March 1st, 2015, 08:36 AM
Futures Experience: Beginner
Platform: NinjaTrader & MultiCharts (initial testing)
Favorite Futures: TF
Posts: 6 since Aug 2013
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It would appear that the alogrithm for Woodies Pivot points is similar to the Camarilla calculation. Would it be possible to add a parameter to the indicator to select Camarilla (0) or Woodies (1)?
The formula used in the calculation of Woodies Pivot Points are:
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 given time frame (usually daily).
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.