It's not so much a matter of minutes as it is a measure of volatility, so to speak. The NQ is tied -- though not always tightly -- to the NDX, which is made up of 100 stocks, and since stocks trade primarily during the NY session, the volume comes pouring in at the NY open. But you know all that.
Point is that when all the volume comes in, it necessarily has an effect on the futures price, which will typically -- or I should say traders will typically -- search for the limits of both buying interest and selling interest, i.e., just how much are buyers willing to pay and just how much are sellers willing to settle for. This creates a sort of "bracket" within which traders scrimmage until somebody decides to run for daylight. Buyers may be rejected at the OH and return to what may become a trading range, or sellers may be rejected at the OL and also return to what may become a trading range. Or one or the other may have enough torpedoes in their tubes to bust through this opening range and make things happen, which is a whole new management issue.
But, as I said, you know all this. I assume you're asking in order to find out if there's some sort of codified system, like ORB. There isn't. It's a matter of observing buyers and sellers and trying to determine what each camp wants and how badly they want it. If neither wants anything very badly, then it's time to eat your cereal before it gets soggy.
) uncancelled buy limit at 45 (I tried to buy a retrace 9:29/9:30 that did not occur - until later :eek: ) and that limit order was filled as price fell after I shorted.