The forex and indices market runs nearly 24 hours during the week, but not every hour is equal. The session you trade in determines volatility, volume and which analysis tools work best. This guide gives you the hours in Madrid time and UTC, with the key points for each session.
The four sessions and their hours
The global market is divided into four major sessions. Their hours change with daylight saving time in the United States and Europe, so it pays to keep them handy.
| Session | Madrid time (winter) | Madrid time (summer) | UTC |
|---|---|---|---|
| Sydney | 23:00 – 08:00 | 23:00 – 07:00 | 22:00 – 07:00 |
| Tokyo | 02:00 – 11:00 | 02:00 – 10:00 | 01:00 – 10:00 |
| London | 10:00 – 19:00 | 10:00 – 18:00 | 08:00 – 17:00 |
| New York | 15:00 – 24:00 | 15:00 – 22:00 | 13:00 – 22:00 |
What each session brings
Sydney and Tokyo (Asian)
- Tighter ranges and lower volume; the market "prepares" for the European open.
- Ideal for swing trading, for marking reference points (highs/lows of the Asian range) and for being comfortable with slower moves.
- The JPY pair and Asian crosses (AUD, NZD) are the most active during this window.
London (European)
- The session with the highest volume in Europe and where the day's trends typically form.
- Excellent for trading on M1/M5/M15: the breakouts of the Asian range at the European open generate clear moves.
- Major pairs (EUR/USD, GBP/USD) with tighter spreads.
New York (American)
- Second highest session in volume, with frequent macroeconomic news (Fed, employment data).
- The overlap with London (15:00–19:00 Madrid) concentrates volatility spikes and therefore sets the day's "reaction price."
Peak volume hours, in a nutshell
The rule repeated by the most experienced traders: if you can only trade one window, pick the London–New York overlap (15:00–19:00 Madrid time). It combines two of the world's largest financial centers: more liquidity, tighter spreads and clearer moves.
At the other extreme, between 08:00 and 10:00 (Madrid time) the market takes a breather: London hasn't fully woken up and Asia just closed. It is the lowest-volume window of the week in the currency market.
How to take advantage of session opens without watching the clock
Every session open generates reactions: breakouts of the previous range, new order blocks and moves above and below the day's support and resistance levels. Tracking those opens requires keeping the schedules always in sight.
The Todo lo posible indicator automatically paints the background of each global session on the chart, draws a label with the exact time and a separator line at each session open, and sends an alert when each session begins. The hours are editable, so you keep the reference when switching from winter to daylight saving time without touching anything in your trading setup.
Structure, support and resistance, liquidity, divergences and patterns on price, with the 5 global sessions painted and their opening alerts. €10, one-time payment.
Frequently asked questions
Which trading session has the most volume?
The London–New York overlap (15:00 to 19:00 Madrid time, winter) concentrates the highest daily volume and volatility, because the two largest financial centers operate at the same time.
What time does New York open in Madrid time?
New York opens at 15:00 Madrid time (European winter) and at 15:30 during daylight saving time. Together with the London–New York overlap, it is the most active open of the day.
What time does London open in Madrid time?
London opens at 09:00 Madrid time (European winter) and at 09:30 during daylight saving time. The European morning session typically sets the trend for the rest of the day.
What is the best session if I live in Spain?
The London open (09:00) and the London–New York overlap (15:00–19:00) offer the highest liquidity. Sydney and Tokyo are quieter and better suited for swing trading or preparing the day.