Blast Off Indicator for ThinkorSwim

P

powderchick5

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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);


Is there away to make this so that the scan occurs once the bar has closed. I'd like to use on a 30 minute chart and have the scan identify the blastoff bar at close of a given time frame.
 
BenTen

BenTen

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@powderchick5 Do you mean scanning for the Blast off candle on a lower timeframe such as the 30m chart rather than on the daily chart?
 
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powderchick5

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Yes but want the bar to be closed before being picked up by the scanner.
 
BenTen

BenTen

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@powderchick5 Your best bet would be to increase the value of the within X bar field. This will ensure that any Blast off candles from a few bars ago will still be included in the scan result.
 
S

Stocksdfb

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I got the indicator set up and the scanner as well. I also added to my scanner to have stocks at least $12.00 and up as well as a minimum volume of 250,000 with an ATR greater than $6 so I can see some movement.

It populated a nice list of 31 stocks to review with some popular symbols I know about (NVDA, REGN, BYND, etc) and some pretty good ones I never seen before (FLT, ANTM, ANSS, etc).

However, it just appears that my search could've been done by using an RSI study. Almost all the positions look to be overplayed on the day.

NFLX is one that sticks out to me as a good play because there has been significant movement when the 20MA crosses above the 50MA on the daily chart. POOL is another that looks severely overbought in the moment.

Am I using this indicator to read these charts correctly or am I missing more to do DD on?
 
BenTen

BenTen

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@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.
 
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Stocksdfb

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@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

BenTen

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

Taye

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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

BenTen

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

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I noticed that if you used the momentum study in conjunction with the Blast Off Study, then you could get better sense of which direction the stock was going to move. Follow the direction of the momentum. Rising momentum gave bullish trades and falling momentum gave bearish trades.
Which momentum indicator are you referring to?
 
BenTen

BenTen

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

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Any idea why it squishes my candles so badly? It just looks flat
 
BenTen

BenTen

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@spencepuppy Are you using the "fancy version"? If so, you may have to uncheck the "Fit Studies" option on your chart.
 
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sshaniga

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@BenTen I watched your video and i was trying to set up the scan however mine was different when i tried to add the condition. The left side for me was blank where as yours have filters, any thoughts what im doing wrong?

Edit: nevermind i figured it out
Hi How did you fix? I am not seeing left conditions
 
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spencepuppy

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I can not for the life of me figure out the scan for the fancy version. Is there a different code for this? Only options I have under plot are "hh" and "ll".
 
BenTen

BenTen

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@spencepuppy What are you trying to scan for in the fancy version?
 
S

sdotmoore

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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.
 

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