I hav been using Woodies Pivots on NT and missed them when I installed MC to evaluate it. So I took the included Floor Pivots indicator and modified it to use the Woodies algorithm: -
R4 = R3 + RANGE
R3 = H + 2 * (PP - L) (same as: R1 + RANGE)
R2 = PP + RANGE
R1 = (2 * PP) - LOW
PP = (HIGH + LOW + (TODAY'S OPEN * 2)) / 4
S1 = (2 * PP) - HIGH
S2 = PP - RANGE
S3 = L - 2 * (H - PP) (same as: S1 - RANGE)
S4 = S3 - RANGE
Where R1 through R4 are Resistance levels 1 to 4, PP is the Pivot Point, S1 through S4 are support levels 1 to 4, RANGE is the High minus the Low for the previous day.
One of the key differences in calculating Woodie's Pivot Point to other pivot points is that the current session's open price is used in the PP formula with the previous session's high and low.
I have verified it quickly with an online pivot calculator and it seems to work OK.
I am not a C# developer, just an old programmer who managed to get it to compile So if there are bugs, then I will be asking for expert help.
Woodies Pivots
Woodies Pivots
- Attachments
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- WoodiePivots.pln
- Modified Floor Pivots code
- (1.73 KiB) Downloaded 685 times