Courses  /  Seller  /  Identify the day
Start here · The Option Seller’s Course

Identify the day

Before the open, at 10:15, and on the daily chart: which signals actually changed what kind of day NIFTY had — measured on 696 sessions, checked in two separate halves, and shown with the tools that read them live.

Sessions696
Trend days14%
Range days19%
Comparisons tested6,399

By the end of this module

  • Fill in a six-line pre-open card and know what each answer has meant on past sessions.
  • Read the first hour at 10:15 and tell a likely trend day from a likely range day.
  • Use the daily and weekly picture — trend, the 20-day range, runs of closes — as context, not as a signal.
  • Know what Supertrend, EMAs and ADX add to that read, and what they do not.
  • Open the FNOTrader page that answers each question live.

Three kinds of day

Every session in this module is classified after the close. A trend day closes at least 0.8% from its open on an efficient path (efficiency 0.6 or more). A range day covers 0.7% or less with no direction. Everything else is mixed. On non-expiry sessions since 2023-03-29, 14% were trend days, 19% range days and the rest mixed — the average day covered 0.89%.

Real data · every session since 2023
What kind of day was it? Every NIFTY session, classified

Trend day: closed at least 0.8% from the open with an efficient path. Range day: total range 0.7% or less with no direction. Everything else is mixed. Most of the year is grey.

The classification comes after the fact. The question for the rest of the module is how much of it could be seen in advance.

What follows what

The simplest pre-open signal is yesterday. Trend days almost never repeat in the same direction: of 130 trend days, only 6 were followed by another trend day the same way. After a down trend day the next session was more often an up trend day (14%) than another down one (6%).

Today was…Next: up trend dayNext: down trend dayNext: range dayNext: mixed day
Up trend day (57)4%11%14%72%
Down trend day (73)14%6%6%75%
Range day (153)4%7%22%67%
Mixed day (600)7%9%18%67%

Rows: what today was. Columns: what the next session became. Sessions in brackets. Darker cells are more frequent.

Real data · NIFTY 2023–2026
How many sessions pass between one trend day and the next

Trend days cluster: when one arrives, the next often follows within days, though rarely the very next session in the same direction. Then come long quiet stretches.

Before the open

These signals are all known by 09:00. The strongest ones describe how big the day is likely to be, not which way it will go. Quiet conditions — VIX in the bottom quarter of its year, yesterday’s range under 0.7%, or 11+ sessions since the last trend day — came with average ranges of 0.69%, 0.74% and 0.69%. Loud ones — yesterday’s range of 1.5% or more, a CPR 0.35% or wider, a gap down of more than 0.5% — left only 7%, 9% and 7% range days.

Interactive · 696 non-expiry sessions
Before the open: each signal, every bucket

Pick a signal, then an outcome. Bars are the share of sessions that turned out that way; the dashed line is all sessions. Green bars beat the base rate, red fall short.

The higher timeframe

The daily chart sets the background. A daily downtrend (Supertrend down, price below the 21 and 50 EMAs, ADX 20 or more) brought 25% trend days and an average range of 1.12%; a daily uptrend brought 5% trend days and 0.77%. Uptrends grind; downtrends swing. Neither said much about the direction of the next day.

Levels matter in a less obvious way. The day after NIFTY closed above its 20-day high, only 6% of sessions were trend days and 26% were range days — and 61% closed below their open. Sitting just under the 20-day high, 8% were trend days. Breakouts tend to pause the next day; they do not follow through on schedule.

Interactive · daily and weekly context
The higher timeframe: trend, level and runs

All measured at yesterday’s close, so known before today’s open.

The first hour

At 10:15 the first hour is on the screen, and the odds move more than anything before the open could move them. A morning that scores 4 of 5 on the trend checklist became a trend day 47% of the time, and the rest of its session continued the morning’s move 67% of the time (all days: 51%). A first hour already 0.9% wide became a trend day 43% of the time.

The honest test is what happens after 10:15, because the same-day outcome partly restates the morning itself. On that test the first hour still tells you about the size of the rest of the day; it does not tell you its direction.

Interactive · known at 10:15
The first hour: what it says about the rest of the day

Start with “Rest of day continued” and “Move after 10:15” — outcomes that start after the reading, so they do not overlap with what was already seen.

Supertrend, EMA and ADX

Indicators on the 5-minute chart are built from the same prices as the first-hour read, so they mostly repeat it. Supertrend on the side of the morning’s move: 15% trend days. The 9, 21 and 50 EMAs stacked in its direction: 15%. All days: 14%. Use them to stay in a trade that the price read already justified, not to find the day.

Interactive · 5-minute indicators at 10:15
Supertrend, EMA and ADX against the plain price read

The same outcomes, sorted by the indicators instead of by price. Compare the spread of the bars with the first-hour explorer above.

When signals agree

Two pre-open conditions together sometimes say more than either alone. The table keeps only combinations that beat both of their parts, held in both halves of the data, and had at least 30 sessions. Treat them as hypotheses to watch, not rules: with this many combinations tested, a few would pass by chance.

Both true before the openOutcomeRate2023–24 / 2025–26Sessions
after a down trend day + daily no trendclosed above open74% vs 50%79% / 67%34
after a down trend day + weekly upclosed above open73% vs 50%73% / 73%33
not NR7 + at support (20d low)closed above open71% vs 50%80% / 68%35
NR7 yesterday + 3-5 days sinceclosed above open28% vs 50%33% / 24%32
after a mixed day + 3 up closesrange days40% vs 19%53% / 23%30
1 up close + 3-5 days sinceclosed above open30% vs 50%39% / 24%30
CPR 0.10-0.20% + VIX top quartertrend days33% vs 14%36% / 30%58
flat open (±0.2%) + at resistance (20d high)range days37% vs 19%45% / 19%54
daily downtrend + 1-2 days since trend daytrend days32% vs 14%20% / 36%38
prev range 0.7-1% + VIX top quartertrend days31% vs 14%35% / 27%51
prev range <0.7% + VIX 25-50 pctlrange days35% vs 19%41% / 28%66
VIX top quarter + 1 up closetrend days30% vs 14%36% / 24%50

Your pre-open card

Put the module to work. Choose what you knew this morning and see every past session that looked the same before the open — what kind of day it became, and the dates to replay in Options History.

Interactive · your pre-open card
Fill in today’s answers — see every past session that matched

Each answer narrows the history to the sessions that looked the same before the open. Fewer than 20 matches is a set of examples, not odds.

Practise on real sessions

Four sessions. In the first, the pre-open card pointed to a wide day while 10:15 looked mixed. In the next two, card and 10:15 agreed and the day followed. In the last, both pointed to a quiet day — and NIFTY trended. For each: read the pre-open card, make the call, then let the 10:15 chart and the rest of the day answer.

Before the open · Mon 7 Apr 2025

Session one: after a down trend day, a big gap down, a daily downtrend

What was known at 09:00, each with what followed it across every session since 2023 (all days: 14% trend, 19% range, 0.89% average range).

Yesterday wasafter a down trend day17% trend · 7% range days · 1.19% avg range (58 sessions)
Today’s gapgap down >0.5%19% trend · 7% range days · 1.09% avg range (58 sessions)
Yesterday’s rangeprev range ≥1.5%24% trend · 7% range days · 1.17% avg range (71 sessions)
VIX against its yearVIX 25-50 pctl11% trend · 22% range days · 0.80% avg range (145 sessions)
Daily trenddaily downtrend25% trend · 9% range days · 1.12% avg range (122 sessions)
Against the 20-day rangeinside range15% trend · 18% range days · 0.90% avg range (448 sessions)
Read the day · Mon 7 Apr 2025

Then at 10:15: what did the first hour add?

The chart stops at 10:15 — everything a trader could know at that moment. Decide first, then reveal.

Gap at the open−4.78%against the previous official close
First-hour range1.73%after a first hour like this, 40.4% of days became trend days and 0.0% range days
Price at 10:1521,914.2in the lower part
ATM straddle, 09:20 → 10:15−16.4%decaying (move priced down)

The read at 10:15. No clean profile: mixed signals at 10:15 — the morning that most often calls for standing aside.

NIFTY 5-minute · first-hour box
The session up to 10:15 IST
What the day became

NIFTY finished +1.61% from its open with a 2.09% range — a trend day. Press “Reveal the rest of the session” on the chart to watch it unfold.

Before the open · Mon 7 Jul 2025

Session two: after a range day, VIX in the bottom quarter of its year

What was known at 09:00, each with what followed it across every session since 2023 (all days: 14% trend, 19% range, 0.89% average range).

Yesterday wasafter a range day8% trend · 25% range days · 0.72% avg range (116 sessions)
Today’s gapflat open (±0.2%)13% trend · 20% range days · 0.83% avg range (307 sessions)
Yesterday’s rangeprev range <0.7%10% trend · 27% range days · 0.74% avg range (273 sessions)
VIX against its yearVIX bottom quarter6% trend · 24% range days · 0.69% avg range (199 sessions)
Daily trenddaily uptrend5% trend · 23% range days · 0.77% avg range (133 sessions)
Against the 20-day rangeinside range15% trend · 18% range days · 0.90% avg range (448 sessions)
Read the day · Mon 7 Jul 2025

Then at 10:15: what did the first hour add?

The chart stops at 10:15 — everything a trader could know at that moment. Decide first, then reveal.

Gap at the open−0.04%against the previous official close
First-hour range0.32%after a first hour like this, 4.4% of days became trend days and 32.0% range days
Price at 10:1525,438.7in the middle of the box
ATM straddle, 09:20 → 10:15−4.7%drifting lower, as usual

The read at 10:15. Morning profile of a range day: narrow first hour, price inside the box, the straddle decaying.

NIFTY 5-minute · first-hour box
The session up to 10:15 IST
What the day became

NIFTY finished +0.04% from its open with a 0.32% range — a range day. Press “Reveal the rest of the session” on the chart to watch it unfold.

Before the open · Thu 15 Oct 2026

Session three: a daily downtrend, and a morning that scored 4 of 5

What was known at 09:00, each with what followed it across every session since 2023 (all days: 14% trend, 19% range, 0.89% average range).

Yesterday wasafter a mixed day15% trend · 19% range days · 0.90% avg range (473 sessions)
Today’s gapgap up 0.2-0.5%11% trend · 23% range days · 0.82% avg range (184 sessions)
Yesterday’s rangeprev range 0.7-1%14% trend · 16% range days · 0.92% avg range (207 sessions)
VIX against its yearVIX 50-75 pctl15% trend · 16% range days · 0.92% avg range (161 sessions)
Daily trenddaily downtrend25% trend · 9% range days · 1.12% avg range (122 sessions)
Against the 20-day rangeinside range15% trend · 18% range days · 0.90% avg range (448 sessions)
Read the day · Thu 15 Oct 2026

Then at 10:15: what did the first hour add?

The chart stops at 10:15 — everything a trader could know at that moment. Decide first, then reveal.

Gap at the open+0.25%against the previous official close
First-hour range1.07%after a first hour like this, 40.4% of days became trend days and 0.0% range days
Price at 10:1522,912.5pressed against the high
ATM straddle, 09:20 → 10:15−1.1%drifting lower, as usual

The read at 10:15. Morning profile of a trend day: wide first hour, price at an edge, the straddle not decaying.

NIFTY 5-minute · first-hour box
The session up to 10:15 IST
What the day became

NIFTY finished +1.40% from its open with a 1.74% range — a trend day. Press “Reveal the rest of the session” on the chart to watch it unfold.

Before the open · Wed 8 Jul 2026

Session four: just under the 20-day high, a morning that scored 0–1

What was known at 09:00, each with what followed it across every session since 2023 (all days: 14% trend, 19% range, 0.89% average range).

Yesterday wasafter a mixed day15% trend · 19% range days · 0.90% avg range (473 sessions)
Today’s gapgap down >0.5%19% trend · 7% range days · 1.09% avg range (58 sessions)
Yesterday’s rangeprev range 0.7-1%14% trend · 16% range days · 0.92% avg range (207 sessions)
VIX against its yearVIX 25-50 pctl11% trend · 22% range days · 0.80% avg range (145 sessions)
Daily trenddaily no trend13% trend · 20% range days · 0.87% avg range (441 sessions)
Against the 20-day rangeat resistance (20d high)8% trend · 25% range days · 0.76% avg range (100 sessions)
Read the day · Wed 8 Jul 2026

Then at 10:15: what did the first hour add?

The chart stops at 10:15 — everything a trader could know at that moment. Decide first, then reveal.

Gap at the open−0.57%against the previous official close
First-hour range0.36%after a first hour like this, 4.4% of days became trend days and 32.0% range days
Price at 10:1524,232.0in the lower part
ATM straddle, 09:20 → 10:15−1.7%drifting lower, as usual

The read at 10:15. No clean profile: mixed signals at 10:15 — the morning that most often calls for standing aside.

NIFTY 5-minute · first-hour box
The session up to 10:15 IST
What the day became

NIFTY finished −1.56% from its open with a 2.04% range — a trend day. Press “Reveal the rest of the session” on the chart to watch it unfold.

The tools for each read

Each question in this module has a page in FNOTrader that answers it live, and in Options History for any past session.

Vol LabRealized Vol & IVVol Lab view, rebuilt from the archive

The question it answers. Is implied volatility above or below what the index is actually delivering — is premium rich or cheap?

Real data · NIFTY 2023–2026
Implied against realised volatility

When the blue line (what options charge) sits above the orange one (what NIFTY delivered over the last 20 sessions), premium is rich — the seller’s tailwind and the buyer’s headwind.

  • India VIX was above 20-day realised volatility on 83% of sessions since 2023.
  • Latest reading (2026-10-30): VIX 15.3, realised 15.0, VIX at its 71st percentile of the past year.
  • Before the open this answers the VIX question on the card: a VIX in the bottom quarter of its year came with 0.69% average ranges, against 0.89% for all days.
Open Realized Vol & IV →
See the Realized Vol & IV page in the appRealized Vol & IV
FNOTrader OptionsStraddle ChartsReplay · Mon 7 Apr 2025

The question it answers. Is the market paying up for a move today, or selling it off? The ATM straddle against its own session VWAP answers that in one line.

Replay · Mon 7 Apr 2025
Fixed-strike ATM straddle with its session VWAP
  • The 21850 straddle opened at ₹705.4 and closed at ₹785.9 (+11.4%).
  • It traded below its session VWAP for 49% of the session; its high of the day, ₹785.9, came at 15:25 IST.
  • Read: the straddle crossed its average repeatedly — no clear verdict from premium alone.
FNOTrader OptionsRolling ATM StraddleReplay · Mon 7 Jul 2025

The question it answers. What does the market charge for a move right now, at whatever strike is at the money? It re-anchors as NIFTY moves, so it reads like a volatility chart.

Replay · Mon 7 Jul 2025
Rolling ATM straddle
  • The rolling ATM straddle went from ₹253.8 at the open to ₹230.8 at the close (−9.1%), with its low of ₹225.4 at 14:35 IST.
FNOTrader OptionsTrending OIReplay · Mon 7 Jul 2025

The question it answers. Are calls or puts being written faster through the day, and which way is the put-call ratio leaning?

Replay · Mon 7 Jul 2025
Total call and put OI, with PCR
  • Call OI: 47.0 → 62.3 mn. Put OI: 43.0 → 53.7 mn. PCR: 0.92 → 0.86.
  • Read: calls were being written faster than puts — writers leaning bearish.

Putting it together

  1. Before 09:15 — fill in the card

    Yesterday’s type and range, the gap, VIX against its year, the daily trend and the 20-day level. It sets the expected size of the day.

  2. 09:15–10:15 — watch, do not act

    Let the first hour print. Watch the straddle against its VWAP and where price sits in its range.

  3. 10:15 — score the morning

    Range so far, efficiency, location, crosses of the open, the straddle. 4 or 5 is a morning worth trading with; 0–1 is a morning to stand aside or fade.

  4. In the trade — let the indicators keep you honest

    Supertrend and the EMAs help you stay with a move the price read already justified.

  5. After the close — log the day type

    Record what the card and the 10:15 score said and what the day became. Your own record is the one that counts.

For a seller the read is about when not to be short: wide mornings, daily downtrends and big previous ranges are where short premium gets run over. Quiet pre-open conditions — low VIX, a narrow yesterday, long since the last trend day — are the seller’s days.

These are frequencies from past NIFTY sessions (2023-03-29 to 2026-10-30), not predictions or recommendations. They describe how often a condition was followed by an outcome; any single day can go the other way, as the fourth practice session shows.

Check yourself

Answer before opening each one.

Yesterday was a strong down trend day. What does the record say about today?
Trend days rarely repeat: only 6 of 130 trend days were followed by another in the same direction. After a down trend day NIFTY closed above its open 69% of the time, and only 7% were range days — expect a wide, two-way day.
NIFTY closed above its 20-day high yesterday. Is today likely to trend?
Usually not. After a 20-day breakout only 6% of sessions were trend days and 26% were range days — breakouts tend to pause the next day.
At 10:15 the morning scores 4 of 5. What does that say, and what does it not say?
It raises the odds that the rest of the day keeps going (67% continued, against 51% for all days) and that the day is a trend day (47%). It does not say which way: the early signals measure the size of the day, not its direction.
Supertrend and the EMAs agree with the morning’s move. How much does that add?
Very little. Supertrend on the side of the move: 15% trend days; EMAs stacked with the move: 15%, against 14% for all days. They restate what the first hour already shows.
Why are there two years in brackets next to many numbers?
Each finding is measured separately on 2023–24 and 2025–26. A pattern that only appears in one half is more likely to be chance — with 6,399 comparisons tested, some would look good by luck alone.