The high and low formed during the overnight session — the first levels marked every morning.
The Overnight Range (ON Range) is the high and low established during the overnight (Globex) session before the New York open. Marked in Blue at 6:00 AM, these are the two most important reference levels of the day: the ON high is the session's primary buy-side liquidity pool, and the ON low is the primary sell-side pool. The range also defines the day's initial equilibrium (its midpoint) and frames whether the New York session is likely to trend (range break) or rotate (range hold).
Everything in the New York session is measured against the overnight range. Mark it first, mark it always — it's the foundation every other level sits on.
ON high 5,847, ON low 5,828 — a 19-point range. New York opens at 5,840. The first question of the day: does price sweep a side of the range, or accept inside it?
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