Blast Off Indicator for ThinkorSwim

@TOSTrader There are so many out there that identify momentum and trend. You would have to take them for a spin and see which one will provide additional confirmation for your bias.
 

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@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


I'm having the same problem smh. Help please??

dww2PEH.png


70w05zj.png
 
@BenTen I did, and followed it exactly? I inserted the code and the chart setup works fine but I’m having issues using it for the scanner. I’m scanning the S&P 500 but it’s not filtering out anything
 
@lex_sanity Based on the screenshot you uploaded above, you didn't use the correct code. The plot should be arrow not hh. Please use the original Blast off script, not the modified version.
 
On lower time frames this highlights what I call tiny trigger bars. The small indecision bar before a move up or down. In theory the smaller the bar the less you risk if you use a risk reward based on bars height. From what I see so far in the right setup can give you really good entries even @ 5min. Awesome work @ Benten
 
Hello Everyone,

I have designed a very good blastoff scanner.
It is not very complicated and I should be able to supply the tricky part of the code.
I am looking for partners here to code the scanner.

Please give me a holler if you're interested.

Please let me ask you what is the charting SW you are basing your scripts on and what languages are being used?
Thank you!
 
Last edited:
Hi ! Need some help here. Can someone please point me to the final code with arrows. I have the older version I guess (without arrows) and hence unable to set up the scanner. Thanks in advance
 
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);


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.
 
@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?
 
@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.
 
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?
 
@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.
 
@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?
 

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