Blast Off - Arrows on upper chart

Larry Williams shared a method that he uses to determine when a trading instrument is ready to make a big move. He calls it Blast Off. He compares the Open and Close verses the High and Low of the day. If the difference between the open and close of the day is less than 20% of the range of the day, then it's likely that the next day will be a pretty good size move.

if the absolute value of (open-close) / High-Low is less than 20% then blast off.

ThinkScript

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#

# Blast Off

# This measures the day's open / close vs then high lows of the day (range)

# When the open /close is less than 20% of the range, then

#   it's likely that the following day will have a big jump.

#

# Which way? use whatever indicator you want to figure out

#  if the market is oversold or overbought

#

# Brian Cox,     1/28/2012

#    updated:    7/21/12

# Ken Hodor 

#    improved:   7/21/13 Use RSI and up and down arrows

#

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input limit = 20;

declare upper;

def green = 9;

def red = 5;

def rs = reference RSI(4, 70, 30, close);

def Val = AbsValue(close - open);

def Range = high - low;

plot indicator1 = Val / Range * 100 < limit and rs < 30;

plot indicator2 = Val / Range * 100 < limit and rs > 70;

indicator1.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);

indicator1.SetDefaultColor(GetColor(green));

indicator1.SetLineWeight(2);

indicator2.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);

indicator2.SetDefaultColor(GetColor(red));

indicator2.SetLineWeight(2);