Blast Off Indicator for ThinkorSwim

@HighBredCloud Here are the results:

RSI Laguerre with SuperTrend

default-RSI.png


RSI Laguerre with SuperTrend and Blast Off Indicator

modified-RSI.png


Final code: SuperTrend with Blast Off Indicator

modified-no-RSI.png


Code:
# SuperTrend Blast Off
# original authors: Mobius and BenTen
# edits: netarchitech
# 10.30.2019


# Blast Off

input PaintBars = yes;
input trig = 20;

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


# SuperTrend

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 blast_candle
                 then GetColor(9)
                 else if PaintBars and close > ST
                      then GetColor(7)
                      else GetColor(5));

As you can see, the RSI Laguerre is not necessary for this particular solution. @HighBredCloud I think this is what you were looking for, but let me know if I need to make any changes :)
 
@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.
 
Cool...perhaps @markos can shine some light about the RSI Laguerre feature in the RSI SuperTrend...

@markos I do have the questions about the ATR MULT and NATR settings on the SuperTrend indicator especially on higher timeframes of 15m+...I changed the ATR MULT from 1.0 to .4 and it seems as tho the colors of the candle sticks change faster...I don't know if that makes the SuperTrend more sensitive and if the candles will repaint more during the course of the timeframe...I guess live market will be the ultimate test...Still not too sure of what NATR is and if its worth changing the setting from 4 to whatever...
 
@netarchitech I was able to test out the Blast Off SuperTrend today...It works good. Thanks Again. For anyone interested I changed the settings on the ATR MULT from 1.0 to .4 when using on 15m+ timeframe and to .7 on 5m timeframe to get the candles to paint in a very similar version to Heikin Ashi candles for the given timeframes.

All in all...the addition of the Blast OFF Candles to the SuperTrend I think made the indicator much better two in one solution.
 
@john3 Thanks for the info. I’ll modify the code and post it here later today :)

Hi Ben I'm looking for the update you made to this with the box around the candles as as suggested, can you post the web link, not the tos link bec I can't seem to figure out how to access that. Thanks thanks
 
@soary which update? I’m not sure what you’re referring to.

On the 1st page of this thread John 3 wrote:
Sep 15, 2019
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.
You responded
Sep 15, 2019
@john3 Thanks for the info. I’ll modify the code and post it here later today

Then later you responded,
Sep 18, 2019
This indicator was shared with our Warehouse members last week. It's now available for everyone to use.
………………………………………………………………………………………………………

I clicked on there but didn’t see how to get to the update. Thanks in advance
 
@soary John wanted to add lines on the high and low of the candle, which I did. The new code was added within the same day. It's located in the original thread, under Fancy version.
 
Can anyone help me with turning the blastoff into a daily scan / watchlist? I cannot seem to figure that out.

I am doing the steps incorrectly and cannot figure out what I am doing wrong...
 
@BenTen can you help with scanner setting? I saved the study, and set up the following parameters. I am seeing a big set of results, and even though i have set my 'bar' within 1, i am seeing the purple candle from few days before. So it is not showing purple candle on the last day. Also, if I was running this scan after EOD, how can I return results from today?

Offset = 0
Plot - hh
inputs - trig - 20

is true

within 1 bar
 
Hi @BenTen ! I'm trying to understand how to use this:

At the close of the trading day, I will have either a pink or white candle which signals that on the following day, expect a big move. However, if I wait until the closing of the current day, then I can't open a position because the market is closed. Does that make sense?

Or will this indicator allow me to see a pink candle one hour before the trading day is over, so I can make a play for the following day. Did I miss something?
 
@TOSTrader You should be trading it the following day. You still need to wait for the current day to close to confirm whether we get a blast off day or not.
 
@TOSTrader You should be trading it the following day. You still need to wait for the current day to close to confirm whether we get a blast off day or not.

Thanks Ben. Got it figured out. Do you know how I would add a trend or price action to determine the likely movement of the blast off?
 

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