I spent a couple of years researching lots of formulas from racing and aviation web sites. Basically I use the standard HP formula from ET or MPH which can be found on just about any automotive site with math conversion. I then use a dyno correction formula to get a corrected HP.
The dyno correction formula is a very complex formula taking into account all the weather conditions and converts performance to what's called a "standard day". When on a dyno, this is also the results you get so being on a dyno in Florida or Denver, the corrected HP should be very close to the same even though the uncorrected HP will greatly differ.
Last nights second pass gave me a dyno correction of 1.129 so my uncorrected HP of 691.81 x 1.129 = 781 corrected HP. HP correction was 88.58%. It sucks to lose so much power because of altitude. If you raced in mineshaft air, you could have a dyno correction of less than 1 and a HP correction of more than 100%
Dyno correction info
http://wahiduddin.net/calc/cf.htm http://wahiduddin.net/calc/calc_cf.htm http://www.csgnetwork.com/relhumhpcalc.html http://www.anycalculator.com/enginehorsepower.htm
The accuracy of the formulas depends on the accuracy of the input data. I use a digital thermometer and humidity gauge. My digital barometer, although is accurate enough, isn't as accurate as I would like. I record the barometer readings in hPa and in uncorrected station pressure. Last night the hPa was 899. My barometer records changes at 897, 898, 899 etc. I want a digital barometer that shows changes of 898.7, 898.8, 898.9 etc.
Just for the Americans that deal with inches of mercury for a barometer reading, last nights station pressure of 899 hPa converts to 26.55 inHG.
The altitude corrected pressure such as you get from the airport or local weather forecasts was 1017 hPa (101.7 kPa) or 30.03 inHG. By strictly using station pressure, you remove the altitude variable from the equations. I don't have to know the altitude I'm at.
I've compared the results of the formulas in my laptop to online formulas and with handheld units like Performaire etc and my laptop is just as accurate.