{
  "study": "when-daily-high-low-forms",
  "title": "When the Daily High and Low Actually Form: 16 Years of Data",
  "description": "47.9% of EUR/USD's daily range exists by 08:00 UTC, and at least one side of the Asian range is taken out on 99.0% of days. Measured across 4,162 trading days and 22 instruments.",
  "source": "https://fxbacktest.app/research/when-daily-high-low-forms/",
  "publisher": "FxBacktest",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "attribution": "FxBacktest, https://fxbacktest.app/research/when-daily-high-low-forms/",
  "datePublished": "2026-07-30",
  "dateModified": "2026-09-08",
  "generated": "2026-09-18",
  "tables": [
    {
      "id": "share-of-the-eventual-daily-range",
      "caption": "Share of the eventual daily range already traded, by UTC hour",
      "captionSource": "caption",
      "columns": [
        "Instrument",
        "00",
        "02",
        "04",
        "06",
        "07",
        "08",
        "10",
        "12",
        "13",
        "14",
        "15",
        "16",
        "18",
        "20",
        "23"
      ],
      "rowCount": 4,
      "rows": [
        {
          "10": 64,
          "12": 74,
          "13": 81,
          "14": 87,
          "15": 91,
          "16": 94,
          "18": 97,
          "20": 99,
          "23": 100,
          "Instrument": "EUR/USD",
          "00": 17,
          "02": 27,
          "04": 31,
          "06": 40,
          "07": 48,
          "08": 55
        },
        {
          "10": 72,
          "12": 80,
          "13": 84,
          "14": 89,
          "15": 92,
          "16": 94,
          "18": 97,
          "20": 98,
          "23": 100,
          "Instrument": "GBP/JPY",
          "00": 22,
          "02": 35,
          "04": 40,
          "06": 48,
          "07": 56,
          "08": 63
        },
        {
          "10": 61,
          "12": 71,
          "13": 79,
          "14": 86,
          "15": 90,
          "16": 93,
          "18": 97,
          "20": 99,
          "23": 100,
          "Instrument": "Gold",
          "00": 17,
          "02": 33,
          "04": 38,
          "06": 46,
          "07": 50,
          "08": 55
        },
        {
          "10": 46,
          "12": 52,
          "13": 63,
          "14": 74,
          "15": 81,
          "16": 85,
          "18": 92,
          "20": 98,
          "23": 100,
          "Instrument": "US100 (Nasdaq)",
          "00": 14,
          "02": 23,
          "04": 27,
          "06": 32,
          "07": 36,
          "08": 41
        }
      ]
    },
    {
      "id": "hour-by-which-half-and-four",
      "caption": "Hour by which half and four-fifths of the daily range is typically complete",
      "captionSource": "caption",
      "columns": [
        "Instrument",
        "50% done by (UTC)",
        "80% done by (UTC)",
        "Asian share of range",
        "Days"
      ],
      "rowCount": 22,
      "rows": [
        {
          "Instrument": "EUR/USD",
          "50% done by (UTC)": "08:00",
          "80% done by (UTC)": "13:00",
          "Asian share of range": 47.9,
          "Days": 4162
        },
        {
          "Instrument": "GBP/USD",
          "50% done by (UTC)": "08:00",
          "80% done by (UTC)": "13:00",
          "Asian share of range": 46.9,
          "Days": 4162
        },
        {
          "Instrument": "USD/CAD",
          "50% done by (UTC)": "09:00",
          "80% done by (UTC)": "14:00",
          "Asian share of range": 44,
          "Days": 4162
        },
        {
          "Instrument": "USD/JPY",
          "50% done by (UTC)": "06:00",
          "80% done by (UTC)": "13:00",
          "Asian share of range": 59.4,
          "Days": 4162
        },
        {
          "Instrument": "EUR/JPY",
          "50% done by (UTC)": "07:00",
          "80% done by (UTC)": "12:00",
          "Asian share of range": 57.9,
          "Days": 4162
        },
        {
          "Instrument": "GBP/JPY",
          "50% done by (UTC)": "07:00",
          "80% done by (UTC)": "12:00",
          "Asian share of range": 55.9,
          "Days": 4163
        },
        {
          "Instrument": "AUD/JPY",
          "50% done by (UTC)": "04:00",
          "80% done by (UTC)": "12:00",
          "Asian share of range": 65.2,
          "Days": 4163
        },
        {
          "Instrument": "AUD/USD",
          "50% done by (UTC)": "05:00",
          "80% done by (UTC)": "12:00",
          "Asian share of range": 61.6,
          "Days": 4163
        },
        {
          "Instrument": "EUR/GBP",
          "50% done by (UTC)": "08:00",
          "80% done by (UTC)": "12:00",
          "Asian share of range": 45.9,
          "Days": 4163
        },
        {
          "Instrument": "EUR/CHF",
          "50% done by (UTC)": "08:00",
          "80% done by (UTC)": "13:00",
          "Asian share of range": 50.3,
          "Days": 4162
        },
        {
          "Instrument": "NZD/CHF",
          "50% done by (UTC)": "07:00",
          "80% done by (UTC)": "13:00",
          "Asian share of range": 56.2,
          "Days": 4163
        },
        {
          "Instrument": "AUD/CAD",
          "50% done by (UTC)": "06:00",
          "80% done by (UTC)": "13:00",
          "Asian share of range": 59.3,
          "Days": 4162
        },
        {
          "Instrument": "CAD/CHF",
          "50% done by (UTC)": "09:00",
          "80% done by (UTC)": "14:00",
          "Asian share of range": 43.1,
          "Days": 4162
        },
        {
          "Instrument": "Gold",
          "50% done by (UTC)": "08:00",
          "80% done by (UTC)": "13:00",
          "Asian share of range": 50.3,
          "Days": 4309
        },
        {
          "Instrument": "Silver",
          "50% done by (UTC)": "08:00",
          "80% done by (UTC)": "13:00",
          "Asian share of range": 52.3,
          "Days": 3965
        },
        {
          "Instrument": "Brent crude",
          "50% done by (UTC)": "09:00",
          "80% done by (UTC)": "14:00",
          "Asian share of range": 40.3,
          "Days": 3796
        },
        {
          "Instrument": "US100 (Nasdaq)",
          "50% done by (UTC)": "12:00",
          "80% done by (UTC)": "15:00",
          "Asian share of range": 36.5,
          "Days": 2576
        },
        {
          "Instrument": "US30 (Dow)",
          "50% done by (UTC)": "12:00",
          "80% done by (UTC)": "15:00",
          "Asian share of range": 36.6,
          "Days": 2576
        },
        {
          "Instrument": "US500 (S&P)",
          "50% done by (UTC)": "12:00",
          "80% done by (UTC)": "15:00",
          "Asian share of range": 38.3,
          "Days": 2562
        },
        {
          "Instrument": "GER40 (DAX)",
          "50% done by (UTC)": "07:00",
          "80% done by (UTC)": "12:00",
          "Asian share of range": 52.6,
          "Days": 2453
        },
        {
          "Instrument": "BTC/USD",
          "50% done by (UTC)": "07:00",
          "80% done by (UTC)": "14:00",
          "Asian share of range": 53.7,
          "Days": 2952
        },
        {
          "Instrument": "ETH/USD",
          "50% done by (UTC)": "07:00",
          "80% done by (UTC)": "14:00",
          "Asian share of range": 54.6,
          "Days": 2830
        }
      ]
    },
    {
      "id": "how-often-the-00-00-07",
      "caption": "How often the 00:00-07:00 UTC range is taken out later the same day",
      "captionSource": "caption",
      "columns": [
        "Instrument",
        "Asian high broken",
        "Asian low broken",
        "Both broken",
        "Neither broken"
      ],
      "rowCount": 22,
      "rows": [
        {
          "Instrument": "US100 (Nasdaq)",
          "Asian high broken": 82,
          "Asian low broken": 73.8,
          "Both broken": 56.2,
          "Neither broken": 0.4
        },
        {
          "Instrument": "US500 (S&P)",
          "Asian high broken": 80.1,
          "Asian low broken": 72,
          "Both broken": 52.5,
          "Neither broken": 0.4
        },
        {
          "Instrument": "US30 (Dow)",
          "Asian high broken": 79.6,
          "Asian low broken": 73.4,
          "Both broken": 53.6,
          "Neither broken": 0.5
        },
        {
          "Instrument": "Brent crude",
          "Asian high broken": 74.7,
          "Asian low broken": 74.1,
          "Both broken": 49.5,
          "Neither broken": 0.8
        },
        {
          "Instrument": "USD/CAD",
          "Asian high broken": 74,
          "Asian low broken": 72.1,
          "Both broken": 46.6,
          "Neither broken": 0.5
        },
        {
          "Instrument": "CAD/CHF",
          "Asian high broken": 70.9,
          "Asian low broken": 74.7,
          "Both broken": 46.2,
          "Neither broken": 0.6
        },
        {
          "Instrument": "EUR/GBP",
          "Asian high broken": 69.5,
          "Asian low broken": 70.6,
          "Both broken": 41,
          "Neither broken": 1
        },
        {
          "Instrument": "EUR/USD",
          "Asian high broken": 68.2,
          "Asian low broken": 68.4,
          "Both broken": 37.7,
          "Neither broken": 1
        },
        {
          "Instrument": "GBP/USD",
          "Asian high broken": 67.8,
          "Asian low broken": 69.3,
          "Both broken": 38.4,
          "Neither broken": 1.3
        },
        {
          "Instrument": "GER40 (DAX)",
          "Asian high broken": 67.4,
          "Asian low broken": 62.7,
          "Both broken": 32.2,
          "Neither broken": 2.2
        },
        {
          "Instrument": "Gold",
          "Asian high broken": 67,
          "Asian low broken": 64.8,
          "Both broken": 34.7,
          "Neither broken": 2.9
        },
        {
          "Instrument": "EUR/CHF",
          "Asian high broken": 66.3,
          "Asian low broken": 69.3,
          "Both broken": 37.4,
          "Neither broken": 1.8
        },
        {
          "Instrument": "Silver",
          "Asian high broken": 65.9,
          "Asian low broken": 65.1,
          "Both broken": 34.2,
          "Neither broken": 3.2
        },
        {
          "Instrument": "BTC/USD",
          "Asian high broken": 63.2,
          "Asian low broken": 61.1,
          "Both broken": 28.4,
          "Neither broken": 4.1
        },
        {
          "Instrument": "GBP/JPY",
          "Asian high broken": 62.5,
          "Asian low broken": 61.9,
          "Both broken": 28.4,
          "Neither broken": 4
        },
        {
          "Instrument": "AUD/CAD",
          "Asian high broken": 62.3,
          "Asian low broken": 60.1,
          "Both broken": 26.5,
          "Neither broken": 4.2
        },
        {
          "Instrument": "NZD/CHF",
          "Asian high broken": 62.2,
          "Asian low broken": 63.7,
          "Both broken": 28.4,
          "Neither broken": 2.5
        },
        {
          "Instrument": "ETH/USD",
          "Asian high broken": 62,
          "Asian low broken": 59.2,
          "Both broken": 25.5,
          "Neither broken": 4.3
        },
        {
          "Instrument": "EUR/JPY",
          "Asian high broken": 61,
          "Asian low broken": 58.9,
          "Both broken": 24.1,
          "Neither broken": 4.2
        },
        {
          "Instrument": "AUD/USD",
          "Asian high broken": 59.5,
          "Asian low broken": 57.3,
          "Both broken": 21.7,
          "Neither broken": 4.9
        },
        {
          "Instrument": "USD/JPY",
          "Asian high broken": 59.2,
          "Asian low broken": 57,
          "Both broken": 22.6,
          "Neither broken": 6.4
        },
        {
          "Instrument": "AUD/JPY",
          "Asian high broken": 57.6,
          "Asian low broken": 54,
          "Both broken": 18.4,
          "Neither broken": 6.8
        }
      ]
    }
  ]
}