QQQ daily range is 0.97% at VIX<13 and 2.73% at VIX>28 — nearly 3x. NVDA and TSLA scale similarly. Same share size across both regimes is the cleanest way to underperform your own setup. A dynamic-sizing framework.

When pre-market range expansion runs 2.8×–4.5× normal with a clear direction, the first cash-session hour extends that direction 70% of the time. Compressed pre-markets carry no edge. The signal is range × direction, not volume.

A 4-year, 6,552-event study of overnight gaps in SPY, QQQ, IWM, NVDA, TSLA and AAPL. Large gaps fade, mid-size gaps are the trade-able bucket, and the regime declares itself in the first 30 minutes.