Blast Off Indicator for ThinkorSwim

[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.

 

[Leo1015]

Thanks @BenTen. I saw in a video you had in your watchlist to notify when there's a gap. Where can I get that script? thanks again

 

[BenTen]

@Leo1015 This? https://usethinkscript.com/threads/gap-info-watchlist-column-for-thinkorswim.3776/

 

[Leo1015]

@BenTen do you have a script to advise when volume is higher than normal. Perhaps that I can insert into my watchlist.

 

[BenTen]

@Leo1015 Use the search feature https://usethinkscript.com/google-search/?q=abnormal+volume

 

[humble99]

@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.

Thank you Ben

 

[tradervic888]

When I do the blastoff scan, I get all the charts with the blastoff indicator in the past days but not the last day. It is only useful if it shows only at the last day so you can anticipate movement the next day. How do I make the scan to show stocks when they have the blastoff indicator showing at the current or the last day? Thanks

 

[BenTen]

@tradervic888 Post a screenshot of your scanner. Make sure you set the timeframe of your scanner to D (daily).

 

[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?

 

[rad14733]

@danpadcas See the topic: How to insert image in a post thread?

In imgur I just click on the image I want to post, click on Copy next to the BBCode option, and Paste the code from the Clipboard right into the post... The image will display upon Submitting/Saving the post...

 

[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.

 

[cswu1211]

@HighBredCloud are you talking about something like this chart where the grey bars are stagnant (no momentum)??

Could you identify which (the number of thread in this post) "Blastoff_Original_Scanner" script you are referring to? tks

 

[stone]

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

# 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

# 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);

 

[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