The more the alloy ingredients, the less the hamon. Manganese especially decreases/stops hamon formation, because it deepens /increases hardening.
Steels with low alloy and low Mn will develop the best hamons. W2, W1, 1095,Hitachi white paper, and any modified steel type with low Mn will do great. The benchmark is tamahagane steel, which is made with iron sand/magnetite and charcoal...nothing more. It is as pure a carbon steel as there is. 1% C and 99% Fe ( or such).
When steel hardens, the rate is determined by the hardenability of the steel. Some steels, like 1095, have such a low hardenability, that the pearlite nose is off the left side of the chart. This allows for structures that blend borders between pearlite and martensite. I am one of the few folks who still remembers this blend as being called Troosite. The junction of the pearlite and martensite allow crystals of both structures to meld. This creates a hazy area of hard martensite crystals in a soft pearlite matrix. Additionally, if the steel has low enough hardenability, small islands or individual flecks of martensite can appear at various places in the pearlite spine. This all creates the nie and nioi in a first class hamon.
If the steel fully hardens, through and through, there will be no hamon. Many people confuse a quench line or a temper line with a hamon...but they are entirely different things. The best way to compare them is to compare damascene finished blades with damascus steel. Both have a shimmery surface, but the shimmer is created entirely differently. One is only skin deep.