summary: how to use the opening week range report to set a bias and data-backed targets for wednesday through friday, including the by-levels subreport, sessions, and settings.

if you know the initial balance, you already know this report. the opening week range takes the same idea and stretches it across the week: instead of the first hour of the session, the range is the high and low set at the start of the week (monday and tuesday by default). once that range is in, the report tells you how the rest of the week tends to treat it.

it's built for traders who hold a position for a day or a few days inside the same week. it's not a multi-week swing tool. it's just as useful for day traders, because it hands you two levels and a directional lean for the back half of the week before wednesday's open.

the report answers one question: after monday and tuesday set the range, does the rest of the week break the high, the low, both, or neither?

each week lands in one of four outcomes:

a week that breaks the same side more than once (the low on wednesday and again on thursday, say) is still a single break. it only becomes a double break when both the high and the low are touched.

open the reports tab and type opening week range into the search, or use the search from anywhere in the app and it takes you straight there. pick your ticker, session and date range in the left sidebar.

weekly data builds slowly. a six-month window only holds about 26 weeks, so stretch the date range out to a year or more before you lean on a number.

the range is built from the session you select. on the New York session, the opening week high and low are the highest high and lowest low made during New York hours on monday and tuesday. a spike in the overnight doesn't count, which is why the range on the report can look narrower than the full monday-tuesday candles on your chart.

if you'd rather include the overnight, switch the session to daily in the left sidebar. the range, the breaks and the stats all change with it, so match the session to the hours you actually trade.

start with the split between one-side breaks and the double break.

add high only and low only together. that's how often the rest of the week breaks exactly one side. when that number is high on your ticker, you can walk into wednesday expecting at least one of the two levels to go. you don't know which one yet, but you know the range probably isn't holding.

then look at the double break. this is the number that sets your bias once a side breaks. if a double break is rare, then the moment one side goes, the other side becomes the unlikely target for the rest of the week. a low break on wednesday is a reason to stop looking for a run at the weekly high, and to look for continuation lower or a range, instead.

neither tells you how often the range simply holds. if it's low, an inside week is the exception, not the plan.

the four-outcome split above, plus a table of every week in the window so you can see which weeks broke which side.

once a side breaks, by levels answers the next question: how far does the move usually carry?

the levels are multiples of the opening week range itself, not points. a 0.5 level on a breakdown week is half the range's size measured below the opening week low. a 1.0 level is a full range-size move. because the levels scale with the range, the same report works on a quiet week and a volatile one.

narrow it to the kind of week you're in. the toggle above the chart switches between all, breakout, breakdown and double break weeks, and the day type setting in customize does the same filtering for the whole report. on a week that broke the low, pick breakdown, then read the hit rate at each level. the rate drops as the levels get further out, and that drop is the point. the last level with a strong hit rate is a realistic target for the rest of the week; the level where it falls away is where moves usually stall. it beats guessing at a round number.

to turn a level into a price, take the size of this week's opening week range in points, multiply it by the level, and measure that distance from the broken high or low.

how often price comes back into the range after the break, and how deep. the report checks three retracement levels, each a percentage of the opening week range measured back from the broken side, and splits the results by breakout and breakdown weeks. use it to plan a re-entry on a pullback after the initial break, or to judge how much room a position needs. like the IB version, it only looks at weeks with a single clean break.

open customize in the left sidebar. the options change by subreport:

set the bias for wednesday to friday. once one side breaks, and a double break is rare on your ticker, trade with the break. getting long into a weekly low break and targeting the weekly high is playing the side the data says is unlikely.

set the target. on the by-levels subreport, find the furthest level that still hits most of the time for your direction. that's your data-backed target for the week, and it works intraday too: if you're short on the day after a breakdown week, that level is a strong higher-timeframe target.

know where your stop belongs. the unbroken side of the range is the level the week usually doesn't reach after a one-side break. if price gets back there, the read is wrong and it's time to be out.

options sellers use the same read from the other direction: after a one-side break, the opposite side of the range is a level price usually doesn't revisit before friday, which is where they look to place short strikes on weekly expirations.

the opening week range TradingView indicator plots the range on your chart, so you can see the levels without switching back to the report. see TradingView indicators: access, updates, and troubleshooting for access.