Free tool · Market statistics
DAX (GER40) volatility by hour, day and month
When DAX (GER40) moves, how much, and on which days — measured on 1488 trading days of real one-minute data from our broker feed, 2021-01-04 to 2026-10-30. Descriptive statistics of the past, not a forecast.
Volatility by hour
Over the last 12 months, the hour with the widest average range on DAX (GER40) was 08:00–09:00 UTC (48.6 bp), and the quietest was 04:00–05:00 UTC (13.7 bp): 3.6 times smaller.
Average range of each one-hour bar, in basis points of price. Hours without prices in our feed are not drawn.
Table: range by hour, UTC, last 12 months
| Hour (UTC) | Mean, bp | Median, bp | Hours measured |
|---|---|---|---|
| 00:00 | 21.7 | 16.8 | 86 |
| 01:00 | 19.4 | 15.3 | 86 |
| 02:00 | 15.5 | 13.6 | 86 |
| 03:00 | 14.4 | 11.2 | 86 |
| 04:00 | 13.7 | 10.6 | 85 |
| 05:00 | 17.5 | 14.8 | 85 |
| 06:00 | 19.8 | 16.0 | 85 |
| 07:00 | 26.1 | 23.5 | 85 |
| 08:00 | 48.6 | 46.2 | 85 |
| 09:00 | 37.2 | 32.1 | 85 |
| 10:00 | 30.4 | 25.4 | 85 |
| 11:00 | 27.8 | 23.9 | 85 |
| 12:00 | 29.2 | 24.6 | 85 |
| 13:00 | 28.8 | 24.7 | 85 |
| 14:00 | 36.8 | 32.0 | 85 |
| 15:00 | 40.0 | 36.7 | 85 |
| 16:00 | 33.5 | 27.3 | 85 |
| 17:00 | 23.9 | 19.8 | 85 |
| 18:00 | 22.0 | 16.8 | 85 |
| 19:00 | 20.3 | 15.2 | 85 |
| 20:00 | 19.4 | 15.8 | 85 |
| 21:00 | 14.9 | 11.9 | 65 |
| 23:00 | 14.8 | 12.2 | 84 |
Day of the week
Thursday has the widest average daily range (1.52%), Monday the narrowest (1.45%). Only Monday shows an average open-to-close return that is distinguishable from zero at 95% confidence (marked •). Even then it is one measurement over a few years: check the year-by-year table before reading anything into it.
| Day | Average range | Open → close, mean ± 95% CI | Up days | Days |
|---|---|---|---|---|
| Monday | 1.45 % | +0.138 % ± 0.103 • | 52.4 % | 294 |
| Tuesday | 1.50 % | +0.018 % ± 0.111 | 48.8 % | 301 |
| Wednesday | 1.49 % | +0.109 % ± 0.131 | 53.2 % | 299 |
| Thursday | 1.52 % | +0.027 % ± 0.116 | 54.7 % | 300 |
| Friday | 1.48 % | −0.023 % ± 0.125 | 55.8 % | 294 |
Average open → close return, year by year (%)
| Year | Mon | Tue | Wed | Thu | Fri |
|---|---|---|---|---|---|
| 2021 | +0.077 | −0.028 | +0.052 | +0.146 | −0.063 |
| 2022 | −0.017 | +0.133 | +0.175 | −0.335 | −0.024 |
| 2023 | +0.028 | +0.099 | +0.043 | +0.118 | +0.138 |
| 2024 | +0.093 | −0.174 | +0.071 | +0.232 | +0.068 |
| 2025 | +0.280 | +0.079 | +0.352 | +0.022 | −0.200 |
| 2026 | +0.406 | −0.006 | −0.060 | −0.028 | −0.073 |
Monthly seasonality
Return of each calendar month, from the first open to the last close. With only 6 years per month, one unusual year moves the average a lot: the median and the year-by-year table are there to show it.
| Month | Mean | Median | Positive | Years |
|---|---|---|---|---|
| January | +2.38 % | +0.14 % | 67 % | 6 |
| February | +1.78 % | +3.15 % | 83 % | 6 |
| March | +1.05 % | +1.23 % | 67 % | 6 |
| April | +0.60 % | +1.36 % | 67 % | 6 |
| May | +2.67 % | +3.08 % | 83 % | 6 |
| June | −1.58 % | −0.20 % | 33 % | 6 |
| July | +1.96 % | +1.40 % | 83 % | 6 |
| August | −0.52 % | +0.52 % | 50 % | 6 |
| September | −2.78 % | −3.79 % | 17 % | 6 |
| October | +2.01 % | +1.37 % | 67 % | 6 |
| November | +3.63 % | +2.89 % | 60 % | 5 |
| December | +1.25 % | +3.05 % | 80 % | 5 |
Every month, year by year (%)
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | −2.4 | +3.1 | +8.7 | +0.8 | +1.8 | +1.0 | −0.2 | +1.8 | −3.9 | +3.2 | −3.6 | +4.2 |
| 2022 | −2.2 | −8.0 | +0.6 | −3.3 | +3.3 | −11.3 | +5.9 | −5.0 | −6.8 | +11.3 | +10.1 | −5.1 |
| 2023 | +9.2 | +1.3 | +1.8 | +1.9 | −1.6 | +3.0 | +1.7 | −3.1 | −3.7 | −3.7 | +9.4 | +3.3 |
| 2024 | +0.2 | +5.4 | +4.3 | −3.5 | +3.7 | −1.8 | +1.1 | +2.2 | +2.2 | −1.5 | +2.9 | +0.8 |
| 2025 | +9.4 | +5.7 | −1.5 | +2.0 | +5.9 | −0.3 | +0.4 | −0.3 | −0.2 | +0.3 | −0.6 | +3.1 |
| 2026 | +0.1 | +3.2 | −7.6 | +5.7 | +2.9 | −0.1 | +2.9 | +1.4 | −4.2 | +2.4 | — | — |
Trading sessions
How much of the day's range happens inside each session, over the last 12 months. Sessions overlap, so the shares do not add up to 100%. A session with no prices in our feed is not listed.
| Session | Average range | Median share of the day's range | Days |
|---|---|---|---|
| Tokyo 09:00–15:00 Tokyo time | 53.5 bp | 33 % | 252 |
| London 08:00–16:30 London time | 119.2 bp | 84 % | 252 |
| New York 08:00–17:00 New York time | 97.3 bp | 66 % | 252 |
Volatility over the last year
ATR (14) as a percentage of the price, one point per trading day.
How it is measured
- One-minute bid prices from the cTrader broker feed we use for our own backtests: 1488 complete trading days, 2021-01-04 to 2026-10-30.
- A trading day is the broker's: it closes at 17:00 New York time, as in cTrader. Partial days (holidays) are left out.
- Range = high − low of the period, as a share of its opening price. 1 bp (basis point) = 0.01%. ATR is Wilder's 14-day average true range.
- The hourly profile is measured in UTC and kept separately for US summer and winter time, so the hours shown in your time zone stay right all year.
- Updated every day after the market data sync. These are descriptive statistics of the past: they are not a forecast and not a trading signal.