Day TradingUpdated daily after close · as of 2026-06-24
Intraday Momentum: How Big Are QQQ's Daily Moves?
The Intraday Momentum Index is the 50-day average of QQQ's open-to-close move size (|open − close| ÷ close). High readings mean large directional sessions — momentum-friendly conditions for day traders; low readings mean a quiet, mean-reverting tape. QQQ since 1999.
Today's reading
As of market close on June 24, 2026, QQQ's 50-day Intraday Momentum Index is 0.74% — a normal tape (0.5%–1.0% average daily open-to-close move). Since 1999 the all-time average move has been 0.98%; up days gain +0.91% on average and down days fall −1.07%.
Source
QQQ daily open/close from our price database (1999–present)
Methodology
IMI = 50-day SMA of |open−close|/close (%); bull/bear range = avg up-day gain / down-day drop; percentile vs full history
Updates
Daily after US market close (~1pm PT)Last: 2026-06-24
Intraday momentumQQQ · 2026-06-24 · 50-day
NORMAL
0.74%
0.5%–1.0% average daily move · 50th percentile since 1999
All-time avg
0.98%
Bull range
+0.91%
Bear range
−1.07%
Over the last 50 sessions QQQ's average open-to-close move is 0.74%, vs a 0.98% all-time norm — a normal tape. 3,614 up days and 3,250 down days since 1999.
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Intraday Momentum Index over time
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IMI (50-day avg of |open−close|/close) Daily move size QQQ price (right, log)
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Move size by weekday
| Day | Avg move | Bull range | Bear range | Win rate | Samples |
|---|---|---|---|---|---|
| Monday | 0.93% | +0.87% | −1.02% | 54.0% | 1288 |
| Tuesday | 0.99% | +0.88% | −1.13% | 52.8% | 1409 |
| Wednesday | 1.02% | +0.98% | −1.07% | 52.5% | 1409 |
| Thursday | 1.01% | +0.94% | −1.11% | 54.0% | 1382 |
| Friday | 0.94% | +0.86% | −1.03% | 50.1% | 1376 |
How Intraday Momentum Works
- 1Measure each day's open-to-close moveFor every QQQ session we compute the absolute intraday move as |open − close| ÷ close × 100 — how far the regular session travelled from open to close, regardless of direction. This is the size of the move a day trader had to work with.
- 2Average it over 50 days (the IMI)The Intraday Momentum Index is the 50-day simple moving average of that daily move size, matching the ThinkorSwim formula. It smooths the day-to-day noise into a regime read: rising IMI = the tape is getting livelier, falling IMI = it is quieting down.
- 3Read it in plain volatility bandsWe label the current IMI by the size of the average daily move: under 0.5% is Very quiet (low-volatility), 0.5–1.0% Normal, 1.0–1.5% Volatile, and over 1.5% Stormy. The percentile vs the 1999-present range is shown alongside for context.
- 4Break out bull vs bear range and weekdayBull range is the average percentage gain on up days; bear range the average drop on down days (down days have historically moved a touch more). We also split the move size and win rate by weekday so you can see which sessions run hottest.
Who Uses Intraday Momentum
Day Traders
Momentum and breakout strategies need movement. A high IMI says there is enough daily range to chase; a low IMI warns that breakouts will fizzle and fading extremes pays better.
Scalpers
Size positions to the regime. When IMI is in the top quartile, the same stop is a smaller fraction of the expected move; in a quiet tape, tighten targets.
Systematic Traders
Use IMI as a regime filter — turn momentum systems on when intraday range is expanding and stand aside (or switch to mean-reversion) when it contracts.
Options Traders
Intraday move size is a realized-volatility proxy. Compare it to implied vol to gauge whether intraday premium is rich or cheap.
Pro Tips
01
IMI is a conditions gauge, not a direction call
It measures how big moves are, not which way. Pair it with a directional signal — high IMI just tells you the environment rewards momentum tactics over fading.
02
Watch the turns
IMI expanding off a low base often coincides with the start of a trending, tradeable stretch; IMI rolling over from a high tends to precede chop. The slope matters as much as the level.
03
Down days move more
Bear range usually exceeds bull range — declines are faster than advances. That asymmetry is why short-side intraday setups can offer more range, and why stops need more room in a falling tape.
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Cross-check with Range Efficiency
A big move (high IMI) on a low-efficiency day means lots of motion but lots of chop. High IMI plus high range efficiency is the cleanest trend-day signature.
Common Issues & Solutions
Why QQQ instead of SPY?▾
QQQ (the Nasdaq-100) is the day trader's index — higher beta and larger intraday ranges than SPY, so its momentum regime is more relevant to active intraday strategies. History runs back to QQQ's 1999 inception.
Is this the same as ATR?▾
Related but not identical. ATR (average true range) includes overnight gaps via the true-range calculation; the IMI here is strictly the open-to-close move, isolating the regular-session character. It is closer to an "average daily session range" in percent.
Why a 50-day average?▾
Fifty trading days (~10 weeks) is long enough to define a regime without lagging badly. It matches the common ThinkorSwim setup so the readings line up with what many traders already watch.
Frequently Asked Questions
What is the Intraday Momentum Index?▾
A 50-day moving average of QQQ's daily open-to-close move size (|open − close| ÷ close, in percent). It gauges how large the average regular-session move is — a read on whether the tape is moving enough to favor momentum and breakout trading, matching the ThinkorSwim IMI formula.
What do the IMI bands mean?▾
The IMI reads directly as the average daily open-to-close move, so we band it in plain percentages: under 0.5% is Very quiet (a low-volatility, mean-reversion-friendly tape), 0.5–1.0% is Normal, 1.0–1.5% is Volatile, and over 1.5% is Stormy (large directional moves, momentum-friendly). For example, a 0.75% reading is a Normal tape. We also show the percentile vs the 1999-present range for historical context.
What are bull range and bear range?▾
Bull range is the average percentage gain on up days (close above open); bear range is the average drop on down days, shown as a positive number. Bear range typically exceeds bull range because declines tend to be faster than advances.
Does a high IMI mean the market is going up?▾
No — IMI is direction-agnostic. It only measures the size of intraday moves. A high IMI means big moves in either direction, which favors momentum tactics; it says nothing about whether those moves are up or down.
How often is it updated?▾
Daily after the US market close, from QQQ's open and close prices. The 50-day average and percentile reflect data through the most recent session.
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Last updated: 2026-06-24