OPEN-SOURCE SCRIPT
Raschke Trade Sheet (scanner)
Recreates Linda Raschke's nightly "trade sheet" as a live scanner: one table showing momentum bias, volatility compression, range expansion, extended-run exhaustion, momentum thrusts, and 20-day channel tests for ten futures markets at once.
OVERVIEW
Linda Bradford Raschke has said for decades that her edge starts with homework: every evening she hand-writes indicator readings and closing prices for the two dozen futures markets she tracks, because writing them down keeps her in tune with the tape in a way a screen full of charts cannot. Her firm still publishes these nightly trade sheets.
This script rebuilds that routine as a live scanner. It runs her checklist across a configurable ten-symbol futures watchlist (or just the current chart) and displays the results in one table, so the evening-homework snapshot she compiles by hand is on your chart continuously. It is a preparation tool: it tells you which markets deserve attention tomorrow and in which direction, not when to click buy.
WHY THIS IS DIFFERENT
Every column of this table exists somewhere on TradingView as a standalone script - there are NR7/WR bar markers, 2-period ROC plots, and Donchian channels. What does not exist is the sheet: the specific combination Raschke actually checks nightly, computed per symbol across a watchlist and read as one row per market. That combination is the point. Her workflow is not "watch one indicator"; it is "scan many markets for a short checklist of conditions, then trade the two or three markets where conditions line up." A row where bias, compression, and a channel test agree is a candidate; a lone flag is just information. This is a mashup with a documented reason to exist - it reproduces a professional's published daily process, and to my knowledge no other script on TradingView does it.
THE COLUMNS
Bias - three momentum readings sloping the same way: the 3/10 oscillator fast line (SMA 3 minus SMA 10), its 16-period slow line, and the 2-period rate of change. All three rising = up bias (green), all three falling = down bias (red), mixed = neutral. The 2-period ROC is a Raschke staple: it highlights the two-to-three-day swing cycle she traces back to George Douglass Taylor's buy day / sell day rhythm, and the 3/10 pair is her signature momentum gauge. When all three agree, the swing, the momentum trend, and the short cycle point the same way.
3bar - a three-bar triangle: the latest bar's high is below the prior two highs AND its low is above the prior two lows. Compression inside compression - the market is winding up, and the subsequent break of the little triangle often starts the next directional move.
WR7 - wide-range-7: the current bar's range is the widest of the last seven. This is Toby Crabel's range-expansion concept, which Raschke absorbed into her own work: volatility cycles from contraction to expansion, and a WR7 bar tells you expansion has arrived. Early in a move it marks initiation; after an extended run it can mark climax. Read it together with the Bias column.
Coil - three consecutive bars still share overlapping price territory (the lowest high of the three sits above the highest low). A market trading in balance with a short travel path - the flip side of WR7. Crabel's and Raschke's shared premise: low-volatility balance precedes the tradeable breakout, so coiled markets go on tomorrow's watch list.
ExtSig - extended-run exhaustion around the 5-period SMA. After at least seven consecutive closes on one side of the 5-SMA - an unusually persistent run - the FIRST close back on the other side prints B (buy) or S (sell). This is a classic Raschke tell: short-term runs stretch only so far from the mean, and the first close across the short average after a long one-sided streak flags the run's end for a mean-reversion trade or an exit signal for trend riders.
2ROC - the 2-period ROC has just made a new 30-bar momentum high or low. Momentum precedes price: a fresh momentum extreme typically gets a pullback and then a retest of the price extreme, so this column flags markets where a thrust just happened and the swing playbook (buy the first pullback) applies.
20D - price is making a new 20-day high (20H) or 20-day low (20L). The 20-day channel is the classic intermediate breakout reference; Raschke watches tests of these levels because they are where trend players, breakout systems, and stops all congregate. Combined with Bias, this separates a confirmed breakout from a suspect poke.
HOW TO USE IT
The nightly routine. After the close (or before the open), read the table row by row on the daily lock:
- Rows where Bias, 2ROC, and 20D agree are trending candidates - the playbook is buying pullbacks in the bias direction, not fading.
- Rows showing 3bar or Coil with a flat bias are tomorrow's breakout watch - set alerts on the compression range and let the break pick the direction.
- An ExtSig flag warns that an extended run may be done: tighten stops if you are with the run, or stalk the reversion if that is your style.
- WR7 plus a fresh 20D break in the bias direction is initiation; WR7 after many one-sided closes alongside an ExtSig flag reads as climax.
The goal, in Raschke's spirit, is selection: out of ten markets, two or three rows will line up. Those get your attention tomorrow; the rest get ignored.
Toggles. Scan mode switches between the ten-symbol watchlist and the current chart only. Timeframe mode either locks the sheet to daily data - so you can monitor the daily homework while sitting on a 5-minute execution chart - or follows the chart's timeframe, which turns the same checklist into an intraday sheet.
Watchlist. Defaults cover the major futures groups - stock indices, metals, energies, rates, currencies, grains - and every slot is a symbol input, so the sheet works for any markets you trade.
LIMITATIONS
- This is a preparation scanner, not a signal generator. No column is an entry by itself, and the columns are deliberately simple binary flags - the judgment of combining them is yours, as it is on Raschke's own sheets.
- The table shows current conditions only; it does not keep history. Bar-by-bar flags repaint intrabar until the bar closes, so read the sheet after the session (its intended use) or treat live flags as provisional.
- Watchlist size is fixed at ten symbols to stay within Pine's data-request limits.
- Raschke's full sheets include readings this script does not compute. It covers the price-based checklist; it is not a substitute for her published materials.
THANKS
Credit to Linda Bradford Raschke (LBRGroup, Street Smarts) for the trade-sheet workflow, the 3/10 oscillator, and the 2-period ROC swing framework; to Toby Crabel for the range contraction/expansion concepts behind the WR7 and Coil columns; and to George Douglass Taylor, whose buy day / sell day cycle underlies the 2-period ROC's usefulness. Educational tool, not financial advice.
OVERVIEW
Linda Bradford Raschke has said for decades that her edge starts with homework: every evening she hand-writes indicator readings and closing prices for the two dozen futures markets she tracks, because writing them down keeps her in tune with the tape in a way a screen full of charts cannot. Her firm still publishes these nightly trade sheets.
This script rebuilds that routine as a live scanner. It runs her checklist across a configurable ten-symbol futures watchlist (or just the current chart) and displays the results in one table, so the evening-homework snapshot she compiles by hand is on your chart continuously. It is a preparation tool: it tells you which markets deserve attention tomorrow and in which direction, not when to click buy.
WHY THIS IS DIFFERENT
Every column of this table exists somewhere on TradingView as a standalone script - there are NR7/WR bar markers, 2-period ROC plots, and Donchian channels. What does not exist is the sheet: the specific combination Raschke actually checks nightly, computed per symbol across a watchlist and read as one row per market. That combination is the point. Her workflow is not "watch one indicator"; it is "scan many markets for a short checklist of conditions, then trade the two or three markets where conditions line up." A row where bias, compression, and a channel test agree is a candidate; a lone flag is just information. This is a mashup with a documented reason to exist - it reproduces a professional's published daily process, and to my knowledge no other script on TradingView does it.
THE COLUMNS
Bias - three momentum readings sloping the same way: the 3/10 oscillator fast line (SMA 3 minus SMA 10), its 16-period slow line, and the 2-period rate of change. All three rising = up bias (green), all three falling = down bias (red), mixed = neutral. The 2-period ROC is a Raschke staple: it highlights the two-to-three-day swing cycle she traces back to George Douglass Taylor's buy day / sell day rhythm, and the 3/10 pair is her signature momentum gauge. When all three agree, the swing, the momentum trend, and the short cycle point the same way.
3bar - a three-bar triangle: the latest bar's high is below the prior two highs AND its low is above the prior two lows. Compression inside compression - the market is winding up, and the subsequent break of the little triangle often starts the next directional move.
WR7 - wide-range-7: the current bar's range is the widest of the last seven. This is Toby Crabel's range-expansion concept, which Raschke absorbed into her own work: volatility cycles from contraction to expansion, and a WR7 bar tells you expansion has arrived. Early in a move it marks initiation; after an extended run it can mark climax. Read it together with the Bias column.
Coil - three consecutive bars still share overlapping price territory (the lowest high of the three sits above the highest low). A market trading in balance with a short travel path - the flip side of WR7. Crabel's and Raschke's shared premise: low-volatility balance precedes the tradeable breakout, so coiled markets go on tomorrow's watch list.
ExtSig - extended-run exhaustion around the 5-period SMA. After at least seven consecutive closes on one side of the 5-SMA - an unusually persistent run - the FIRST close back on the other side prints B (buy) or S (sell). This is a classic Raschke tell: short-term runs stretch only so far from the mean, and the first close across the short average after a long one-sided streak flags the run's end for a mean-reversion trade or an exit signal for trend riders.
2ROC - the 2-period ROC has just made a new 30-bar momentum high or low. Momentum precedes price: a fresh momentum extreme typically gets a pullback and then a retest of the price extreme, so this column flags markets where a thrust just happened and the swing playbook (buy the first pullback) applies.
20D - price is making a new 20-day high (20H) or 20-day low (20L). The 20-day channel is the classic intermediate breakout reference; Raschke watches tests of these levels because they are where trend players, breakout systems, and stops all congregate. Combined with Bias, this separates a confirmed breakout from a suspect poke.
HOW TO USE IT
The nightly routine. After the close (or before the open), read the table row by row on the daily lock:
- Rows where Bias, 2ROC, and 20D agree are trending candidates - the playbook is buying pullbacks in the bias direction, not fading.
- Rows showing 3bar or Coil with a flat bias are tomorrow's breakout watch - set alerts on the compression range and let the break pick the direction.
- An ExtSig flag warns that an extended run may be done: tighten stops if you are with the run, or stalk the reversion if that is your style.
- WR7 plus a fresh 20D break in the bias direction is initiation; WR7 after many one-sided closes alongside an ExtSig flag reads as climax.
The goal, in Raschke's spirit, is selection: out of ten markets, two or three rows will line up. Those get your attention tomorrow; the rest get ignored.
Toggles. Scan mode switches between the ten-symbol watchlist and the current chart only. Timeframe mode either locks the sheet to daily data - so you can monitor the daily homework while sitting on a 5-minute execution chart - or follows the chart's timeframe, which turns the same checklist into an intraday sheet.
Watchlist. Defaults cover the major futures groups - stock indices, metals, energies, rates, currencies, grains - and every slot is a symbol input, so the sheet works for any markets you trade.
LIMITATIONS
- This is a preparation scanner, not a signal generator. No column is an entry by itself, and the columns are deliberately simple binary flags - the judgment of combining them is yours, as it is on Raschke's own sheets.
- The table shows current conditions only; it does not keep history. Bar-by-bar flags repaint intrabar until the bar closes, so read the sheet after the session (its intended use) or treat live flags as provisional.
- Watchlist size is fixed at ten symbols to stay within Pine's data-request limits.
- Raschke's full sheets include readings this script does not compute. It covers the price-based checklist; it is not a substitute for her published materials.
THANKS
Credit to Linda Bradford Raschke (LBRGroup, Street Smarts) for the trade-sheet workflow, the 3/10 oscillator, and the 2-period ROC swing framework; to Toby Crabel for the range contraction/expansion concepts behind the WR7 and Coil columns; and to George Douglass Taylor, whose buy day / sell day cycle underlies the 2-period ROC's usefulness. Educational tool, not financial advice.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Get more in-depth analysis on my website: joerodtrades.substack.com
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Get more in-depth analysis on my website: joerodtrades.substack.com
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.