Blast Off Indicator for ThinkorSwim

[Stocksdfb]

@Stocksdfb The purpose of this indicator is to help you identify indecision candlestick pattern, specifically this one called Blast Off, indicated by Larry Williams. It does not suggest the direction of the stock or where it'll be heading. It would be best if you combined it with other research or technical analysis to make that decision. I hope that makes sense.

Yes it does. So if I think a stock on this list is oversold based on other indicators then it could be good opportunity to short the stock.

One more question, I know its meant to be on the daily chart but if I were to review on the 4HR chart or 10D; 30M chart should I adjust any settings?

 

[BenTen]

@Stocksdfb Use it on the Daily chart until you know what you're doing. I can't suggest any settings for other timeframes.

 

[Taye]

I'm currently looking at the blastoff indicator scan, is there a certain time where you have to scan? because nothing is showing up on the scan

 

[BenTen]

@Taye You scan it at the end of each trading day (on the daily chart) to find trading tickers for the next morning.

 

[sdotmoore]

Hello...Newbie here and advanced apologies if this has been asked previously......

In the video, you there were red & green candles and the blast off candle as pink. When copying the code, everything is pink and white. Any way to have it the way it is in the video?

Thanks in advance.

 

[BenTen]

@sdotmoore If you use the original version, it should be the same as the video. You must have added the "fancy version"

 

[spencepuppy]

@spencepuppy This indicator just identify the blast off candlestick pattern. That is all.

Ok so it doesn’t repaint?

 

[BenTen]

@spencepuppy There is no reason for it to.

 

[docsep]

@Piper2808t Yes. Watch this video here.

Ben can this be put into a Watchlist Column?

 

[BenTen]

@docsep Here you go:

# 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;

plot value = if col then 1 else 0;
AssignBackgroundColor(if value == 1 then color.magenta else color.gray);

 

[spencepuppy]

Had a lot of success with this indicator , thank you everyone. What is your favorite indicator to use along with this, if any? Also, I understand this is best used after a downtrend - do you like to see a certain number of bearish candles before you enter? On what time frame? Been daytrading with it on the 30 min

 

[BenTen]

@spencepuppy I like to use this indicator just to spot potential reversals. The blastoff candle is nothing more than just an indecision candlestick pattern. Quite useful if you know how to use it. It looks like you nailed it.

 

[brian.git89]

@BenTen Do you know which indicator I can use together with this one?

 

[BenTen]

@brian.git89 Hmm, maybe some sort of breakout indicators?

 

[spencepuppy]

How has everyone been using this? I know it's best used after a downtrend but how do you define a downtrend? Timeframe? Any indicators you guys have had luck using with it? @BenTen

 

[BenTen]

@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.

 

[spencepuppy]

Did he call it something different? Can’t seem to find anything when I search “blast off larry Williams”

 

[BenTen]

@spencepuppy Works for me

 

[pdincer]

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.

 

[BenTen]

@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.