Hammer candlestick

//version=5
indicator("Hammer Alert", overlay=true)

// Hammer Candlestick Definition (basic)
isHammer = close > open and
((high - low) > 3 * (close - open)) and
((close - low) / (0.001 + high - low) > 0.6) and
((open - low) / (0.001 + high - low) > 0.6)

// Plot Hammer Pattern on Chart
plotshape(isHammer, style=shape.labelup, location=location.belowbar, color=color.green, size=size.small, text="Hammer")

// Alert Condition
alertcondition(isHammer, title="Hammer Detected", message="Hammer candlestick pattern detected!")