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.

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);
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