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Bullish Red Hammer (Long Trade)

This is a single candlestick pattern. A buy signal is generated when a paper umbrella is seen at the bottom end of the rally.

Do note – a paper umbrella at the bottom end of the rally is considered a ‘Hammer’ while, a paper umbrella at the top end of the rally is considered a ‘Hanging Man’

Buy script

Sell script

Additional notes

The sell script is just a place holder to provide an exit for the long trade. The trader is advised to use a more suitable exit strategy.