Blast Off Indicator for ThinkorSwim

BenTen

Administrative
Staff member
Staff
VIP
Description of Indicator:
  • This measures the day's open / close vs then high lows of the day (range)
  • When the open /close is less than 20% of the range, then it's likely that the following day will have a big jump.
  • The Thought Process is Simply When (Open - Close) is Less Than 20% Of The Range…Shows Indecision and Breakout is Probable.
  • Which way? Use whatever indicator you want to figure out if the market is oversold or overbought.

You should use this indicator on the daily chart. A pink candle represent a "blast off" candle. Expect a big move the next day. For day traders, you can also use this on the lower timeframes to look for indecision candles.

vg6xDDS.png


thinkScript Code

Code:
# Blast Off Indicator
# Should use on the Daily chart
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/V9Mi6eOO-CM-Blast-Off-V1-Alerts-Ready/

input trig = 20;
input paintbar = yes;

def val = absValue(close - open);
def range = high - low;
def blastOffVal = (val / range) * 100;
def trigger = trig;
def alert1 = blastOffVal < trig;
def col = blastOffVal < trig;

assignPriceColor(if paintbar and blastOffVal<trig then Color.MAGENTA else Color.Current);

# Plot Arrow
plot arrow = col;
arrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
arrow.SetDefaultColor(Color.CYAN);
arrow.SetLineWeight(1);

Shareable Link: https://tos.mx/3DOXHdO

Fancy Version

As suggested by @john3

Code:
# Blast Off Indicator
# Should use on the Daily chart
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/V9Mi6eOO-CM-Blast-Off-V1-Alerts-Ready/

# Modified version: added line to high and low of blast off candle.

input trig = 20;

def val = absValue(close - open);
def range = high - low;
def blastOffVal = (val / range) * 100;
def trigger = trig;
def alert1 = blastOffVal < trig;
def col = blastOffVal < trig;

def blast_candle = blastOffVal < trig;

def b_high = if blast_candle then high else b_high[1];
def b_low = if blast_candle then low  else b_low[1];

plot hh = b_high;
plot ll = b_low;

hh.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
ll.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
hh.SetDefaultColor(Color.YELLOW);
ll.SetDefaultColor(Color.YELLOW);

assignPriceColor(if blastOffVal<trig then Color.MAGENTA else Color.WHITE);

 
Last edited:

J007RMC

Well-known member
2019 Donor
Ben this is interesting. Blastoff on 5 min chart is showing yellow candles that appear to forecast up and down stock movement in TOS dark mode in spy but random candles
 

BenTen

Administrative
Staff member
Staff
VIP
@J007RMC Not sure how you get yellow candles. I'm seeing pink and white here on my chart. Also SPY on the 5m as well.

oJUsXOS.png


For testing purposes, I would create a new chart without any other indicators.
 

john3

Active member
2019 Donor
I don't know who originally created this indicator, but if I am not mistaken it has been frequently mentioned by Linda Raschke and Larry Connors. It might be in their famous Street Smarts book, but I'm not 100% sure. I believe it is meant to be used on a Daily chart. That said, on an intraday chart, it does a great job at highlighting spinning top/doji-like candles.

I think it would be useful to have an option to plot a box around those candles (high/low). The breakout in either way seems tradeable as either a trend continuation or a reversal.
 

kvnknpp1

New member
First time I've seen a tos.mx link with 7 characters. I used the fancy version with yellow lines and remarked out the last line changing candles to magenta and white. Will see how it does over the next few days. Thx BenTen
 

HighBredCloud

Well-known member
VIP
@BenTen Do you think the purple candles can somehow be incorporated into the CSA Nube (RSI Laguerre, SuperTrend) which uses the dark gray and red candlesticks? That way you can see which way the trend is going by having the purple candles appear in the SuprerTrend?

NOTE IF this is possible and someone can do this...I would request the purple candles to be changed to white candles...I think that combo would go along well with the SuperTrend candles.

Also tagging @netarchitech and @horserider in this:

Below is the SuperTrend code I referenced:

Code:
CSA Nube (RSI Laguerre, SuperTrend)
# Nube
# 8.28.2016

# When RSI Laguerre is combined with SuperTrend, if this study plots a
# line and ST changes that bar or the next one, then it seems to be a
# decent entry.
#
# After making this observation, I'm tentatively going to scrap the momentum
# study (VACD) and just use the Laguerre RSI to decide trend and the
# Supertrend for entry. I think something along the lines of attaching that
# to RSI will be enough to decide direction and then just flag the switchover
# between up and down in ST

# RSI in Laguerre Time Self Adjusting With Fractal Energy
# Mobius
# V02.07.2014
# V03.06.15.2016
# Both Fractal Energy and RSI are plotted. RSI in cyan and FE in yellow. Look for trend exhaustion in the FE and a reversal of RSI or Price compression in FE and an RSI reversal.

#Inputs:
input nFE = 13;#hint nFE: length for Fractal Energy calculation.
input Overbought = 0.80;
input Oversold = 0.20;
Input Label = Yes;
# Variables:
def o;
def h;
def l;
def c;
def CU1;
def CU2;
def CU;
def CD1;
def CD2;
def CD;
def L0;
def L1;
def L2;
def L3;
def RSI;
def OS;
def OB;

# Calculations
o = (open + close[1]) / 2;
h = Max(high, close[1]);
l = Min(low, close[1]);
c = (o + h + l + close) / 4;
def gamma = Log(Sum((Max(high, close[1]) - Min(low, close[1])), nFE) /
        (Highest(high, nFE) - Lowest(low, nFE)))
            / Log(nFE);

L0 = (1 – gamma) * c + gamma * L0[1];
L1 = -gamma * L0 + L0[1] + gamma * L1[1];
L2 = -gamma * L1 + L1[1] + gamma * L2[1];
L3 = -gamma * L2 + L2[1] + gamma * L3[1];
if L0 >= L1
then {
    CU1 = L0 - L1;
    CD1 = 0;
} else {
    CD1 = L1 - L0;
    CU1 = 0;
}
if L1 >= L2
then {
    CU2 = CU1 + L1 - L2;
    CD2 = CD1;
} else {
    CD2 = CD1 + L2 - L1;
    CU2 = CU1;
}
if L2 >= L3
then {
    CU = CU2 + L2 - L3;
    CD = CD2;
} else {
    CU = CU2;
    CD = CD2 + L3 - L2;
}

RSI = if CU + CD <> 0 then CU / (CU + CD) else 0;
OS = if IsNaN(close) then Double.NaN else Oversold;
OB = if IsNaN(close) then Double.NaN else Overbought;


# Mobius
# SuperTrend
# Chat Room Request
# V03.10.2015

input AtrMult = 1.0;
input nATR = 4;
input AvgType = AverageType.HULL;
input PaintBars = no;

def ATR = MovingAverage(AvgType, TrueRange(high, close, low), nATR);
def UP = HL2 + (AtrMult * ATR);
def DN = HL2 + (-AtrMult * ATR);
def ST = if close < ST[1] then UP else DN;
def SuperTrend = ST;

AssignPriceColor(if PaintBars and close < ST
                then GetColor(5)
                else if PaintBars and close > ST
                     then GetColor(7)
                     else Color.CURRENT);

# End Code SuperTrend

def UT = sum(RSI>OB,20);
def DT = sum(RSI<OS,20);

plot Buy = if UT>DT and close > ST and close[1] < ST[1] then close else Double.Nan;
Buy.SetDefaultColor(GetColor(7));
Buy.SetPaintingStrategy(PaintingStrategy.VALUES_BELOW);

plot Sell = if UT<DT and close < ST and close[1] > ST[1] then close else Double.Nan;
Sell.SetDefaultColor(GetColor(5));
Sell.SetPaintingStrategy(PaintingStrategy.VALUES_ABOVE);

AddLabel(Label, "Trend: " + if UT>DT then "Up" else if UT<DT then "Down" else "None", if UT>DT then GetColor(1) else if UT<DT then GetColor(5) else GetColor(3));

# End Study
 
Last edited:

mc01439

Well-known member
2019 Donor
VIP
@BenTen Do you think the purple candles can somehow be incorporated into the CSA Nube (RSI Laguerre, SuperTrend) which uses the dark gray and red candlesticks? That way you can see which way the trend is going by having the purple candles appear in the SuprerTrend?

NOTE IF this is possible and someone can do this...I would request the purple candles to be changed to white candles...I think that combo would go along well with the SuperTrend candles.

Also tagging @netarchitech and @horserider in this:

Below is the SuperTrend code I referenced:

Code:
CSA Nube (RSI Laguerre, SuperTrend)
# Nube
# 8.28.2016

# When RSI Laguerre is combined with SuperTrend, if this study plots a
# line and ST changes that bar or the next one, then it seems to be a
# decent entry.
#
# After making this observation, I'm tentatively going to scrap the momentum
# study (VACD) and just use the Laguerre RSI to decide trend and the
# Supertrend for entry. I think something along the lines of attaching that
# to RSI will be enough to decide direction and then just flag the switchover
# between up and down in ST

# RSI in Laguerre Time Self Adjusting With Fractal Energy
# Mobius
# V02.07.2014
# V03.06.15.2016
# Both Fractal Energy and RSI are plotted. RSI in cyan and FE in yellow. Look for trend exhaustion in the FE and a reversal of RSI or Price compression in FE and an RSI reversal.

#Inputs:
input nFE = 13;#hint nFE: length for Fractal Energy calculation.
input Overbought = 0.80;
input Oversold = 0.20;
Input Label = Yes;
# Variables:
def o;
def h;
def l;
def c;
def CU1;
def CU2;
def CU;
def CD1;
def CD2;
def CD;
def L0;
def L1;
def L2;
def L3;
def RSI;
def OS;
def OB;

# Calculations
o = (open + close[1]) / 2;
h = Max(high, close[1]);
l = Min(low, close[1]);
c = (o + h + l + close) / 4;
def gamma = Log(Sum((Max(high, close[1]) - Min(low, close[1])), nFE) /
        (Highest(high, nFE) - Lowest(low, nFE)))
            / Log(nFE);

L0 = (1 – gamma) * c + gamma * L0[1];
L1 = -gamma * L0 + L0[1] + gamma * L1[1];
L2 = -gamma * L1 + L1[1] + gamma * L2[1];
L3 = -gamma * L2 + L2[1] + gamma * L3[1];
if L0 >= L1
then {
    CU1 = L0 - L1;
    CD1 = 0;
} else {
    CD1 = L1 - L0;
    CU1 = 0;
}
if L1 >= L2
then {
    CU2 = CU1 + L1 - L2;
    CD2 = CD1;
} else {
    CD2 = CD1 + L2 - L1;
    CU2 = CU1;
}
if L2 >= L3
then {
    CU = CU2 + L2 - L3;
    CD = CD2;
} else {
    CU = CU2;
    CD = CD2 + L3 - L2;
}

RSI = if CU + CD <> 0 then CU / (CU + CD) else 0;
OS = if IsNaN(close) then Double.NaN else Oversold;
OB = if IsNaN(close) then Double.NaN else Overbought;


# Mobius
# SuperTrend
# Chat Room Request
# V03.10.2015

input AtrMult = 1.0;
input nATR = 4;
input AvgType = AverageType.HULL;
input PaintBars = no;

def ATR = MovingAverage(AvgType, TrueRange(high, close, low), nATR);
def UP = HL2 + (AtrMult * ATR);
def DN = HL2 + (-AtrMult * ATR);
def ST = if close < ST[1] then UP else DN;
def SuperTrend = ST;

AssignPriceColor(if PaintBars and close < ST
                then GetColor(5)
                else if PaintBars and close > ST
                     then GetColor(7)
                     else Color.CURRENT);

# End Code SuperTrend

def UT = sum(RSI>OB,20);
def DT = sum(RSI<OS,20);

plot Buy = if UT>DT and close > ST and close[1] < ST[1] then close else Double.Nan;
Buy.SetDefaultColor(GetColor(7));
Buy.SetPaintingStrategy(PaintingStrategy.VALUES_BELOW);

plot Sell = if UT<DT and close < ST and close[1] > ST[1] then close else Double.Nan;
Sell.SetDefaultColor(GetColor(5));
Sell.SetPaintingStrategy(PaintingStrategy.VALUES_ABOVE);

AddLabel(Label, "Trend: " + if UT>DT then "Up" else if UT<DT then "Down" else "None", if UT>DT then GetColor(1) else if UT<DT then GetColor(5) else GetColor(3));

# End Study
@HighBredCloud

Try this - https://tos.mx/ogOAM6v
 

netarchitech

Well-known member
@HighBredCloud Not sure what you are looking for...Below is a sample for your review...Please advise...

a.png


Code:
# filename: _CandleColoring_test_

# Blast Off Indicator
# Should use on the Daily chart
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/V9Mi6eOO-CM-Blast-Off-V1-Alerts-Ready/

# Modified version: added line to high and low of blast off candle.

input PaintBars = no;
input trig = 20;

def val = absValue(close - open);
def range = high - low;
def blastOffVal = (val / range) * 100;
def trigger = trig;
def alert1 = blastOffVal < trig;
def col = blastOffVal < trig;

def blast_candle = blastOffVal < trig;

#def b_high = if blast_candle then high else b_high[1];
#def b_low = if blast_candle then low  else b_low[1];

#plot hh = b_high;
#plot ll = b_low;

#hh.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
#ll.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
#hh.SetDefaultColor(Color.YELLOW);
#ll.SetDefaultColor(Color.YELLOW);

# Mobius
# SuperTrend
# Chat Room Request
# V03.10.2015

input AtrMult = 1.0;
input nATR = 4;
input AvgType = AverageType.HULL;


def ATR = MovingAverage(AvgType, TrueRange(high, close, low), nATR);
def UP = HL2 + (AtrMult * ATR);
def DN = HL2 + (-AtrMult * ATR);
def ST = if close < ST[1] then UP else DN;
def SuperTrend = ST;

AssignPriceColor(if PaintBars and close < ST and blastOffVal < trig
                then Color.WHITE
                else if PaintBars and close > ST
                     then Color.DARK_GRAY
                     else Color.DARK_GRAY);
 

HighBredCloud

Well-known member
VIP
@netarchitech I was looking to see if it is possible to incorporate the "blast off candles" ONLY (originally the purple candles found in the Blast Off indicator) ,now the white candles in your most current code posted, to the RSI Laguerre, SuperTrend that I posted in post #12. I think you used the regular SuperTrend by Mobius if I am not mistaken as I don't see the RSI Laguerre part anywhere in the code.

My reason behind this request is that even though the RSI Laguerre SuperTrend paints the bars...the candlesticks in the trend are still somewhat inaccurate as some candles in the defined trend are either going up or down even though the trend painted the candles the same color. I am hoping that by adding the "Blast Off" candles only to the RSI Laguerre SuperTrend...one could make the decision sooner to get in or out of the trade before the trend color reverses on the candles themselves. I hope this makes sense.

EDIT: Please see the code provided by @mc01439 I think that is a good starting point as everything seems to be in place other than the white candles in his code need to be changed to either dark grey for uptrend and red for the down trend and the purple "blast off" candles in the code he provided would need to be white.
 
Last edited:

HighBredCloud

Well-known member
VIP
@mc01439 I looked over the code again...so basically can the white candles in that code be made to either dark grey uptrend or red for down trend and then make the purple candles white? Because IF that could be done...then this is what I am looking [email protected] what do you think about the code that @mc01439 provided? Is that something you can build off from?

What is the blue arrow suppose to be for? to indicate the "blast off" purple candle?
 

netarchitech

Well-known member
@HighBredCloud Thanks for clarifying things...As far as I can see, I used the same SuperTrend as the one you referenced in post #12...If I'm not mistaken, the SuperTrend (both from Mobius) code paints the candles...In any event, I'll see what I can do and post the results, one way or the other... :)

To start, I'll see what effect the RSI Laguerre code has on the initial sample I generated and then take a look at @mc01439's code...
 

HighBredCloud

Well-known member
VIP
@HighBredCloud Thanks for clarifying things...As far as I can see, I used the same SuperTrend as the one you referenced in post #12...If I'm not mistaken, the SuperTrend (both from Mobius) code paints the candles...In any event, I'll see what I can do and post the results, one way or the other... :)

To start, I'll see what effect the RSI Laguerre code has on the initial sample I generated and then take a look at @mc01439's code...

@netarchitech Sounds good...I always appreciate your hard work. I don't know if the Laguerre RSI has any impact on the SuperTrend itself but the one provided by @mc01439 looks to have all that in place already with the NFE overbought and oversold inputs etc...Plus I even saw an extra input called TRIG with a setting of 20 (whatever that is). Only thing missing is the Grey Candles for uptrend (TOS code 797979) and the Red Candles for downtrend (TOS code FF5F5F)

Hopefully this won't be too much work...but I don't know. As of now to get the RSI SuperTrend to plot the candles more precisely is to play with the ATR MULT settings and the NATR...but I don't now how that affects the overall equation into how the actual candles are plotted. Either way I think the addition of the "blast off candles" to the RSI SuperTrend would make a great improvement all on its own.
 

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