The 50% midpoint of any range — the fairest price, and the line between premium and discount.
Equilibrium is the exact 50% level of a defined range. It's the 'fair' price where neither buyers nor sellers have a positional edge. Price gravitates toward equilibrium in ranging conditions and accelerates away from it in trends. The overnight midpoint (White level, marked at 6:25 AM) is the session's equilibrium — and it's remarkable how often price returns to it during the New York morning.
Equilibrium is the anchor. When you're unsure where price is going, ask where it is relative to equilibrium — that alone answers half the question.
ON midpoint 5,838. Price opens, runs to 5,846, then spends the next hour bleeding back to 5,838.25. Equilibrium, doing its job.
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