Start with a new document, any size but make it a square, and fill it with black. (I'm using 500x500)

Make a new layer called "spike ball", and select the gradient tool set like this:



Now make a donut like ring in the exact center of the canvas by starting in the middle, dragging the gradient tool out only a little, and then when you get a white circle, start from the center of that and drag about twice as far, so that you end up with a donut. Then go to Image>Adjustments>Curves, and make the circle a little brighter, like so:



Then go to Filter>Stylize>Extrude, and use these settings:



and hit Ctrl+F once.
you should be like this:



Duplicate that layer and call the new layer "Blur zoom", On this layer go to Filter>Distort>Ripple using these settings:



After that go to Filter>Blur>Radial Blur, set to:

Amount: 100
Method: Zoom
Quality: Best

and you should be at this:



Set that layer to lighten and 90% opacity.

Duplicate the layer spike ball again, and this time call it "chrome". As the name suggests, go to Filter>Sketch>Chrome, and set both sliders to 10. You should end up like this:



Now duplicate the spike ball layer again and name the new layer "Shockwave". Go to Filter> Distort>Ocean Ripple, and set both sliders to maximum and hit OK. Then set the layer "Chrome" to Color Dodge, all the other layers to lighten, and put your layers in this order:



Now click on the layer "Chrome" and go to Filter>Render>Lighting Effects. Use these settings, and try and get the light directly in the middle:



Now select the layer "shockwave". Using the Eliptical marquee tool Feather at 40, select around the main explosion part of the whole picture. Go to Select>Inverse, and hit the Delete button on your keyboard. Now just add some color to each layer using Color Balance or Hue/Saturation, and VOILA!!

heres my end result:




P.S - As usual this is not my original tutorial, so Credit to the Art Maker.

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Thx for sharing and good bye