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ES Market hours


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ES Market hours

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  #1 (permalink)
Italy
 
Experience: Advanced
Platform: Ninja
Trading: ES, Currency futures, forex
 
Posts: 12 since Sep 2010
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Hi,

I have Ninja trader connected to ZenFire in demo mode. Now looking at ES I noticed that the chart is from 16.30 to 23.15. Is possible to trade outside these times? Is a configuration option of Ninja to NOT see the other market hours, or is possible to trade ES just in this time window?

Thank you

forexboom

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  #3 (permalink)
Market Wizard
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forexboom View Post
Hi,

I have Ninja trader connected to ZenFire in demo mode. Now looking at ES I noticed that the chart is from 16.30 to 23.15. Is possible to trade outside these times? Is a configuration option of Ninja to NOT see the other market hours, or is possible to trade ES just in this time window?

Thank you

forexboom

From your questions I assume

(a) that you are sitting in Eastern Europe or Middle East at GMT +2,
(b) that you use NinjaTrader 7 with the default session template CME US Index Futures RTH selected for ES.

In NinjaTrader 7 you can select one of the available session templates to display data or you can create your own one. The default templates available for ES are CME US Index Futures RTH (floor session) or CME US Index Futures ETH (full Globex session).

I personally use a custom template with 2 intraday sessions as shown below. The times of the session template are always in exchange time, which is Central Time for Chicago. That way I can use session related indicators such as floor pivots, the opening range or the VWAP of the current session.

In short, the chart will display the data that you have selected via session template. Of course you can trade ES round the clock, with the exception of the break from 23.15 to 23.30 and 0.30 to 1.00 (your local time).

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  #4 (permalink)
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
Trading: ES, NQ, YM
 
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Somewhat related to this question or thread, because the cash session ends 15 minutes prior to the futures session does anybody know what problem we might face if we have a position opened while the cash session is closing or if we open a position for a quick scalp after 16:00 (Est) with the intent to close it before 16:15 (Est). Has anyone faced a particular problem at the end of the day between 16:00 and 16:15 Eastern time (4:00pm to 4:15pm)?

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  #5 (permalink)
Market Wizard
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trendisyourfriend View Post
Somewhat related to this question or thread, because the cash session ends 15 minutes prior to the futures session does anybody know what problem we might face if we have a position opened while the cash session is closing or if we open a position for a quick scalp after 16:00 (Est) with the intent to close it before 16:15 (Est). Has anyone faced a particular problem at the end of the day between 16:00 and 16:15 Eastern time (4:00pm to 4:15pm)?

Technical point of view:

There should be no problem to open a position after 4:00 PM and prior to 4:15 PM Eastern Time. If the position is not closed prior to 4:15 it will be carried over to the next trading day. This means that the overnight margin and not the intraday margin requirements apply. Typically the magrin for holding a position overnight is twice the margin required for an intraday trade. Of course, this depends on the broker and the product traded.

The broker will not increase the margin requirement at the close but maybe 15 min prior to the close, so if you open a position after 4:00 PM the overnight margin already applies.


Trading point of view:

Reported trading volume is quite high around 4:00 PM, these are probably crossed or pre-arranged trades. Some years ago, retail traders typically exited their trend following positions around 3;54 PM not to carry them over. This game has stopped, but on trending Fridays you can count on traders exiting their position prior to teh week-end. However, this might happen prior to4:00 PM.

So in general I have not found any valid reasons to enter a trade during that period.

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  #6 (permalink)
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
Trading: ES, NQ, YM
 
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Fat Tails View Post
Technical point of view:

...

The broker will not increase the margin requirement at the close but maybe 15 min prior to the close, so if you open a position after 4:00 PM the overnight margin already applies.

Curious, as i have asked the same question to my broker (Mirus) and he answered that the margin requirement enters into effect ONLY if a position is not closed at 4:15pm EST for the ES as an example.



Fat Tails View Post
Trading point of view:

Reported trading volume is quite high around 4:00 PM, these are probably crossed or pre-arranged trades. Some years ago, retail traders typically exited their trend following positions around 3;54 PM not to carry them over. This game has stopped, but on trending Fridays you can count on traders exiting their position prior to teh week-end. However, this might happen prior to4:00 PM.

So in general I have not found any valid reasons to enter a trade during that period.

I think that the 'No valid reason' can be discussed as price as a tendency to be more active and move with momentum in the same direction between 3:30pm to 4:15pm EST. This period is one of the most active and a period where price *seems* to offer more follow through. If i look at my stats, i would say that if i were obliged to trade only a thin slice of time each day, i would select that short period of time at the end of the day. The last 45 minutes seems to offer the best window of opportunity for a quick scalp. It's very rare to see price consolidate or being choppy at that time.

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  #7 (permalink)
Market Wizard
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trendisyourfriend View Post
Curious, as i have asked the same question to my broker (Mirus) and he answered that the margin requirement enters into effect ONLY if a position is not closed at 4:15pm EST for the ES as an example.

Every broker has different rules. If you open a position prior to 4:15 which is covered by your margin and you do not close it by 4:15, what is the broker going to do? The margin is now not sufficient and the market is closed. So the broker is bearing a higher risk as you are holding an overnight position with insufficient margin. To avoid this situation the broker must force you to close the position at least some minutes prior to the close. Do not know how Mirus is handling this. Might be different for markets that reopen after 15 minutes such as ES, and markets that remain closed for several hours.


trendisyourfriend View Post
I think that the 'No valid reason' can be discussed as price as a tendency to be more active and move with momentum in the same direction between 3:30pm to 4:15pm EST. This period is one of the most active and a period where price *seems* to offer more follow through. If i look at my stats, i would say that if i were obliged to trade only a thin slice of time each day, i would select that short period of time at the end of the day. The last 45 minutes seems to offer the best window of opportunity for a quick scalp. It's very rare to see price consolidate or being choppy at that time.

It is a difference, whether you enter a position at 3:30 or after 4:00 PM, which was your first question. There often is a follow through after 3:30, but entering after 4:00 PM is a bit late as the trending period is possibly over.

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