Opening Range
Also: OR, morning opening range, 8:30 opening range
Material Conflict
Versions contain contradictory rules — review version history below.
The Opening Range is the price distance from the session reference open price to the extreme of the Judas Swing (the initial false move). For index futures morning session trading, the reference open is 8:30 AM New York time (when economic data typically releases). The Judas Swing extreme is the high reached before the true bearish move (on a bearish day), or the low reached before the true bullish move (on a bullish day). The Opening Range distance is then projected in the OPPOSITE direction from the open to define the accumulation/distribution zone — the level where institutional orders are being accumulated for the true directional move. For example, on a bearish day: Open at 8:30 AM → rally to Judas Swing high (creating the Opening Range distance) → project that same distance below the 8:30 open → that projected level is the accumulation zone for shorts / distribution zone.
Identification7
- Identify the 8:30 AM New York time price as the session open reference for index futures (ES/NQ/YM).
- Observe the initial price move after 8:30 AM — this is the Judas Swing.
- On a bearish day: the Judas Swing rallies above 8:30 AM open. The Opening Range = (Judas Swing high) - (8:30 open).
- On a bullish day: the Judas Swing declines below 8:30 AM open. The Opening Range = (8:30 open) - (Judas Swing low).
- Project the Opening Range distance in the opposite direction from the 8:30 open to find the accumulation/distribution zone.
- Bearish projection: 8:30 open - Opening Range distance = the lower accumulation zone (where shorts are being built / where longs accumulated to distribute from).
- Bullish projection: 8:30 open + Opening Range distance = the upper distribution zone.
Target1
- The projected Opening Range level (below or above the 8:30 open) identifies the draw on liquidity for the first move of the morning session.
Invalidation1
- If price does not form a clear Judas Swing and instead moves directly in the true direction from 8:30 AM, the Opening Range framework does not apply cleanly for that session.
Inferred Conditions (Unvalidated)
- Two distinct opening price references exist in 2022 ICT index futures methodology: (1) Midnight NY open — for the full daily Power of Three range; (2) 8:30 AM NY — for the morning session Opening Range. These serve different purposes (Ep 10).
- The Opening Range concept on the morning session parallels the CBDR/Asian Range projection framework used in the 2016–2017 Forex model, but uses the 8:30 AM Judas Swing rather than the overnight consolidation range.
- The equities 9:30 AM open (regular trading hours) is NOT the same as the 8:30 AM futures reference — 8:30 AM is when economic data releases and sets the Judas Swing.
ICT Quotes
"The opening range is from the 8:30 open up to the high of the Judas Swing. Take that same distance and project it below the 8:30 open — that gives you the accumulation zone for the true move."
"We have two opening price references: midnight New York for the full daily range and 8:30 AM for the morning session. Don't confuse them."
Timeframes
Version History4 versions
ICT YT - 2022-02-18 - ICT Mentorship 2022 Episode 10.srt
""Opening range from the 8:30 open to the Judas Swing high — project that same distance below the open for the accumulation zone.""
New concept introduced in 2022 mentorship for index futures morning session. Defines the Opening Range as the distance from 8:30 AM to the Judas Swing extreme, projected in the opposite direction. Distinct from the CBDR/Asian Range framework used for Forex; adapted for the equities pre-market and morning session.
ICT YT - 2024-08-23 - ICT 2024 Mentorship - Lecture 15.srt
""The opening range is the 30 minutes from 9:30 to 10 o'clock. That is the opening range. Right there. That's it. Everything between 9:30 and 10:00 — that is your opening range.""
MATERIAL CONFLICT with 2022 definition. In 2024 mentorship, ICT explicitly redefines the Opening Range as the 30-minute RTH window from 9:30 AM to 10:00 AM Eastern Time. This is a complete redefinition: 2022 definition: Opening Range = distance from 8:30 AM futures open to the Judas Swing extreme, projected in the opposite direction. The 8:30 AM reference is specific to the pre-market futures session. 2024 definition: Opening Range = the 30-minute time window from 9:30 AM to 10:00 AM ET (RTH open to 10 AM). The Opening Range is a TIME window, not a price distance projection. This is the window in which the First Presentation FVG must form (9:31 AM earliest, 10:00 AM latest). The 2024 definition is applied exclusively to RTH index futures (ES/NQ) and uses Regular Trading Hours chart data (9:30 AM is the first RTH candle, but the first 1-minute candle is 9:31 AM with RTH toggle). The Judas Swing concept is still present in 2024 teachings but is no longer definitionally linked to the Opening Range term. Resolution: The 2024 definition supersedes the 2022 definition for current application. The 2022 definition (8:30 AM projection framework) remains valid for 2022-era context but should not be applied interchangeably with the 2024 Opening Range concept.
15 - ICT 2026 Smart Money Concepts Lecture ⧹ February 11, 2026.en.srt
"If you know anything about what I teach with opening range theory, it is the first 30 minutes of trading from 9:30 to 10 o'clock in the morning. I don't care who says otherwise. It's 30 minutes, folks…"
SMART MONEY ACCUMULATION MODEL: ICT provides the mechanics of what happens during the Opening Range. Smart money accumulates positions (short or long) by using retail order flow during the first 30 minutes. Buy stops above the pre-session high are counterparties for smart money shorts. Smart money then distributes (offsets) at two places: discount inefficiencies (FVGs) and sellside liquidity pools below. First stage offset distribution = partials at nearby targets; second stage = deeper targets. Strongly reconfirms the 30-minute (9:30-10:00 AM) window as definitive.
18 - How Do I Engage Markets When I Don't Have An Initial Bias？.en.srt
"I'm waiting for more information, submitting to the first half an hour of the opening range, looking for first to fair value gap, looking for the market to consume 9:45 or 10:00 news."
NO-BIAS APPROACH: When the trader has no directional bias, the protocol is to submit to the first 30 minutes of the opening range, watch for the first presented FVG, and let the market consume 9:45 or 10:00 news before engaging. The opening range itself reveals the session direction through which side of liquidity is taken first.
Notes
MATERIAL CONFLICT FLAG: This concept has a confirmed material conflict between the 2022 and 2024 definitions. See versions section above. 2022 definition: The Opening Range concept bridges the Judas Swing and Power of Three for intraday execution in index futures. The 8:30 AM reference is specific to US index futures because major US economic data releases (NFP, CPI, etc.) occur at 8:30 AM and frequently trigger the Judas Swing move. The equities market officially opens at 9:30 AM — the 8:30 AM futures reference is an hour earlier and is a distinct event. ICT distinguishes these carefully in Ep 10. 2024 definition: The Opening Range is the 30-minute RTH window from 9:30 AM to 10:00 AM ET. Within this window, the First Presentation FVG forms (earliest at 9:31 AM). The Opening Range is used to identify the Judas Swing (false move from 9:30-10:00 AM) and to anchor the First Presentation FVG timing filter. The ORG (Opening Range Gap) 70% mid-gap rule is also applied within this window. The two definitions serve different analytical purposes and should not be merged. When reading 2022-era material, use the 8:30 AM projection definition. When reading 2024-era material, use the 9:30-10:00 AM time window definition. 2026 SMART MONEY ACCUMULATION MODEL (Feb 11, 2026): ICT provides the most detailed explanation of what happens during the Opening Range from the smart money perspective. During the first 30 minutes (9:30-10:00 AM): - Smart money accumulates short positions by selling to existing buy stops above the pre-session high. Retail traders who placed buy stops for breakouts or short protection provide the counterparty. - Smart money also sells to retail buyers who think the breakout is real. - After accumulating shorts during the 30-minute window, smart money offsets (distributes) at two places: (1) discount inefficiencies (FVGs below the entry), and (2) sellside liquidity pools (old lows below). - The first stage offset distribution is partials; the second stage is at deeper sellside targets. This confirms that the Opening Range is fundamentally an accumulation window, not a breakout pattern. The 30-minute time window is the window during which smart money builds its position against retail order flow. 2026 NO-BIAS OPENING RANGE APPROACH (undated 2026): ICT teaches that when you have no directional bias, submit to the first 30 minutes of the opening range and look for the first presented FVG. Wait for the market to consume 9:45 or 10:00 news. If still reluctant, wait for the first full hour of trading before engaging. The opening range reveals the session's direction through the first presented FVG and which side of liquidity is taken first. See also: judas-swing.yaml, power-three.yaml, first-presentation-fvg.yaml, opening-range-gap.yaml
Asymmetry Notes
Symmetrical. On bullish sessions the projection is below the open (Judas Swing low to upside target). On bearish sessions the projection is above the open (Judas Swing high to downside target). The measurement method is identical.