Previous day / Previous week / Today, developing
On / On / OffThe ranges named on tape. Nothing else is drawn.
Core Toolkit · documentation
Premium/Discount Equilibrium Levels
Draws previous-day and previous-week equilibrium from regular-session ranges, and reads out premium, discount, or the mixed case where the two disagree.
What it draws
- The previous day's equilibrium — the 50% of its range (R-3.7) — and, dotted, the range high and low it came from.
- The same for the previous week.
- Premium shaded above each equilibrium and discount below (R-3.12), and optionally the current day's developing range, off by default because a level that moves is not a level you can plan against.
- A readout naming the state of each range and the combined one: double premium (R-6.20), double discount (R-6.36), or mixed.
What it needs to be correct
Chart, symbol and session. A tool that is right on one chart and wrong on another, silently, is the thing this table exists to prevent.
- Chart timeframe
- Any. The ranges come from daily and weekly data, not from the chart's candles.
- Symbol
- NQ / MNQ, or any symbol with a New York regular session.
- Session
- Regular session by default. On futures the exchange's own daily candle starts the evening before, so 'the previous day's high' was frequently an overnight print — which moved the equilibrium every other reading depends on.
- Repaint
- The previous day and previous week are settled ranges and do not move. Only the optional developing-today range changes during the day, and it is off by default.
Inputs
Where the One42 framework records a question as unresolved, the tool exposes an input instead of choosing quietly. The note says which number is James's and which is yours.
Build ranges from regular-session data only
OnThe method's source of truth. Off uses exchange daily and weekly candles including the overnight range.
Show the premium / discount readout
OnNames the state instead of leaving it to the eye — which is the judgement call this tool exists to remove.
Shade premium and discount
OnR-3.12: equilibrium as guard rails.
What invalidates a reading
The conditions under which the tool says nothing, or takes a level away. Knowing these is most of knowing how to read it.
- A gap in premium is irrelevant when you want to buy, and the inverse (R-6.20). The state readout is the check for that, not decoration.
- 'Mixed' — one range in premium, the other in discount — is a real answer and a different decision from either strong form. It is named rather than rounded to the nearer one.
- If the previous week's data is unavailable the readout shows a dash. It never falls back to the day and calls it 'both'.
What each alert means
- Entered double premium
- Price closed above both the previous-day and previous-week equilibrium (R-6.20's strong form).
- Entered double discount
- The mirror — where R-6.36 expects inversion more strongly.
Reading the state before looking for a long
One worked example, start to finish.
- 1At the open the readout shows Previous day: Discount, Previous week: Discount, Both: DOUBLE DISCOUNT.
- 2That is the context R-6.36 names for inversion setups to the upside — it is not a signal, and the tool says nothing about entering.
- 3By 14:00 price has run up through the previous day's equilibrium. The readout reads Previous day: Premium, Previous week: Discount, Both: MIXED.
- 4The framework treats those as different situations, and the panel now says which one you are in rather than leaving you to compare two lines by eye.
What this tool does not decide for you
Stated rather than left to be discovered, because a filter you thought was included and is not is the most expensive kind of surprise.
- Whether an intraday RTH-derived prior-day range and the regular-session daily candle can ever differ on a given symbol depends on how the exchange defines its session; on NQ they agree, which is why the regular-session ticker is used rather than a hand-built accumulator.
This is an analysis tool, not a signal service and not advice. Nothing here implies an outcome, and trading futures involves substantial risk of loss — read the full risk disclosure.