The Statistical Open Range involves determining where the nearest extreme of the Daily Range is relative to the 0930 ET Open. Data is collected during the 0930 ET to 1600 ET time frame. The magenta (purple) lines are the 10 day average of the nearest Daily Range Extreme for the ES Futures. The labeled lines are the -1, -3, -6 and -9 Standard Deviations of that average. It is interesting to note that yesterday, the market found support and resistance levels at multiples of 3 (1,3,6,and 9) Standard Deviations.
Charles
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