Daily Woodie Pivot
(on/off button)

coder: Sheker
date: 2011

Woodie Pivot Points, developed by trader Ken Woodie,
use the previous day's high, low, and close prices,
along with the current day's open price,
to calculate pivot, support, and resistance levels,
with a focus on the closing price.

Here's a breakdown of the Woodie Pivot Point formulas:

Pivot Point (PP): (High + Low + (Today's Open * 2)) / 4
where:

• High = Previous day's high

• Low = Previous day's low

• Today's Open = Current day's opening price

Resistance 1 (R1): (2 * PP) - Low
Resistance 2 (R2): PP + (High - Low)
Resistance 3 (R3): High + 2 * (PP - Low)
Support 1 (S1): (2 * PP) - High
Support 2 (S2): PP - (High - Low)
Support 3 (S3): Low - 2 * (High - PP)