Woodie Pivot Points

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Definition of 'Woodie Pivot Points'

The formula used in the calculation of Woodie Pivot Points (https://www.mypivots.com/dictionary/definition/155/pivot-points) are:

R4 = R3 + RANGE
R3 = H + 2 * (PP (https://www.mypivots.com/dictionary/definition/159/pivot-point-pp) - L) (same as: R1 + RANGE)
R2 = PP (https://www.mypivots.com/dictionary/definition/159/pivot-point-pp) + RANGE
R1 = (2 * PP (https://www.mypivots.com/dictionary/definition/159/pivot-point-pp)) - LOW (https://www.mypivots.com/dailynotes/stock/low/lowes-
companies-inc-nyse)
PP (https://www.mypivots.com/dictionary/definition/159/pivot-point-pp) = (HIGH + LOW (https://www.mypivots.com/dailynotes/stock/low/lowes-
companies-inc-nyse) + (TODAY'S OPEN (https://www.mypivots.com/dailynotes/stock/open/opentable-inc-nasdaq) * 2)) / 4
S1 = (2 * PP (https://www.mypivots.com/dictionary/definition/159/pivot-point-pp)) - HIGH
S2 = PP (https://www.mypivots.com/dictionary/definition/159/pivot-point-pp) - RANGE
S3 = L - 2 * (H - PP (https://www.mypivots.com/dictionary/definition/159/pivot-point-pp)) (same as: S1 - RANGE)
S4 = S3 - RANGE

Where R1 through R4 are Resistance levels 1 to 4, PP (https://www.mypivots.com/dictionary/definition/159/pivot-point-pp) is the Pivot Point

(https://www.mypivots.com/dictionary/definition/159/pivot-point-pp), S1 through S4 are support levels 1 to 4, RANGE is the High
(https://www.mypivots.com/dictionary/definition/91/high) minus the Low (https://www.mypivots.com/dictionary/definition/107/low) for the given time
frame (usually daily).

One of the key differences in calculating Woodie's Pivot Point (https://www.mypivots.com/dictionary/definition/159/pivot-point-pp) to other pivot
points (https://www.mypivots.com/dictionary/definition/155/pivot-points) is that the current session's open price is used in the PP
(https://www.mypivots.com/dictionary/definition/159/pivot-point-pp) formula with the previous session's high and low. At the time-of-day that we
calculate the pivot points (https://www.mypivots.com/dictionary/definition/155/pivot-points) on this site in our Daily Notes
(https://www.mypivots.com/DailyNotes) we do not have the opening price so we use the Classic formula for the Pivot Point
(https://www.mypivots.com/dictionary/definition/159/pivot-point-pp) and vary the R3 and R4 formula as per Woodie's formulas.

See also Classic Pivot Points (https://www.mypivots.com/dictionary/definition/46/classic-pivot-points) and Camarilla Pivot Points
(https://www.mypivots.com/dictionary/definition/42/camarilla-pivot-points).

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