summary: how to use the outside days report to trade reversals back into the previous session's range, including the by-close, by-size, and by-spike subreports and how outside days differ from the gap fill report.

an outside day is when price opens outside the previous session's range — a true gap. a bullish outside day opens above the previous session's high; a bearish outside day opens below the previous session's low. the standard question the report answers is: how often does price reverse back to touch the previous session's high or low?

this is session-specific. a NY outside day is measured against the previous NY session's range, a London outside day against the previous London range, and so on. stock traders use regular trading hours only. the what's in play panel tells you whether today is an outside day and how big it is.

it's conceptually close to the gap fill report — both are mean-reversion reads on a gap. the difference is the target: outside days target the previous session's high or low, while gap fill targets the previous session close.

a high reversal percentage means a mean-reversion bias:

the streak section shows the last five bullish and bearish outside days and whether each one retraced, so you can see the recent behavior at a glance.

how often a bullish or bearish outside day reverses back to touch the previous session's boundary. open the report for the ticker, session, and window you trade to see the current reversal rate.

filters outside days into size buckets (how far the open gapped past the boundary, as a percentage). small gaps reverse at a very high rate; large gaps are much less likely to come back and tend to keep going. size the trade to the gap: a small gap supports a confident reversal, a very large gap is a warning not to fade it. the what's in play panel or the ruler tool gives you today's size.

after an outside day reverses to touch the boundary, where does it actually close — back inside the range, or beyond the level? there are two views: reversed (only days that came back to touch the level, a break-and-retest read) and all days (every outside day, whether or not it retraced). this matters for managing the trade: if you're short targeting a previous high but the data says price usually closes back above that high after tagging it, don't expect continuation down — lock profits at the level.

for outside days that did reverse, how far price first spiked away from the target before turning back. that average spike is the adverse move to plan for if you enter at the open expecting a reversal. two ways to use it: enter at the open with lighter size and a stop set beyond the average spike, or wait for price to spike roughly the average distance and then enter the reversal. a structure-based stop (a prior session level or supply/demand zone) sized a bit beyond the average spike tends to hold up better than an arbitrary fixed stop.

the reversal behavior filtered by weekday. note the reference range is the prior trading day for that weekday (Monday references Friday, and so on). watch sample sizes on thin weekdays and consider a longer lookback if a day has very few instances.

the core play is fading the gap back to the previous session's boundary — short a bullish outside day toward the previous high, long a bearish outside day toward the previous low. layer the subreports on top: use by size to decide whether the gap is fadeable at all, by spike to place the stop and plan the drawdown, and by close to decide whether to take profit at the level or expect a close beyond it. keep the previous session's high and low drawn on your chart at all times.