Gaps and ranges
Overnight Range
The range built between one close and the next open, carried across the session, with counts for how often each side gets taken.
Price keeps moving while the regular session is shut. The high and low built overnight form a range that the next session opens inside, above or below, and those two levels anchor the first hours of trading.
The range builds live as the overnight session develops, then both sides are carried across the day. Statistics record how often the high was tagged during the regular session, how often the low was tagged, and how often the session took both, which is the figure that decides whether an overnight level is a target or merely a line on the chart.
Weekend and holiday sessions are handled by the session logic, so the range that carries into Monday is measured from Friday's close rather than from an empty Sunday.
How to read it
- Opening inside the range and breaking one side is the common sequence. The counts show how often the other side followed.
- A narrow overnight range frequently precedes a wider session.
- On futures the overnight period is fully traded, which makes the levels more reliable than on an equity chart.
Questions
Which hours count as overnight?
You define the regular session. Everything outside it is treated as the overnight period.
Does it work on stocks?
Yes, though the range is thinner. Extended hours data has to be enabled on the chart for it to be built accurately.
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