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So if the 18th bar of the day, which occurs at 10:00 AM CT, has a daily range that is evenly distributed above and below the close of that 18th bar, what then is the probability of the remainder of the daily range? Would it be about equal to being either above or below that close? I am a little confused about this probability.
Please set me straight on this. Thanks!
So if the 18th bar of the day, which occurs at 10:00 AM CT, has a daily range that is evenly distributed above and below the close of that 18th bar
In this situation the 18 bar range is the same as the opening range.
what then is the probability of the remainder of the daily range?
If the opening range is around half of the average day you can expect the range to double, but you don't know in what direction...
Would it be about equal to being either above or below that close?
... because it is Breakout mode, so around 50-50 above or below the opening range (sometimes, like today 15 March in the emini, both).
Thanks!
