Incorrect formula on Woodie Pivot page
I think the Woodie formula page has a formula error.
http://www.mypivots.com/investopedia/details/228/woodie-pivot-points
uses PP = (HIGH + LOW + CLOSE) / 3 ,
but the calculator http://www.mypivots.com/calculators/pivot-point-calculator.aspx
uses pp = (High + Low + (Open * 2)) / 4
http://www.mypivots.com/investopedia/details/228/woodie-pivot-points
uses PP = (HIGH + LOW + CLOSE) / 3 ,
but the calculator http://www.mypivots.com/calculators/pivot-point-calculator.aspx
uses pp = (High + Low + (Open * 2)) / 4
Thanks Zachary - corrected - also added more info how this site's Woodie formula differ from the official Woodie formula in the Daily Notes.
The changes look good.
I believe a more widely accepted formula for the Woodie PP in-lue of using the Current Open is to use the Prior Close formula
PP = (HIGH + LOW + (PRIOR CLOSE * 2)) / 4
vs. using the Classic PP
I believe a more widely accepted formula for the Woodie PP in-lue of using the Current Open is to use the Prior Close formula
PP = (HIGH + LOW + (PRIOR CLOSE * 2)) / 4
vs. using the Classic PP
It may be currently more widely accepted but woodie himself uses 'open' and considers 'close' to be for those who are too lazy or nervous to input the quote at the open. The whole purpose of the woodie pivot is to cover overnight gaps - how can that happen if the close is used.
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