Most piping codes provide two equations for the "longitudinal pressure stress" component. The code prints "PD/4t" in the "code equation, but unfortunately this is a "thin wall approximation", and as you found, can be in error by a large amount.
The alternate equation, which is the CAESAR II default is: "P * Di^2 / (Do^2 - Di^2)".
When you check the checkbox in the configuration, you instruct CAESAR II to use PD/4t instead of the more exact form of the equation. This may be necessary to benchmark an existing system or a previous analysis made with older software.
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Regards,
Richard Ay - Consultant