Between pivots and deviations, is one better, or more reliable, than the other? Also, is there an easy formula to calculate deviation levels?

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you want to use the ones most trader use. ninja trader uses woodies. they work o.k. remember a pivot is more like a zone. leave a little wiggle room on each side. trading them is not so easy ..what happens if it gaps into them or the past trading day that they are based on is a real small or large range day. the book by the pivot boss will bring you up to speed. google for it..insert free pdf down load...you will find one out there..hope it helps