summary: how to use the previous day's range report to build a directional bias off the prior session's high and low, including the by-previous-close and outside-close subreports and where the highest-probability entries sit.
what it measures
the previous day's high and low are levels that form every single day, and this report treats them as strong drivers of direction rather than spots price just bounces off. it answers two questions: for every day that takes out the previous day's high, how often does the day close green versus red? and for every day that takes out the previous day's low, how often does it close green versus red?
a common way people ask about this: how likely is the previous day's high or low to get broken or touched today? that's what this report is built around — it treats the prior high and low as the reference levels and measures what happens once one of them gives way. if you specifically want the odds of a breakout on days when price opens inside yesterday's range, that's the inside bars report — same levels, different starting condition.
on a session (futures, forex, crypto), "previous day's high/low" means the previous session's high and low — the previous NY high/low for NY, and so on. stock traders use regular trading hours only, never extended hours.
a few notes on how days are counted:
if price opens outside the range (above the prior high or below the prior low), that counts as that side being broken.
if price breaks both sides in one day, it counts toward both.
green/red is measured open-to-close by default. there's a previous-close-to-close customization that usually produces stronger numbers because it accounts for the gap.
how to read it
once the prior high breaks, expect a green close; once the prior low breaks, expect a red close. that doesn't mean a straight-line move — price can wick well past the level and still close green or red as long as it finishes on the right side of the reference (the open, or the previous close).
open the report for the ticker, session, and window you trade to see how often each side actually closes green or red.
the subreports
standard
green-vs-red close after the previous high or low is broken. this is your base directional read.
by weekday
the same read filtered to one weekday. selecting Monday references Friday's range, Wednesday references Tuesday's, and so on. use it to lean on the level break only on the days the data supports.
by previous close
filters by yesterday's session color — green previous close versus red previous close — then asks how today closes after breaking the level. it's a way to condition the bias on what happened the day before.
outside close
instead of green/red, this measures whether price closes above or below the broken level itself — did it hold the breakout, or close back inside the range? it defines a high-probability close zone and a low-probability zone around the broken level, which is what you build entries around.
by levels
after the previous high or low breaks, how often price reaches specific extension levels beyond it — projected as percentages of the prior range past the level (25%, 50%, 100%, and further). where the standard view gives you the close direction, by levels gives you targets beyond the level. it also has a break-type setting: first break counts only the session's first break of the level, while all breaks counts every break during the day — use first break when you're trading the initial move off the level.
how traders use it
bias. use the level break to set direction: long bias after the prior high breaks, short bias after the prior low breaks. fading a fresh break because "it'll just reverse" is trading against the data.
entries. the strongest setups come when price dips back into the low-probability zone — for example, back below a broken high in a bullish scenario — which is a spot to get long, targeting a close in the high-probability zone.
options. on strong tickers, some traders sell options in the direction of the expected close (for example, betting on a red close after the previous low breaks).
confluence. it pairs well with the market session breakout and initial balance reports. keep the prior day's high and low drawn on your chart at all times.
setting it up
stock traders use the previous day's range indicator; futures, forex, and crypto traders use previous day's range by session, which auto-plots the exact prior-session high and low for the session you've selected.
tips
try the previous-close-to-close customization. it accounts for gaps and usually gives a cleaner read than open-to-close.
the outside-close subreport is what turns this from a bias tool into an entry tool — it tells you where the high- and low-probability close zones sit.
the numbers move with the market. confirm a read holds across 1 year, 6 months, and 3 months before you lean on it, and remember consistent results take customization and reps.