Identifying Market Regimes

I’d stop looking for one magic regime indicator. GEX can be useful context, but intraday trend vs mean reversion usually shows up pretty clearly in the actual auction. I’d quantify things like opening range expansion, distance/acceptance from VWAP, percentage of bars closing in the same direction, pullback depth, and how often breaks of prior highs/lows actually hold. If price keeps expanding away from value and shallow pullbacks get bought/sold, that’s trend. If every extension snaps back through VWAP/value, that’s mean reversion. The important part is defining those rules before the session and testing them. “Looks trendy” is discretion. “OR > X, price holds one side of VWAP for Y minutes, and pullbacks retrace less than Z%” is something you can actually measure.