Unfortunately, the previous threads that led to the initial formulas were sacrificed to the forum purge gods. Further down this thread is some of the discussion that led to the formula revamp. Here's the resulting formulas that can be used to convert your ratings to % based on your level:
Variables
- % :: this is your base percent chance versus on-level mobs (assuming it's below the cap)
- Rating :: this is the rating shown on your character sheet for the stat in question
- Level :: this is your level :: as explained below, I believe you can substitute the mobs level here
Mitigations (Common, Fire, Frost, Shadow, Lightening, Acid)
% = Rating / (150 * Level + Rating)
Everything Else (Avoidances / Resistances / Criticals / Crit Def / Offence / Defence / Healing)
% = Rating / ((1190/3) * Level + Rating)
The primary purpose of these formulas is to determine what your percentage would be for a given rating. For example, let's say you're at L65 and your character screen shows that you have 3000 crit rating and hovering over that shows a 10.4% crit chance. You want to know what you would gain from a piece of gear with +212 crit rating, so you plug in 3212 rating into the formula to see that your chance would go to 11.1%.
However, I believe you can also use them to determine what your percentage is against a mob of a given level. IOW, if you're L65, and you want to know what percentage your crit chance would be against a L67 mob, you would plug the mob level into the formula instead of your own. You could also use it to figure out what rating you would need to have to maintain a certain percent against a higher level mob, for example, to keep your crit chance capped at 15% (with L65 as the starting point, adding approximately 70 rating per level keeps crit/BPE/Resists capped)
Some round sample values:
15% crit at L50: 3500
15% crit at L60: 4200
15% crit at L65: 4550
20% mitigation at L65: 2437
30% mitigation at L65: 4178
40% mitigation at L65: 6000
50% mitigation at L65: 9750
Credit goes to LagunaD and Moebius92 for coming up with the original formulas.
EDIT1: to appease the formula police
EDIT2: to note that the BPE/Crit formula also applies to pretty much everything else
EDIT3: changed formulas from the original ones by LagunaD¹ to the more accurate ones suggested by Moebius92²
¹ For anyone interested, these are the old formulas:
Mitigations (Common, Fire, Frost, Shadow, Lightening, Acid)
% = ((0.0000106516) * ((Rtg / Lvl)^3) - 0.003593648 * ((Rtg / Lvl)^2) + 0.653753685 * (Rtg / Lvl)) / 100
Everything Else (Avoidances / Resistances / Criticals / Crit Def / Offence / Defence / Healing)
% = (0.25*(Rtg / Lvl) - 0.0005*(Rtg / Lvl)^2) / 100
² Moving to the new formulas brought the max error of what was shown in-game vs. what the formula gives from 0.256 down to 0.050 for the crit formula and from 0.159 to 0.055 for the mitigation formula. The total error for the 89 values I gathered ranging from L13-L65 for the crit formula went from 0.941 down to 0.056. The total error for the 29 values I gathered in the same level range for the mitigation formula went from 0.434 down to 0.144.