OPEN-SOURCE SCRIPT
ROC(2) Pivot (Linda Raschke)
A daily bias level based on Linda Bradford Raschke's adaptation of the Taylor Trading Technique. The indicator plots a single price level — the point where the 2-period rate of change flips sign — and colors it by the current bias direction.
Concept
George Douglas Taylor observed in the 1950s that markets tend to swing in 2–3 day cycles: a buy day, a sell day, a sell-short day. Raschke formalized this with a simple calculation that captures where short-term momentum shifts.
The pivot is known before the session opens because it uses only prior daily closes:
Pivot = (Yesterday's Close − Close 3 days ago) + Close 2 days ago
Price above the pivot → long bias. Price below → short bias. One number, one rule.
Features
- Pivot line with bias-colored shading (long/short fill between price and pivot)
- Info table showing current bias, pivot price, streak, and respect score
- Streak — how many consecutive days the bias has held the same direction.
- Respect score — over the last N completed sessions, how many times did price stay entirely on one side of the pivot vs. crossing through it? Higher respect = the pivot is acting as meaningful support/resistance
- Alerts for bias flips (price crossing the pivot)
- Configurable colors, line width, fill transparency, table position/size, dark/light theme
How to use it
Check the pivot before the session. If price is above, favor long setups. If below, favor short setups. Use your own entry signals — the pivot provides directional context, not entries.
The respect score helps gauge conviction: if the pivot has been respected 7+ out of 10 sessions, traders are treating that level seriously. If only 3–4, the market is chopping through it and the bias carries less weight.
Non-repainting behavior
The pivot line itself does not repaint — it is calculated entirely from prior daily closes and is fixed at the open. The streak and respect scores use only completed daily bars (no intraday repainting). The real-time bias (line color, fill, table) updates as price crosses the pivot during the session, which is intended behavior — it reflects the current state, not a prediction.
Credits
Based on the 2-Period Rate of Change concept from Linda Bradford Raschke (Street Smarts, Chapter 8) and George Douglas Taylor's Taylor Trading Technique (1950).
This indicator is a visualization and context tool — it does not generate buy/sell signals and is not a standalone trading system.
Concept
George Douglas Taylor observed in the 1950s that markets tend to swing in 2–3 day cycles: a buy day, a sell day, a sell-short day. Raschke formalized this with a simple calculation that captures where short-term momentum shifts.
The pivot is known before the session opens because it uses only prior daily closes:
Pivot = (Yesterday's Close − Close 3 days ago) + Close 2 days ago
Price above the pivot → long bias. Price below → short bias. One number, one rule.
Features
- Pivot line with bias-colored shading (long/short fill between price and pivot)
- Info table showing current bias, pivot price, streak, and respect score
- Streak — how many consecutive days the bias has held the same direction.
- Respect score — over the last N completed sessions, how many times did price stay entirely on one side of the pivot vs. crossing through it? Higher respect = the pivot is acting as meaningful support/resistance
- Alerts for bias flips (price crossing the pivot)
- Configurable colors, line width, fill transparency, table position/size, dark/light theme
How to use it
Check the pivot before the session. If price is above, favor long setups. If below, favor short setups. Use your own entry signals — the pivot provides directional context, not entries.
The respect score helps gauge conviction: if the pivot has been respected 7+ out of 10 sessions, traders are treating that level seriously. If only 3–4, the market is chopping through it and the bias carries less weight.
Non-repainting behavior
The pivot line itself does not repaint — it is calculated entirely from prior daily closes and is fixed at the open. The streak and respect scores use only completed daily bars (no intraday repainting). The real-time bias (line color, fill, table) updates as price crosses the pivot during the session, which is intended behavior — it reflects the current state, not a prediction.
Credits
Based on the 2-Period Rate of Change concept from Linda Bradford Raschke (Street Smarts, Chapter 8) and George Douglas Taylor's Taylor Trading Technique (1950).
This indicator is a visualization and context tool — it does not generate buy/sell signals and is not a standalone trading system.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Access my indicators and manual at: constantinpabst.com/
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Access my indicators and manual at: constantinpabst.com/
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.