July 2026
On this page
July remained materially busier after calendar correction, while its market mix rotated sharply. Foreign exchange nearly matched metals as an activity class; Gold remained the single leading market, crypto became the dominant weekend category, and overall entry direction finished near even.
01 · Activity overview
One extra weekday mattered. It did not explain the month.
July contained 23 weekdays against 22 in June. Standardising each day of the week removes that calendar advantage while preserving a material increase.
Raw, standardised and daily views
The day-specific standard week separates activity change from calendar composition.
| Measure | Change | Reading |
|---|---|---|
| Raw entry activity | +17.5% | Complete calendar-month totals |
| Calendar-standardised entry activity | +13.6% | Fixed Monday-through-Sunday week |
| Average weekday daily activity | +12.6% | Average activity on weekdays |
| Average weekend daily activity | +14.0% | Average activity on weekend days |
| Entry share of all tracked instructions | 56.1% → 56.7% | +0.6 pp |
02 · Asset-class rotation
Foreign exchange gained almost ten share points
Foreign exchange rose from 20.1% to 30% of entry activity. Metals moved from36.7% to 29.9%, leaving the two classes effectively level in July.
Share of entry activity by asset class
Shares sum to approximately 100% in each month; small differences are rounding.
View asset-class data
| Asset class | June 2026 | July 2026 | Activity change |
|---|---|---|---|
| Foreign exchange | 20.1% | 30% | +75.1% |
| Metals | 36.7% | 29.9% | −4.4% |
| Equity indices | 30% | 24.2% | −5.1% |
| Crypto | 11% | 13.5% | +45.0% |
| Other | 2.3% | 2.5% | not stated |
Read: the class mix rotated while activity became less concentrated among the leading markets.
Explore the market
Explore the currency backdrop
Explore EUR/USD and USD/JPY with the watchlist or symbol selector. These OANDA feeds quote US dollars per euro and yen per US dollar, respectively. Chart times are in UTC. This live chart updates beyond July 2026; the report’s historical findings remain fixed. Prices can differ from your broker’s feed.
Explore the market backdrop separately from July’s instruction shares. The chart is not a July event study or evidence that price moves caused the change in activity.
The embedded chart connects to TradingView only when you load it.
03 · Market activity
Gold led; FX pairs supplied the fastest growth
Market share shows where instructions went. Activity change shows which market streams expanded or contracted compared with June. Neither is a measure of adoption or popularity.
July share of entry activity
Leading normalised markets from the supplied aggregate pack.
Swipe the chart horizontally to read every market label.
View market data
| Market | July activity share | Activity change |
|---|---|---|
| Gold | 29.5% | −4% |
| Bitcoin | 13.3% | +47% |
| Nasdaq 100 | 10.3% | +2% |
| EUR/USD | 6.6% | +48% |
| S&P 500 | 5.9% | −25% |
| GBP/USD | 5.5% | +66% |
| USD/JPY | 3.8% | +34% |
| Dow 30 | 3.2% | +18% |
Gold's activity share describes aggregated historical instructions. It does not establish adoption, execution quality or performance.
Explore the market
Gold, beyond the monthly snapshot
Explore XAUUSD with TradingView’s interactive chart. This is the OANDA feed in US dollars. Chart times are in UTC. This live chart updates beyond July 2026; the report’s historical findings remain fixed. Prices can differ from your broker’s feed.
Pulse’s Gold grouping combines normalised symbol variants. OANDA XAUUSD is a separate spot-price reference, not a reconstruction of the instructions in this report.
The embedded chart connects to TradingView only when you load it.
04 · Automation Bias
Overall entry flow was near even; individual markets differed
Automation Bias converts the historical long/short instruction split to a −100 to +100 index. Zero is even. July’s overall result was +1.4, while EUR/USD registered +20 and Dow 30 registered −15.
Moved 4.2 bias points toward neutral.
July Automation Bias by market
Detail scale shown from −25 to +25. The complete index runs from −100 to +100.
- GoldNear neutral−4
- BitcoinLong-directed+16
- Nasdaq 100Near neutral+2
- EUR/USDLong-directed+20
- GBP/USDNear neutral+2
- USD/JPYLong-directed+9
- S&P 500Near neutral−3
- Dow 30Short-directed−15
Exact values and directional equivalents
| Market | Flow Bias | Long/short equivalent | Reading |
|---|---|---|---|
| Gold | −4 | 48% / 52% | Near neutral |
| Bitcoin | +16 | 58% / 42% | Long-directed |
| Nasdaq 100 | +2 | 51% / 49% | Near neutral |
| EUR/USD | +20 | 60% / 40% | Long-directed |
| GBP/USD | +2 | 51% / 49% | Near neutral |
| USD/JPY | +9 | 54.5% / 45.5% | Long-directed |
| S&P 500 | −3 | 48.5% / 51.5% | Near neutral |
| Dow 30 | −15 | 42.5% / 57.5% | Short-directed |
How Automation Bias is calculated
Flow Bias gives every eligible directional entry instruction equal weight and ranges from -100 to +100. Zero is an even long/short split. An absolute bias of 5 or less is labelled near neutral as a provisional editorial band, pending several months of history.
100 × (long-directed entries − short-directed entries) ÷ all directional entriesDirection describes historical entry instructions, never positions, exposure, sentiment or advice. Both long- and short-directed entry activity increased. The faster rise in short-directed activity is a comparison of historical instruction flow only.
05 · Timing
The clock barely moved. The weekend mix did.
The aggregate timing shape was stable, while crypto represented 72.1% of weekend entry activity against 10.5% on weekdays.
Weekday and weekend entry-activity mix
The weekend is a different asset mix, not simply a quieter weekday.
View timing data by asset class
| Asset class | Share in 12:00–15:59 | Peak ÷ quiet hour | Weekday mix | Weekend mix |
|---|---|---|---|---|
| Foreign exchange | 18.3% | 1.5× | 30.9% | 11% |
| Metals | 20.5% | 30.2× | 30.9% | 9.1% |
| Equity indices | 21.7% | 22.7× | 25.1% | 7% |
| Crypto | 17.3% | 1.2× | 10.5% | 72.1% |
06 · Instruction construction
Direct entries dominated; smaller command families changed faster
Pending and close-and-reverse commands grew from a small base. Recognised SL/TP-field mixes also changed, but field presence does not prove broker execution or protection.
Entry-command family share
A small family can grow quickly and remain a small share.
These are command families received by the bridge, not broker order types, fills or execution outcomes.
Management-command change
The mix did not scale uniformly.
- Side-specific closes35.0% increase
- Volume-based partial closes2.0% decrease
- Percentage-based partial closes21.0% increase
- Close-all or both-side commands2.0% decrease
- SL/TP modification commands33.0% increase
- Pending-order cancellations63.0% increase
Recognised SL/TP fields
Every entry instruction falls into one of four parsed-field groups.
- Both SL and TP56.8%18.6 pp increase
- SL only8.8%7.1 pp decrease
- TP only1.8%3.2 pp decrease
- Neither field32.6%8.3 pp decrease
The platform average hides asset-class differences
Percentage-point change in the paired-field and neither-field groups.
| Asset class | Both SL and TP | Neither field |
|---|---|---|
| Foreign exchange | +14.5 pp | +2.8 pp |
| Metals | +11.9 pp | −6.4 pp |
| Equity indices | +34.1 pp | −25.0 pp |
| Crypto | +9.3 pp | −2.2 pp |
Recognised field presence is not risk management. It does not establish valid syntax, broker acceptance, execution, protection, exit quality or profitability.
07 · Limits & publication gates
What this report does not establish
Interpretation limits
- Instructions received by the bridge are not broker fills or executed orders.
- Direction describes historical entry instructions, never positions, exposure, sentiment or advice.
- A one-month relationship does not establish a recurring trading rule.
- No result on this page establishes performance or profitability.
Deliberately held out
- Commercial sizing metrics are excluded from all public Pulse data.
- Calendar-day persistence is held out until the archived daily aggregate confirms a fixed 23-weekday denominator.
- The event study is held out until the source-storage timezone is confirmed and the event cells pass the final concentration review.
- External event-price proxy charts are held out until an approved market-data feed is used.
- The terminal split is not included because the supplied July pack did not contain a full-month figure.
The calendar-standardised figure uses a day-specific standard week: average Monday + Tuesday + Wednesday + Thursday + Friday + Saturday + Sunday. All market, direction and construction figures describe historical instructions received by the bridge.