Free tool · Market statistics
Nikkei 225 (JP225) volatility by hour, day and month
When Nikkei 225 (JP225) moves, how much, and on which days — measured on 1506 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 Nikkei 225 (JP225) was 00:00–01:00 UTC (84.3 bp), and the quietest was 21:00–22:00 UTC (24.4 bp): 3.5 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 | 84.3 | 75.4 | 89 |
| 01:00 | 57.4 | 47.1 | 89 |
| 02:00 | 39.9 | 35.6 | 89 |
| 03:00 | 43.7 | 35.8 | 88 |
| 04:00 | 38.8 | 34.1 | 87 |
| 05:00 | 35.8 | 31.8 | 87 |
| 06:00 | 44.5 | 37.1 | 87 |
| 07:00 | 29.4 | 23.6 | 87 |
| 08:00 | 45.8 | 38.5 | 87 |
| 09:00 | 39.8 | 31.8 | 87 |
| 10:00 | 30.4 | 24.4 | 87 |
| 11:00 | 27.4 | 22.7 | 87 |
| 12:00 | 30.8 | 24.8 | 87 |
| 13:00 | 33.8 | 28.7 | 87 |
| 14:00 | 57.4 | 49.6 | 88 |
| 15:00 | 56.1 | 48.9 | 88 |
| 16:00 | 43.4 | 34.1 | 88 |
| 17:00 | 36.1 | 31.4 | 88 |
| 18:00 | 33.3 | 26.9 | 85 |
| 19:00 | 31.3 | 24.5 | 83 |
| 20:00 | 33.3 | 26.9 | 83 |
| 21:00 | 24.4 | 20.0 | 83 |
| 23:00 | 52.1 | 44.4 | 89 |
Day of the week
Friday has the widest average daily range (2.03%), Monday the narrowest (1.84%). Only Monday, Wednesday 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 | 1.84 % | +0.251 % ± 0.133 • | 60.3 % | 300 |
| Tuesday | 1.91 % | −0.063 % ± 0.140 | 49.0 % | 304 |
| Wednesday | 1.92 % | +0.162 % ± 0.152 • | 53.0 % | 302 |
| Thursday | 1.98 % | +0.021 % ± 0.155 | 50.7 % | 302 |
| Friday | 2.03 % | +0.032 % ± 0.171 | 55.4 % | 298 |
Average open → close return, year by year (%)
| Year | Mon | Tue | Wed | Thu | Fri |
|---|---|---|---|---|---|
| 2021 | +0.031 | −0.132 | −0.033 | +0.208 | +0.109 |
| 2022 | +0.084 | −0.048 | +0.158 | −0.172 | +0.004 |
| 2023 | +0.207 | +0.059 | −0.044 | +0.073 | +0.332 |
| 2024 | +0.273 | −0.083 | +0.188 | +0.210 | −0.218 |
| 2025 | +0.354 | −0.109 | +0.360 | +0.021 | −0.112 |
| 2026 | +0.613 | −0.063 | +0.382 | −0.267 | +0.078 |
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 | +2.47 % | +3.27 % | 67 % | 6 |
| February | +3.14 % | +2.67 % | 50 % | 6 |
| March | −0.66 % | +1.35 % | 67 % | 6 |
| April | +0.92 % | −0.47 % | 50 % | 6 |
| May | +4.04 % | +2.82 % | 100 % | 6 |
| June | +3.70 % | +4.97 % | 67 % | 6 |
| July | −1.92 % | −1.68 % | 33 % | 6 |
| August | +1.19 % | +1.34 % | 67 % | 6 |
| September | +0.11 % | −0.23 % | 50 % | 6 |
| October | +2.29 % | −0.41 % | 50 % | 6 |
| November | +0.04 % | −0.07 % | 40 % | 5 |
| December | −0.68 % | +0.03 % | 60 % | 5 |
Every month, year by year (%)
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | +0.5 | +5.6 | +0.2 | −1.7 | +0.3 | −0.4 | −4.5 | +2.0 | +4.4 | −1.1 | −5.4 | +3.8 |
| 2022 | −5.8 | −2.1 | +3.2 | −3.0 | +1.7 | −3.0 | +6.1 | −0.3 | −7.1 | +6.7 | +3.2 | −9.4 |
| 2023 | +6.1 | −0.3 | +3.0 | +3.0 | +5.8 | +8.7 | −0.5 | −2.4 | −2.1 | −1.8 | +7.0 | −0.7 |
| 2024 | +8.3 | +9.3 | +2.5 | −6.2 | +1.8 | +2.9 | −2.8 | +0.6 | −2.4 | +0.3 | −0.1 | +2.8 |
| 2025 | −0.4 | −2.7 | −4.5 | +0.8 | +3.8 | +7.0 | +1.4 | +3.2 | +6.2 | +16.5 | −4.5 | +0.0 |
| 2026 | +6.0 | +9.1 | −8.3 | +12.7 | +10.8 | +7.1 | −11.2 | +4.0 | +1.6 | −6.7 | — | — |
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 | 161.5 bp | 64 % | 257 |
| London 08:00–16:30 London time | 150.4 bp | 57 % | 257 |
| New York 08:00–17:00 New York time | 150.5 bp | 58 % | 257 |
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: 1506 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.