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Direct MessagesDate/Time: Sat, 04 May 2024 09:24:31 +0000
How Can I add Woodies Daily Pivots?
View Count: 1439
| [2018-08-02 18:09:29] |
| NG1980 - Posts: 39 |
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Think or Swim has a study called Woodies Pivots. I'd like to find a way to add this to my Sierra Chart. The formula used in the calculation of Woodie 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. At the time-of-day that we calculate the pivot points on this site in our Daily Notes we do not have the opening price so we use the Classic formula for the Pivot Point and vary the R3 and R4 formula as per Woodie's formulas. |
| [2018-08-02 18:22:59] |
| Xfanman1 - Posts: 320 |
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I think Formula Type 3 on the included Pivot Point study is Woodies Formula. Pivot Points: Formula Type 3 -- Scott Date Time Of Last Edit: 2018-08-02 18:25:09
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