When Does ZN Actually Move? Hourly Ranges on 5-minute Charts
Educational reference. Measured from 12,204 recorded 5-minute bars of 10-Year T-Note through September 4, 2026.
09:00 is the busiest hour, averaging 0.0469 per bar — 3.0× the quietest hour at 18:00.
The same stop is a different stop at different times of day. This is the median high-to-low range of a single 5-minute bar of 10-Year T-Note, hour by hour, measured from 12,204 recorded bars over the last 90 days.
| Hour (ET) | Median range | Bars | |
|---|---|---|---|
| 00:00 | 0.0156 | 464 | |
| 01:00 | 0.0156 | 489 | |
| 02:00 | 0.0156 | 539 | |
| 03:00 | 0.0312 | 546 | |
| 04:00 | 0.0312 | 557 | |
| 05:00 | 0.0156 | 541 | |
| 06:00 | 0.0156 | 539 | |
| 07:00 | 0.0312 | 544 | |
| 08:00 | 0.0312 | 546 | |
| 09:00 | 0.0469 | 556 | |
| 10:00 | 0.0312 | 566 | |
| 11:00 | 0.0312 | 577 | |
| 12:00 | 0.0312 | 556 | |
| 13:00 | 0.0312 | 563 | |
| 14:00 | 0.0312 | 547 | |
| 15:00 | 0.0312 | 561 | |
| 16:00 | 0.0312 | 535 | |
| 18:00 | 0.0156 | 421 | |
| 19:00 | 0.0156 | 472 | |
| 20:00 | 0.0156 | 522 | |
| 21:00 | 0.0156 | 530 | |
| 22:00 | 0.0156 | 494 | |
| 23:00 | 0.0156 | 490 |
The spread across the day
The busiest hour is 09:00, averaging 0.0469 per bar. The quietest is 18:00 at 0.0156. That is a 3.0× difference across the same instrument, the same timeframe, the same trading day.
A stop sized for 18:00 conditions will be caught routinely at 09:00, and a stop sized for 09:00 gives away far more than it needs to overnight. The same number of points does not mean the same thing at every hour.
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How this was measured
Every 5-minute bar of 10-Year T-Note recorded in the last 90 days was grouped by the hour it opened, in Eastern time. The figure shown is the median of high minus low within each group — the middle bar of that hour, not the average, so a single outlier session cannot distort it. Hours with fewer than 60 recorded bars are omitted rather than shown on thin evidence.
These are recorded market ranges, not forecasts. Nothing on this page is a projection.