{
  "study": "forex-volatility-by-hour",
  "title": "Forex Volatility by Hour of Day: 16 Years of Data (2010–2026)",
  "description": "The busiest hour in forex averages 3.4x the range of the quietest. Average hourly volatility for 10 instruments by UTC hour, measured from 922,937 Dukascopy bars.",
  "source": "https://fxbacktest.app/research/forex-volatility-by-hour/",
  "publisher": "FxBacktest",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "attribution": "FxBacktest, https://fxbacktest.app/research/forex-volatility-by-hour/",
  "datePublished": "2026-07-28",
  "dateModified": "2026-09-08",
  "generated": "2026-09-18",
  "tables": [
    {
      "id": "average-hourly-high-low-range-by",
      "caption": "Average hourly high-low range, by UTC hour — 2010-07-14 to 2026-07-27",
      "captionSource": "caption",
      "columns": [
        "Instrument",
        "00",
        "01",
        "02",
        "03",
        "04",
        "05",
        "06",
        "07",
        "08",
        "09",
        "10",
        "11",
        "12",
        "13",
        "14",
        "15",
        "16",
        "17",
        "18",
        "19",
        "20",
        "21",
        "22",
        "23"
      ],
      "rowCount": 10,
      "rows": [
        {
          "10": 18,
          "11": 18,
          "12": 25,
          "13": 27,
          "14": 28,
          "15": 24,
          "16": 19,
          "17": 16,
          "18": 16,
          "19": 14,
          "20": 11,
          "21": 8,
          "22": 8,
          "23": 9,
          "Instrument": "EUR/USD",
          "00": 14,
          "01": 13,
          "02": 11,
          "03": 10,
          "04": 9,
          "05": 11,
          "06": 17,
          "07": 22,
          "08": 22,
          "09": 20
        },
        {
          "10": 25,
          "11": 25,
          "12": 30,
          "13": 31,
          "14": 33,
          "15": 30,
          "16": 23,
          "17": 19,
          "18": 18,
          "19": 16,
          "20": 13,
          "21": 12,
          "22": 11,
          "23": 11,
          "Instrument": "GBP/USD",
          "00": 15,
          "01": 15,
          "02": 13,
          "03": 11,
          "04": 11,
          "05": 13,
          "06": 21,
          "07": 28,
          "08": 31,
          "09": 28
        },
        {
          "10": 15,
          "11": 15,
          "12": 24,
          "13": 25,
          "14": 25,
          "15": 22,
          "16": 17,
          "17": 15,
          "18": 15,
          "19": 14,
          "20": 12,
          "21": 11,
          "22": 12,
          "23": 14,
          "Instrument": "USD/JPY",
          "00": 22,
          "01": 20,
          "02": 16,
          "03": 14,
          "04": 14,
          "05": 14,
          "06": 18,
          "07": 20,
          "08": 20,
          "09": 17
        },
        {
          "10": 14,
          "11": 14,
          "12": 18,
          "13": 20,
          "14": 22,
          "15": 19,
          "16": 15,
          "17": 13,
          "18": 14,
          "19": 12,
          "20": 10,
          "21": 10,
          "22": 10,
          "23": 11,
          "Instrument": "AUD/USD",
          "00": 17,
          "01": 19,
          "02": 14,
          "03": 13,
          "04": 12,
          "05": 12,
          "06": 15,
          "07": 18,
          "08": 17,
          "09": 15
        },
        {
          "10": 15,
          "11": 16,
          "12": 24,
          "13": 27,
          "14": 29,
          "15": 26,
          "16": 20,
          "17": 17,
          "18": 17,
          "19": 15,
          "20": 14,
          "21": 12,
          "22": 9,
          "23": 9,
          "Instrument": "USD/CAD",
          "00": 12,
          "01": 13,
          "02": 11,
          "03": 9,
          "04": 8,
          "05": 10,
          "06": 13,
          "07": 17,
          "08": 17,
          "09": 16
        },
        {
          "10": 23,
          "11": 23,
          "12": 29,
          "13": 31,
          "14": 32,
          "15": 28,
          "16": 22,
          "17": 19,
          "18": 18,
          "19": 16,
          "20": 15,
          "21": 14,
          "22": 15,
          "23": 17,
          "Instrument": "EUR/JPY",
          "00": 25,
          "01": 23,
          "02": 19,
          "03": 17,
          "04": 16,
          "05": 18,
          "06": 23,
          "07": 30,
          "08": 30,
          "09": 26
        },
        {
          "10": 32,
          "11": 32,
          "12": 37,
          "13": 39,
          "14": 42,
          "15": 37,
          "16": 29,
          "17": 25,
          "18": 24,
          "19": 22,
          "20": 20,
          "21": 20,
          "22": 20,
          "23": 21,
          "Instrument": "GBP/JPY",
          "00": 30,
          "01": 28,
          "02": 23,
          "03": 21,
          "04": 20,
          "05": 22,
          "06": 30,
          "07": 38,
          "08": 41,
          "09": 36
        },
        {
          "10": 452,
          "11": 498,
          "12": 746,
          "13": 882,
          "14": 880,
          "15": 748,
          "16": 583,
          "17": 515,
          "18": 498,
          "19": 453,
          "20": 359,
          "21": 262,
          "22": 335,
          "23": 357,
          "Instrument": "Gold (XAU/USD)",
          "00": 453,
          "01": 589,
          "02": 428,
          "03": 347,
          "04": 308,
          "05": 429,
          "06": 484,
          "07": 523,
          "08": 514,
          "09": 464
        },
        {
          "10": 53,
          "11": 57,
          "12": 70,
          "13": 116,
          "14": 132,
          "15": 114,
          "16": 95,
          "17": 90,
          "18": 94,
          "19": 107,
          "20": 66,
          "21": 34,
          "22": 45,
          "23": 46,
          "Instrument": "US30 (Dow)",
          "00": 56,
          "01": 55,
          "02": 43,
          "03": 38,
          "04": 33,
          "05": 42,
          "06": 47,
          "07": 62,
          "08": 65,
          "09": 55
        },
        {
          "10": 26,
          "11": 28,
          "12": 37,
          "13": 62,
          "14": 74,
          "15": 63,
          "16": 51,
          "17": 48,
          "18": 48,
          "19": 53,
          "20": 34,
          "21": 19,
          "22": 25,
          "23": 26,
          "Instrument": "US100 (Nasdaq)",
          "00": 32,
          "01": 32,
          "02": 25,
          "03": 22,
          "04": 20,
          "05": 25,
          "06": 25,
          "07": 31,
          "08": 33,
          "09": 28
        }
      ]
    },
    {
      "id": "average-hourly-range-by-trading-session",
      "caption": "Average hourly range by trading session (pips / index points)",
      "captionSource": "caption",
      "columns": [
        "Instrument",
        "Sydney & Tokyo (00–07 UTC)",
        "London (07–12 UTC)",
        "London/NY overlap (12–16 UTC)",
        "New York (16–21 UTC)",
        "Late NY (21–24 UTC)"
      ],
      "rowCount": 10,
      "rows": [
        {
          "Instrument": "EUR/USD",
          "Sydney & Tokyo (00–07 UTC)": 13.3,
          "London (07–12 UTC)": 20.3,
          "London/NY overlap (12–16 UTC)": 26.1,
          "New York (16–21 UTC)": 15.1,
          "Late NY (21–24 UTC)": 8.6
        },
        {
          "Instrument": "GBP/USD",
          "Sydney & Tokyo (00–07 UTC)": 15.8,
          "London (07–12 UTC)": 27.2,
          "London/NY overlap (12–16 UTC)": 31,
          "New York (16–21 UTC)": 17.9,
          "Late NY (21–24 UTC)": 11.3
        },
        {
          "Instrument": "USD/JPY",
          "Sydney & Tokyo (00–07 UTC)": 17.2,
          "London (07–12 UTC)": 17.4,
          "London/NY overlap (12–16 UTC)": 24,
          "New York (16–21 UTC)": 14.6,
          "Late NY (21–24 UTC)": 12.2
        },
        {
          "Instrument": "AUD/USD",
          "Sydney & Tokyo (00–07 UTC)": 15,
          "London (07–12 UTC)": 15.4,
          "London/NY overlap (12–16 UTC)": 19.9,
          "New York (16–21 UTC)": 12.6,
          "Late NY (21–24 UTC)": 10.2
        },
        {
          "Instrument": "USD/CAD",
          "Sydney & Tokyo (00–07 UTC)": 11.7,
          "London (07–12 UTC)": 16.3,
          "London/NY overlap (12–16 UTC)": 26.6,
          "New York (16–21 UTC)": 16.6,
          "Late NY (21–24 UTC)": 9.7
        },
        {
          "Instrument": "EUR/JPY",
          "Sydney & Tokyo (00–07 UTC)": 21.4,
          "London (07–12 UTC)": 26.4,
          "London/NY overlap (12–16 UTC)": 29.9,
          "New York (16–21 UTC)": 18.1,
          "Late NY (21–24 UTC)": 15.2
        },
        {
          "Instrument": "GBP/JPY",
          "Sydney & Tokyo (00–07 UTC)": 26.7,
          "London (07–12 UTC)": 35.8,
          "London/NY overlap (12–16 UTC)": 38.8,
          "New York (16–21 UTC)": 23.8,
          "Late NY (21–24 UTC)": 20.4
        },
        {
          "Instrument": "Gold (XAU/USD)",
          "Sydney & Tokyo (00–07 UTC)": 445.1,
          "London (07–12 UTC)": 490.5,
          "London/NY overlap (12–16 UTC)": 813.9,
          "New York (16–21 UTC)": 481.5,
          "Late NY (21–24 UTC)": 318
        },
        {
          "Instrument": "US30 (Dow)",
          "Sydney & Tokyo (00–07 UTC)": 46.9,
          "London (07–12 UTC)": 58.2,
          "London/NY overlap (12–16 UTC)": 108.2,
          "New York (16–21 UTC)": 90.3,
          "Late NY (21–24 UTC)": 41.7
        },
        {
          "Instrument": "US100 (Nasdaq)",
          "Sydney & Tokyo (00–07 UTC)": 26.4,
          "London (07–12 UTC)": 29.2,
          "London/NY overlap (12–16 UTC)": 59.1,
          "New York (16–21 UTC)": 47,
          "Late NY (21–24 UTC)": 23.3
        }
      ]
    },
    {
      "id": "busiest-and-quietest-hour-per-instrument",
      "caption": "Busiest and quietest hour per instrument",
      "captionSource": "caption",
      "columns": [
        "Instrument",
        "Peak hour (UTC)",
        "Peak range",
        "Quietest hour (UTC)",
        "Quiet range",
        "Peak ÷ quiet",
        "H1 bars"
      ],
      "rowCount": 10,
      "rows": [
        {
          "Instrument": "EUR/USD",
          "Peak hour (UTC)": "14:00",
          "Peak range": 27.7,
          "Quietest hour (UTC)": "22:00",
          "Quiet range": 8.1,
          "Peak ÷ quiet": "3.4×",
          "H1 bars": 97785
        },
        {
          "Instrument": "GBP/USD",
          "Peak hour (UTC)": "14:00",
          "Peak range": 32.8,
          "Quietest hour (UTC)": "04:00",
          "Quiet range": 10.6,
          "Peak ÷ quiet": "3.1×",
          "H1 bars": 97788
        },
        {
          "Instrument": "USD/JPY",
          "Peak hour (UTC)": "14:00",
          "Peak range": 25.4,
          "Quietest hour (UTC)": "21:00",
          "Quiet range": 10.7,
          "Peak ÷ quiet": "2.4×",
          "H1 bars": 97779
        },
        {
          "Instrument": "AUD/USD",
          "Peak hour (UTC)": "14:00",
          "Peak range": 21.7,
          "Quietest hour (UTC)": "21:00",
          "Quiet range": 9.7,
          "Peak ÷ quiet": "2.2×",
          "H1 bars": 97805
        },
        {
          "Instrument": "USD/CAD",
          "Peak hour (UTC)": "14:00",
          "Peak range": 29.3,
          "Quietest hour (UTC)": "04:00",
          "Quiet range": 8.1,
          "Peak ÷ quiet": "3.6×",
          "H1 bars": 97789
        },
        {
          "Instrument": "EUR/JPY",
          "Peak hour (UTC)": "14:00",
          "Peak range": 32,
          "Quietest hour (UTC)": "21:00",
          "Quiet range": 14.3,
          "Peak ÷ quiet": "2.2×",
          "H1 bars": 97778
        },
        {
          "Instrument": "GBP/JPY",
          "Peak hour (UTC)": "14:00",
          "Peak range": 41.6,
          "Quietest hour (UTC)": "22:00",
          "Quiet range": 19.6,
          "Peak ÷ quiet": "2.1×",
          "H1 bars": 97789
        },
        {
          "Instrument": "Gold (XAU/USD)",
          "Peak hour (UTC)": "13:00",
          "Peak range": 882.4,
          "Quietest hour (UTC)": "21:00",
          "Quiet range": 262.3,
          "Peak ÷ quiet": "3.4×",
          "H1 bars": 98127
        },
        {
          "Instrument": "US30 (Dow)",
          "Peak hour (UTC)": "14:00",
          "Peak range": 132.4,
          "Quietest hour (UTC)": "04:00",
          "Quiet range": 32.9,
          "Peak ÷ quiet": "4.0×",
          "H1 bars": 70156
        },
        {
          "Instrument": "US100 (Nasdaq)",
          "Peak hour (UTC)": "14:00",
          "Peak range": 74.1,
          "Quietest hour (UTC)": "21:00",
          "Quiet range": 19.1,
          "Peak ÷ quiet": "3.9×",
          "H1 bars": 70141
        }
      ]
    }
  ]
}