The 50% level of the overnight range — the session's equilibrium, marked in White at 6:25 AM.
The Overnight Midpoint is the exact 50% level between the overnight high and overnight low, marked in White during the 6:00 AM Protocol. It serves as the session's equilibrium line: above it, price is in premium (look for shorts); below it, price is in discount (look for longs). It's also a gravitational level — in ranging conditions, price returns to the midpoint repeatedly, making it both a target and a decision line.
The midpoint is the quickest bias check in trading. One glance tells you whether you're hunting longs or shorts this morning.
ON range 5,828–5,848 → midpoint 5,838. Price opens at 5,842, runs to 5,846, stalls. Above midpoint = premium. You wait for a short Reveal instead of chasing longs.
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