Blast Off Indicator for ThinkorSwim

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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.

vg6xDDS.png


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);

How is this study working for people ? I am confused because nearly every SP500 stock I'm looking at on the study watchlist shows a pink candle so how is this identifying anything
 
How is this study working for people ? I am confused because nearly every SP500 stock I'm looking at on the study watchlist shows a pink candle so how is this identifying anything
The market indices have hit the lowest lows since 2020. Pretty sure it will indicate on everything right now.
No indicator can be used in isolation so as to avoid false signals.

Here are some indicators that work well with the Blast Off:
https://usethinkscript.com/threads/daily-watchlist-of-stocks-questions.7585/#post-81013
 
How is this study working for people ? I am confused because nearly every SP500 stock I'm looking at on the study watchlist shows a pink candle so how is this identifying anything
I like this as a scan, was wondering what would be changed in order to scan for two days of tight action, is it not possible to scan that way?
Thank you in advance for any help
 
Is there anyway to scan for a Pink candle at the end of the day ?

Im guessing There is a purchase price for the Pink Candle scan ?

In the drop down menu in the plot I only have hh and ll which one do i choose for the pink candle ? Thanks
 
Last edited by a moderator:
Is there anyway to scan for a Pink candle at the end of the day ?

Im guessing There is a purchase price for the Pink Candle scan ?

In the drop down menu in the plot I only have hh and ll which one do i choose for the pink candle ? Thanks
Here is the Scan Script:

Go ahead and cut & paste this script into your study tab:
reference this one in the Scan Hacker
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 Click here for --> Easiest way to load shared links

Then open up your Scan Hacker
Set your filter to: Arrow is true.

If you're still having trouble, have you checked out the Scan Hacker Tutorial we have available? It might offer some helpful tips and solutions: https://usethinkscript.com/threads/how-to-use-thinkorswim-stock-hacker-scans.284/
 
Last edited:
In the standard blast off indicator, It seems the arrow simply indicates where the pink bar is. Is there a way to show the up arrow when it is expected to go up the next day and down arrow when it is expected to do the next day? I mean, is there a way to identify whether the break is to the upside or downside?
 
In the standard blast off indicator, It seems the arrow simply indicates where the pink bar is. Is there a way to show the up arrow when it is expected to go up the next day and down arrow when it is expected to do the next day? I mean, is there a way to identify whether the break is to the upside or downside?
No, direction is not found within this script.
You need to add your favorite trend/momentum studies to your chart setup to assist in your determination of direction.
Here are a few to get you started:
https://usethinkscript.com/threads/a-serving-of-trend-and-momentum-indicators-for-thinkorswim.4880/
 
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.

View attachment 5385

thinkScript Code

reference this one in the Scan Hacker
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);

Dear Ben.
I found this indicator worked wonder, especially with higher high and lower low in fancy version.
Can you help me with the regular green and red color instead of just white? Keep the trigger magenta.
Very appreciated always Ben.
 
Last edited by a moderator:
Dear Ben.
I found this indicator worked wonder, especially with higher high and lower low in fancy version.
Can you help me with the regular green and red color instead of just white? Keep the trigger magenta.
Very appreciated always Ben.

Glad to hear. Sure..

Replace the last line with the following:

Code:
assignPriceColor(if blastOffVal<trig then Color.MAGENTA else Color.Current);
 

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