammers occurring after recent selling pressure rather than during an already extended move.
* **20-Week / 50-Week Moving Average Support** — Identifies hammers forming near potentially important longer-term technical levels.
* **Volume Confirmation**
The **Weekly Hammer Reversal Scanner V2** is designed to identify potential bullish reversal setups based on weekly hammer candlestick patterns combined with additional technical confirmation.
Rather than identifying every candle that technically qualifies as a hammer, the scanner uses multiple filters to help isolate stronger setups.
### What the Scanner Looks For
A qualifying setup can include:
* **Weekly Hammer Pattern** — A small candle body with a lower wick at least 2× the size of the body and a relatively small upper wick.
* **Strong Weekly Close** — The stock must close toward the upper portion of its weekly trading range.
* **Prior Downtrend** — Helps identify hammers occurring after recent selling pressure rather than during an already extended move.
* **20-Week / 50-Week Moving Average Support** — Identifies hammers forming near potentially important longer-term technical levels.
* **Volume Confirmation**
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.