What is Opening Range?
Opening range records session extremes over set window (e.g. 15 minutes post 9:15).
Formula
Midpoint = ($184.20 + $186.40) / 2 = $185.30 Risk per share = $186.60 - $185.30 = $1.30
Indian market context (NSE)
Reference levels: Nifty 50 at 24,300, Reliance Industries at ₹1,300, Bank Nifty futures at 55,000 (lot size 30). Examples below show how Opening Range shows up on Indian index, equity, and futures books — update to live quotes in your journal.
Nifty 50 perspective
Opening Range on Nifty (24,300): on the 15-minute chart, combine with session VWAP and 9:15–10:00 liquidity — index opening range signals misfire on expiry Tuesdays without volume confirmation.
Reliance Industries perspective
Opening Range on Reliance at ₹1,300: daily vs hourly settings diverge around results and ex-dividend dates; note corporate events in journal when opening range readings spike.
Bank Nifty futures perspective
Opening Range on Bank Nifty futures (55,000): first-hour signals differ from post-14:30 behaviour; avoid standalone entries when banking names lead the move.
How to validate
- Validate Opening Range readings by session tag — open hour stats differ from midday.
- Check behaviour on gap-up/gap-down days separately on Nifty tags.
- Correlate with India VIX buckets (calm vs elevated) before changing rules.
- Confirm liquidity notes were filled on fast-market days.
How to track in TradeLyser
- Tag session phase and liquidity state on each trade influenced by Opening Range.
- Daily journal: one line on market structure context (gap, range, trend).
- Filter analytics by session tag during monthly review.
- Note India VIX at session open when structure rules depend on volatility.
Best practices
- Pre-define how Opening Range maps to session tags each quarter.
- Reduce size on expiry and event sessions when structure breaks.
- Journal gap days explicitly — averages hide gap risk.
- Align structure tags with India cash session hours (9:15–15:30).
Common pitfalls
- Applying midday rules to the opening 15 minutes without adjustment.
- Trading illiquid names with the same Opening Range assumptions as Nifty.
- Forgetting overnight gap risk on “intraday” tags.
- Over-tagging — so many structure labels that review becomes noise.
How to use this in TradeLyser
Note OR minutes and break direction; separate midday breaks from OR breaks.
Related terms
Day trading opens and closes positions within the same session, avoiding overnight gap risk on cash products.
Gap fill hypothesis: prices revisit pre-gap reference — partial or full fill.
Pivot points derive levels from the previous session’s high, low, and close. R1/R2 and S1/S2 are common intraday reference lines.
Volume Weighted Average Price averages traded price weighted by volume from session open. Many intraday desks use it as fair-value reference.
FAQ
15m vs 30m OR?
Different noise — one rule per tag.
OR break on gap day?
Define if levels include gap or cash only.
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