Hammer & Shooting Star — Strategy by sriniaks
By sriniaks
Performance Metrics
- Author: sriniaks
- Symbol: CME_MINI:NQ1!
- Timeframe: 5 minutes
- Net P&L: +8,865.00 USD (+88.65%)
- Win Rate: 27.6%
- Profit Factor: 1.235
- Max Drawdown: 4,370.00 USD (35.06%)
- Total Trades: 1,236
- Sharpe Ratio: 0.54
Description
Hammer & Shooting Star Strategy for Intraday TradingThis strategy identifies two candlestick patterns commonly used in technical analysis: Hammer Candles (a bullish reversal signal): A hammer candle has a small body at the top with a long lower wick. The strategy goes long on the next bar open when a hammer is detected, with a stop loss at the low of the hammer bar and a target at the high. Shooting Star Candles (a bearish reversal signal): A shooting star candle has a small body at the bottom with a long upper wick. The strategy goes short on the next bar open when a shooting star is detected, with a stop loss at the high of the shooting star bar and a target at the low.