Blast Off Indicator for ThinkorSwim

[humble99]

@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?

 

[BenTen]

@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.

 

[optiger]

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.

 

[Leo1015]

Two questions, any way to use this Blast off normal and fancy version indicator on a white background?
Second, do you have a watchlist script for volume that would highlight with green or red color

 

[BenTen]

@Leo1015 Take a look at the following snippet in the code:

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

Change "MAGENTA" to whatever color you prefer. You can find a list of standard thinkscript colors here.

 

[danpadcas]

Hi all. I'm new in here but I've got a few years trading on my back.

This indicator has been quite useful over the last 2 months so I'm happy I came across it. I'd like to know if in the "fancy version" I'm able to get rid of the white colour on the candles? I'd like to get the standard one.

Thank you

 

[BenTen]

@danpadcas The purpose of the "fancy version" is to plot the lines. If you don't want that, then just use the standard code. Or am I missing something here?

 

[danpadcas]

@danpadcas The purpose of the "fancy version" is to plot the lines. If you don't want that, then just use the standard code. Or am I missing something here?

The lines are awesome, they are not the problem. So I'd like to keep the lines as well as the purple candles but "turn off" the white candles and keep using the standard ones.

 

[BenTen]

@danpadcas Ahh, I see.

In that case, locate the following in your script:

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

Change "WHITE" to "CURRENT".

 

[danpadcas]

Awesome. Thank you so much

This is how it looks like...

Does anyone use this indicator on a regular basis?

 

[DaysOff]

Hey good people...

When I first saw this indicator, it reminded me a bit of a inside bar strategy outlined in one of Kathy Lien's books.

The rules are like this:
Long

1. Identify a currency pair where the daily range has been contained within the prior day’s range for at least two days (we are looking for multiple inside days).
2. Buy 10 pips above the high of the previous inside day.
3. Place a stop and reverse order for two lots at least 10 pips below the
   low of the nearest inside day.
4. Take profit when prices reach double the amount risked or begin to trail the stop at that level.

Protect against false breakouts: If the stop and reverse order is triggered, place a stop at least 10 pips above the high of the nearest inside day and protect any profits larger than what you risked with a trailing stop.

Short

1. Identify a currency pair where the daily range has been contained within the prior day’s range for at least two days (we are looking for multiple inside days).
2. Sell 10 pips below the low of the previous inside day.
3. Place a stop and reverse order for two lots at least 10 pips above the
   high of the nearest inside day.
   

I'm thinking very similar strategy rules could be used for the Blast Off indicator by simply replacing the two inside bars with the Blast Off bar from the indicator. The strategy from Kathy Lien is focused on fx, but I think it could be used in other markets. I haven't done any backtesting and currently don't have the time. It would be super cool if someone could code this up for MT5...

The nice feature of the above strategy is the stop and reverse order. Looking quickly over some charts with the Blast Off indicator, it looks like it has potential to be a profitable strategy.

 

[stone]

Hi, the chart for blastoff works but not the scanner. When I enter blastoff, no drop down for arrow, true, one bar, but the ok button is muted, not allowing me to hit ok. What am I doing wrong?

 

[MerryDay]

@stone No drop down for arrow true would mean you did not copy and paste the entire code into your study.
To ensure that you get the complete script loaded correctly, you can import the shared link:
Shareable Link: https://tos.mx/3DOXHdO
See more:
How To Import A Shared Link

 

[iFrostyy]

Hello everyone new to coding and going to use this to practice on tonight and might need a guide to get started, with this indicator I would think its best to only display the current blastoff zone, when your running the "fancy" version too many lines and they dont really mean much once the stock has picked its direction, how can I have it display only the current blastoff zone? in addition will like to add clouds, red and green zone to this to make it more appealing, any comments help thank you all for your hard work!

 

[jtrain252]

If i want to day trade these, and i scan on the daily. Could i essentially use the hi/low of the fancy candle as entry points on a smaller time frame say the 5 min? is that the way you would utilize it for a day trade or should i be looking for fancy candles on a smaller time frame to begin with

 

[MerryDay]

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.

@jtrain252 Read the 1st post for more info

 

[stone]

@stone No drop down for arrow true would mean you did not copy and paste the entire code into your study.
To ensure that you get the complete script loaded correctly, you can import the shared link:
Shareable Link: https://tos.mx/3DOXHdO
See more:
How To Import A Shared Link

@jtrain252 Read the 1st post for more info

MerryDay what type, or names of candles are these that the purple represent?

 

[MerryDay]

@stone The pink/purple candles are not a specific pattern-type.
The pink/purple candle represents the mathematical premise: (Open - Close) Less Than 20% Of The Range.

You should use this indicator on the daily chart. A pink /purple 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.

 

[Amzning]

Hi, can a Bell/Chime be added to the script for this BlastOff Indicator???

 

[mashume]

@Amzning,

This covers it fairly well:
https://usethinkscript.com/resources/how-to-add-alert-script-to-thinkorswim-indicators.9/

-mashume