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
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.
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.
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- Added strength length, to indicate rising price along with BlastOff