bharatTrader

Blast Off With BB

Based on Larry Williams "Blast Off" indicator. An excellent article describing calculations and usage is here. The indicator uses the same calculations.

It must be noted that "Blast Off" by itself is not a sufficient system for a trade set up.
This indicator adds traditional Bollinger Bands as a support structure for blast off. Generally, a volatility compression followed by a cluster of blast off indicates an aggressive "launch" on the upside or downside.

Explanation
  • Blast off is indicated below the candle bar with an up arrow
  • Blast off candles can be marked (coloured) if preferred
  • Bollinger bands can be enabled for prediction of the direction of the blast ("up" or "down")

The Blast Smooth Length applies a smoothing to the ranges (Open - Close) and (High - Low) over the specified length.
Threshold is the "trigger" that indicates a blast off candidate. It is defined in % terms.
Release Notes:
  • Added strength length, to indicate rising price along with BlastOff
Protected script
This script is published closed-source and you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.
Want to use this script on a chart?

Comments