Opening Range Low

Quick Reference

Property	Value
Dimension	signal
Category	session
Version	v1.0
Output Column	opening_range_low

Lowest trade price during the opening range period

Formula

trade_price

CDM Inputs

Column	CDM Table	Description
trade_price	cdm_trade_enriched	Trade data enriched with bar context — price, volume, side, trade type

Parameters

Parameter	Type	Default	Description
open_time	string	09:30	Market open time (HH:MM)
range_minutes	integer [1, 120]	15	Opening range duration in minutes

Output

Column: opening_range_low

Session opening range low price

Market Intuition & Trading Rationale

Opening range low records the lowest trade price observed during the opening range period (typically the first 15 minutes after market open). As the counterpart to opening_range_high, this level forms the lower boundary of the initial price discovery zone. The low of the opening range represents the lowest price at which any participant was willing to sell during the concentrated opening session, establishing a natural support level for the remainder of the trading day.

The opening range low is significant because it represents the extreme of initial selling pressure. If after the opening range, price breaks below this level, it signals that new selling interest has emerged beyond what was present during the concentrated opening period. This downside breakout is one of the most reliable intraday trading patterns — it suggests the initial sellers were not the full expression of bearish interest, and additional supply is entering the market.

The open_time and range_minutes parameters mirror those of opening_range_high, ensuring that both range boundaries are computed over the same interval. The range width (opening_range_high - opening_range_low) is itself a valuable metric — wide ranges indicate strong disagreement about value (high volatility), while narrow ranges suggest consensus (low volatility). Range width at the open is a strong predictor of intraday volatility.

Together, the opening range high and low define a critical zone for intraday traders. Many professional traders execute only after the opening range is established, using the range boundaries as initial stop-loss and take-profit levels. The opening range acts as a "fair value" zone for the session — deviations from it are traded aggressively until the market establishes a new equilibrium or reverts.

Usage Cases

• Opening range breakout (ORB): Sell short when price breaks below the opening_range_low. Place a stop above the opening_range_high. The downside breakout is equally significant as the upside breakout in ORB strategies.
• Support level for intraday trading: Use opening_range_low as a dynamic support level. Buy near this level in a strong market, or exit short positions if price holds above it on the first test.
• Range width measurement: Compute opening_range_high - opening_range_low as a volatility estimate for the session. Wider ranges suggest larger intraday swings and favor wider stop placements.

YAML Definition

name: opening_range_low
description: Lowest trade price during the opening range period
category: session
version: v0.9.0 (Beta)
dimension: signal
required_inputs:
  - cdm_trade_enriched.trade_price
output_column: opening_range_low
output_description: Session opening range low price
tags:
  - opening_range
  - session
  - signal
parameters:
  open_time:
    type: string
    description: Market open time (HH:MM)
    required: false
    default: 09:30
  range_minutes:
    type: integer
    description: Opening range duration in minutes
    required: false
    default: 15
    constraints:
      min: 1
      max: 120
formula: trade_price