indicator · on price · open source

Woodie Pivot Points

Deepwick · @deepwickv1Updated 2 Oct 2026▲ 0 users

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About

Woodie pivots weight yesterday's close twice (vs the classic formula), so the PP line leans toward where price actually settled. Often gives a tighter PP than Standard for trending sessions.

Useful when the prior session was a clear trend — the heavier close moves PP toward the close.
R1/R2/S1/S2 are projected off the standard range.

Source code

//@version=5
indicator("Woodie Pivot Points", overlay=true)
pp = (ta.highest(high, 1)[1] + ta.lowest(low, 1)[1] + 2 * close[1]) / 4
r1 = 2 * pp - ta.lowest(low, 1)[1]
s1 = 2 * pp - ta.highest(high, 1)[1]
r2 = pp + (ta.highest(high, 1)[1] - ta.lowest(low, 1)[1])
s2 = pp - (ta.highest(high, 1)[1] - ta.lowest(low, 1)[1])
p_PP = plot(pp, "PP", color=color.orange, linewidth=2)
p_R1 = plot(r1, "R1", color=color.green, style=plot.style_linebr)
p_R2 = plot(r2, "R2", color=color.green, style=plot.style_linebr)
p_S1 = plot(s1, "S1", color=color.red, style=plot.style_linebr)
p_S2 = plot(s2, "S2", color=color.red, style=plot.style_linebr)

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