Blast Off Indicator for ThinkorSwim

@spencepuppy Where did you read that this pattern is "best used after a downtrend"?

This is just merely a candlestick pattern that shows indecision between buyers and sellers. It should be used on the Daily timeframe.
Right, but you would want to see indecision after a downtrend, signaling the possible end of the downtrend and a reversal, no?
 

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@spencepuppy Correct, indecision pattern during a downtrend or uptrend could be a sign of reversal.
Right, so just curious how you’d define a downtrend
I noticed that if you used the momentum study in conjunction with the Blast Off Study, then you could get better sense of which direction the stock was going to move. Follow the direction of the momentum. Rising momentum gave bullish trades and falling momentum gave bearish trades.
what momentum study in particular?

@netarchitech WOW...Once again this is awesome! Thank YOU! You are the BEST! OK I will test it out now to see if everything is the same as compared to the RSI Laguerre version without the blast off candles...Just a quick look at what I've seen so far it is...so it makes me question why even implement the RSI Laguerre settings in the SuperTrend to begin with? Perhaps @BenTen can answer that.
How has this worked for you so far?
 
Is the trigger the percentage less than the range ? By default, the trig is 20. If I changed it to 10 would that mean it only highlights a candle if it closed 10% or less of the range?
 
@spencepuppy

The Thought Process is Simply When (Open - Close) is Less Than 20% Of The Range…Shows Indecision and Breakout is Probable.

Correct. If you edit the input trig = 20;[ICODE] option you're basically changing from 20% to whatever you value you set it to.
 
@spencepuppy I would say so. No idea why 20% was chosen. Larry Williams shared this pattern. You can do more research on it if you like.
 
@spencepuppy Works for me

MhOcxXB.png
 
Hi Ben, Great Study & Scanner. I would like to ask you when is the best time to run the Blast Off Scanner to find out the stocks? I was thinking right before the closing bell. This way, it will be possible to buy the Stock. Just as a note, I run the La Guerre Scanner to find the stocks that are going up and eliminate some of them through Blast Off Scanner. I pick the ones that give the Pink Bar.
 
@pdincer The purpose of this indicator is to help you build a watchlist of potential movers for the next day. Run the scanner at the end of day and set it to the Daily chart.
 
@Extreme Excess There shouldn't be any aqua line. You must have included it it when importing the script.

Look for the following line in your existing script and remove it.

Code:
plot Data = close;
 
@BenTen I couldn't figure out how to get into the code to make change without doing the whole installation process over again. So, I went into Studies/Edit Studies/Selected gear wheel/Plots/Data/ and unclicked plot. And that worked.

Also changed colors on moving average bands to grey from the bright aqua.

Please tell me how to attach a screen shot?
 
Hello Experts,

I am new to this very useful forum.

Can you please suggest how to scan for ready to break out stocks for next day?


Thanks
Madhu
 
@pdincer The purpose of this indicator is to help you build a watchlist of potential movers for the next day. Run the scanner at the end of day and set it to the Daily chart.
Hi Ben, is there any way I can generate this scan let's say around 3:45 ish. (getting the price from the last bar of the 1 min chart or something else )Or do I have to wait for the daily candle to be closed?
 
@humble99 You can scan for this pattern at any time throughout the day. But, you wouldn't know if the pattern remains valid until the last minute when the market closes. If you're okay with taking on that risk, then go for it.
 
Curious if someone would double check my thoughts here. Looking at TAP it has a blast off indicator on the daily at the end of the day. Also, RSI and MACD seem to me that it should be on the uptrend tomorrow. I am still just paper trading, but wanted to know if i am seeing things right.
 

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