Opening Range Gap
Also: ORG, opening range gap premium, opening range gap discount, ORG repricing macro
Visual Context Required
This concept requires chart visuals for full understanding.
The Opening Range Gap (ORG) is the price gap formed between the closing price of the previous Friday's regular trading hour (RTH) session and the opening price at 9:30am Eastern on the following Monday. It is measured using RTH data only (not electronic trading hours). If Monday opens below Friday's RTH close, the market opens with a discount ORG. If Monday opens above Friday's RTH close, the market opens with a premium ORG. The ORG is annotated as two horizontal levels with consequent encroachment (CE) at the midpoint. The ORG Repricing Macro describes the algorithmic tendency for price to retrace back into the ORG during Monday's session, often following an initial Judas swing in the opposite direction from 9:30–10:00am. The ORG functions as a price delivery target within the Silver Bullet model framework — after a premium Judas swing, the algorithm reprices back into the discount ORG; after a discount Judas swing, it reprices to the premium ORG. A repricing macro is the time-based price run that delivers price back into the ORG, typically anchored to specific macro windows (e.g., 2:00–3:00pm, 3:00–4:00pm for PM sessions or 10:00–11:00am for AM sessions).
Identification8
- Switch chart to Regular Trading Hours (RTH) only — toggle Electronic Trading Hours OFF in TradingView.
- Hover over the last RTH candle on Friday — note the closing price (e.g., 4:14pm is the last candle, not necessarily 4:00pm).
- Note the Monday 9:30am opening price.
- Gap between Friday RTH close and Monday 9:30am open = ORG.
- If Monday open < Friday close: Discount ORG (opened with gap lower).
- If Monday open > Friday close: Premium ORG (opened with gap higher).
- Mark CE at the 50% midpoint of the ORG range.
- Distinct from NWOG: ORG uses RTH prices exclusively; NWOG uses electronic session prices (Sunday 6pm open).
Entry4
- ORG Repricing Macro entry: after a Judas swing runs liquidity above/below the midnight opening price, wait for a shift in market structure and enter on a discount PD array (FVG, order block) with a target of repricing back into the ORG.
- Best shorts in a bearish context: above the New York midnight opening price, aiming for the ORG below as target.
- The Silver Bullet model (10am–11am) can be used to enter the repricing move back into the ORG.
- Two-gap rule: when two FVGs are stacked, factor in the higher gap for stop placement (use CE of higher FVG as stop reference).
Stop2
- Stop loss above CE of the highest nearby fair value gap when entering short for ORG reprice.
- Stop placement determined by the entry PD array used; ORG itself is the target, not the stop reference.
Target3
- ORG CE (consequent encroachment / midpoint) is the primary target when initiating a repricing trade.
- Full ORG low (for discount ORG reprice from premium) or ORG high (for premium reprice from discount) is the extended target.
- During New York lunch (noon–1pm), the algorithm may reach up into approximately 50% of the ORG (CE) before resuming the directional run.
Invalidation2
- ORG does not expire immediately once repriced; algorithm may reprice back to it multiple times within the week.
- No formal invalidation rule stated; treat as expired once price has spent significant time above/below the full ORG range.
Inferred Conditions (Unvalidated)
- ORG repricing tendency is strongest on Mondays and in the first hours of the NY session.
- The ORG acts as a magnetic reference similar to the NWOG — algorithm may return to it repeatedly throughout the week.
ICT Quotes
"The difference between the closing price on Friday and the opening price on the next trading day or Monday, that is the opening range gap. This happens to be the opening range gap lower. Because we opened lower than where we closed on Friday. Whenever the opening range gap lower than Friday's close, we are opening with a discount opening range gap."
"I'm going to anticipate the algorithm repricing back down into the opening range gap. So this is a repricing macro. All of this is a Judas swing."
"The algorithm is going to reprice to a premium — not to some random level — to reprice up to an old inefficiency. And the best shorts are above the opening price at midnight New York local time."
"Any gap or wick the midpoint of that range would be consequent encouragement, any other order block is going to be mean threshold which is 50% of that range."
"Smart money can wait for the algorithm to reprice back up into half of the shaded area or just above these relatively equal highs. So the algorithm runs quickly to get to that level, and then it spends time here until we get to the 3:15, the 3:45 market on close algorithm."
Timeframes
Version History6 versions
ICT YT - 2023-06-27 - ICT Mentorship 2023 - Opening Range Gap Repricing Macro.srt
"This is the opening range gap. What you're looking at is this candle here is Friday's data. You're going to be showing this on your trading view chart with down here in the lower right hand corner. Re…"
First formal public definition of ORG with RTH-only methodology, discount/premium classification, repricing macro concept, and Silver Bullet integration.
ICT YT - 2024-08-27 - ICT 2024 Mentorship - Lecture 18.srt
"Seventy percent of the time when we open with a gap, price will trade to the midpoint — the consequent encroachment of that gap — during the opening range. If the gap is anemic — less than 20, 30 hand…"
2024 mentorship adds quantified probability rule (70% mid-gap) and introduces the anemic/significant gap threshold (~20-30 handles for ES). Adds explicit "sit still until 10 AM" protocol for anemic gaps. Adds quadrant analysis of ORG range for intraday target refinement. Adds 4:14/4:15 PM (last RTH candle, not necessarily 4:00 PM) as the correct Friday close reference. No material conflict with 2023 definition — all additions are application refinements.
ICT YT - 2025-01-10 - 2025 Lecture Series - SMC Opening Range Gaps.srt
"The opening range gap is 120 handles or larger. Price could leave the gap unfilled. If it's 20 to 75 handles, usually... I like the odds of it trading to mid gap. Now there's a sweet spot between 75 a…"
2025 MAJOR REFINEMENT: Formal three-tier gap size classification system replaces the 2024 binary "anemic/significant" threshold. New size rules: - <20 handles: no interest — anemic, do not trade - 20–75 handles: high probability trades to mid-gap (CE); use standard repricing approach - 75–120 handles: gray area — may or may not fill to CE; either direction possible - >120 handles: do NOT target full fill; only target the upper quadrant (premium ORG) or lower quadrant (discount ORG) — price "could leave the gap unfilled" FIB anchoring formalized: draw Fibonacci from the 4:14 PM RTH settlement UP to the 9:30 AM open (for premium/gap higher ORG) — or from settlement DOWN to open (for discount/gap lower ORG). The FIB levels at 0%, 25%, 50% (CE), 75%, 100% define the quadrant system. For ORG >120 handles, targets are limited to the 75–100% quadrant (upper quadrant for premium, lower quadrant for discount). LIQUIDITY VOID classification: The ORG is explicitly classified as a liquidity void — "zero RTH trading occurred in the gap." This distinguishes it from a standard FVG which forms during active trading. The void characteristic explains why large ORGs may not fill — the algorithm may not need to revisit unfilled void space if the directional narrative is strong. RTH ONLY CLARIFICATION: ICT explicitly states that switching to ETH (electronic trading hours) changes what you see — ETH gaps are NDOG or NWOG, NOT ORG. The ORG is exclusively a RTH construct.
24 - ICT 2026 Smart Money Concepts Lecture ⧹ January 02, 2026.en.srt
"What did I teach you about the opening range gap? Half of that gap's range. 70% of the time you're going to get it filled or it's going to trade back to it by 10 o'clock in the morning. But if the if …"
2026 reiteration with daily bias integration. ICT confirms the 70% mid-gap probability remains the teaching focus for his family members' education. New emphasis: when the daily chart shows a bearish suspension block, the ORG half-gap remains viable as a short target even past 10 AM. ICT explicitly teaches partials before the target and rolling stops as the trade approaches the half-gap CE level.
13 - ICT 2026 Smart Money Concepts Lecture ⧹ February 23, 2026.en.srt
"that candlesticks close 25,079 even. That's today's regular trading hours, opening range gap high, the low because while we are watching price action, it's going to open up down here. If price is belo…"
Daily RTH ORG procedure demonstrated in full: ICT applies ORG identification to consecutive trading days (not just Friday-to-Monday). Previous RTH session close at 4:14 PM vs 9:30 AM open determines premium/discount classification. Opening range is explicitly 30 minutes (9:30-10:00 AM) per ICT — algorithm protracts to take close-proximity buy side and sell side during this window, then the real directional move ensues. Confirms ORG is a daily construct applicable to any consecutive sessions, broadening the original weekly-only Friday-to-Monday teaching.
06 - ICT 2026 Market Commentary ⧹ March 10, 2026.en.srt
"this is regular trading hours settlement at 4:14 p.m. Eastern time Monday. And because I had Monday's settlement, it did say low initially. Um, but when we open above it, which is 9:30 opening here, t…"
2026 live session demonstrates consecutive-day ORG identification procedure: Monday 4:14 PM settlement → Tuesday 9:30 AM open. When Tuesday opens above Monday's settlement, the 9:30 opening becomes the ORG high (premium gap). ICT emphasizes toggling RTH-only view in TradingView to visualize the gap cleanly. Also notes that a small premium gap is "indicative of a market that's going to be a little bit more challenging" — gap size affects difficulty.
Notes
The ORG is distinct from both NWOG and NDOG in three key ways: (1) RTH prices only (not electronic), (2) weekly formation (Friday close to Monday open), (3) the repricing macro is explicitly tied to time-based algorithmic delivery windows. The term 'repricing macro' in this context refers specifically to the ORG retrace pattern, not to the standalone Time Macros concept (950-1010, 1050-1110, etc.). ICT uses this concept extensively in the June 27 2023 live trading example, demonstrating a short from above the NY midnight price targeting the discount ORG at ~4370 ES. The 3:15–3:45pm market-on-close algorithm reference (block 110) is a macro window identified in passing — cross-reference with time-macros.yaml. 2024 elaborations (Lectures 17–22): Friday close reference: ICT specifies hovering over the LAST RTH candle on Friday in TradingView to get the closing price — this is typically at 4:14 PM or 4:15 PM, NOT necessarily 4:00 PM. The last candle's close (not a round-hour price) is the correct ORG boundary. 70% mid-gap rule: ICT states explicitly in 2024 mentorship that 70% of the time, when the session opens with an ORG, price will trade to the consequent encroachment (midpoint/CE) of the ORG before or during the Opening Range (9:30-10:00 AM window). This is the primary intraday target probability. Anemic gap threshold: If the ORG is less than approximately 20-30 handles (ES points), ICT classifies it as an "anemic" or "weak" gap. Protocol: sit still and wait until after 10:00 AM for a clearer setup to develop. Do not trade the Opening Range on an anemic gap day. Significant gap threshold: If the ORG is more than 20-30 handles, the gap is "significant" and the 70% mid-gap rule applies with higher probability. Quadrant usage: The ORG range is divided into four quadrants (25%, 50%, 75%, 100%) for intraday target refinement. The CE (50% midpoint) is the primary target; the 25% and 75% levels are secondary references. Application with First Presentation FVG: On a premium ORG day (opened gap higher), the first presentation FVG is likely to be bearish — confirm directional agreement between ORG and first presentation FVG direction before entering. 2025 THREE-TIER GAP SIZE RULES (Jan 10 2025): The 2025 lecture series replaces the 2024 binary "anemic/significant" gap framework with a three-tier quantified classification: Tier 1 — <20 handles: Anemic. Do not trade the ORG. Tier 2 — 20–75 handles: Standard. High probability of trading to CE (mid-gap). Use standard repricing macro approach. The 70% mid-gap probability from 2024 applies here. Tier 3 — 75–120 handles: Gray area. Could go either way. Exercise caution; reduce size or skip if no clear directional confirmation. Tier 4 — >120 handles: Large gap. Do NOT target CE or full fill. Only target the quadrant on the side of current price (e.g., for premium ORG >120 handles: only target the upper quadrant, 75–100% of the gap). Price may leave the gap unfilled. 2025 FIB QUADRANT SYSTEM (Jan 10 2025): Draw Fibonacci from the settlement price to the opening price: - Premium ORG (gap higher): FIB from 4:14 PM settlement (0%) UP to 9:30 AM open (100%). 0% = settlement, 25% = lower quadrant, 50% = CE, 75% = upper quadrant, 100% = open. - Discount ORG (gap lower): FIB from 4:14 PM settlement (0%) DOWN to 9:30 AM open (100%). Same quadrant labels, reversed direction. Named levels: lower quadrant (25%), CE/consequent encroachment (50%), upper quadrant (75%). 2025 LIQUIDITY VOID CLASSIFICATION (Jan 10 2025): ICT explicitly classifies the ORG as a "liquidity void" — no RTH trading occurred in the gap range. This is why large ORGs (>120 handles) may not fill: the algorithm has no structural obligation to reprice through a vast unfilled void if the directional narrative is strong. Standard FVGs form during active trading and carry different algorithmic weight. 2026 DAILY BIAS INTEGRATION (Jan 02, 2026): ICT explicitly ties the ORG half-gap target to the daily chart bias. When the daily suspension block or higher-timeframe PD array is bearish, the ORG half-gap acts as a draw even past 10:00 AM. ICT states: "Even though it went past 10 o'clock in the morning, I still think it's a viable option to side on going short versus going long because that daily suspension block... is such a big elephant in the room." The 70% mid-gap probability holds, but the daily bias determines whether to hold for the full half-gap target or take partials early. ICT teaches his family to "always focus primarily on half of the gap" and take partials before it gets there. 2025 ETH vs RTH DISTINCTION (Jan 10, Jan 13 2025): ICT reiterates clearly: toggling to ETH view converts what appears as an ORG into NDOG or NWOG references. The ORG is a STRICT RTH construct. Students who see "gaps" on an ETH chart are looking at NDOGs or NWOGs, not ORGs. The charts are fundamentally different views. 2026 PARTIAL-TAKING DISCIPLINE (Jan 02, 2026): ICT teaches that when approaching the half-gap target and it's been a straight run from entry, new traders should take a partial ("take something off") as soon as they feel the claustrophobic anxiety of being close to target. Then roll the stop. This prevents giving back profits and addresses the psychological pressure of watching unrealized P&L. 2026 RTH ORG DAILY APPLICATION (Feb 23, 2026): ICT demonstrates applying the ORG procedure on a daily basis, not just Monday-to-Friday. The previous RTH session's closing price at 4:14 PM Eastern is compared to today's 9:30 AM opening price. If today's 9:30 open is above the 4:14 PM close, it is a premium RTH ORG (opening range gap high). If below, it is a discount RTH ORG (opening range gap low). The procedure is the same whether it's Monday-to-Friday or any consecutive trading day. ICT states the actual opening range algorithmically is 30 minutes (9:30-10:00 AM) and "I don't care what anybody else says." During this 30-minute window, the algorithm protracts to take close-proximity buy side and close-proximity sell side, and then the real move ensues. See also: opening-range.yaml, first-presentation-fvg.yaml, judas-swing.yaml, time-macros.yaml, smc-midnight-opening-range.yaml, new-day-opening-gap.yaml
Asymmetry Notes
Discount ORG (gap lower) tends to be repriced to the upside; Premium ORG (gap higher) tends to be repriced to the downside. The Judas swing establishes the false direction before the repricing macro delivers price to the ORG.