Woodies Pivots

rsilk
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Woodies Pivots

Postby rsilk » 06 Mar 2015

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.
Attachments
WoodiePivots.pln
Modified Floor Pivots code
(1.73 KiB) Downloaded 680 times

Japhro
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Re: Woodies Pivots

Postby Japhro » 24 Apr 2015

Any chance of doing a version of this for Camarilla Pivots? SC comes with at least 8 pivot formulas built in, we have 1. Cheers


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