August 2026Monthly reportAugust’s calendar made instruction activity look quieter than it was
August’s calendar made activity look quieter: total instructions fell 4.8% versus July, but rose 1.6% on a standardised week. Entry activity rose 8.1%, with FX and Gold gaining share.
Data window: 1–31 August 2026, compared with 1–31 July 2026
On this page
01 · Instruction overview
The calendar made August look quieter
August looked quieter when we compared the complete calendar months. The picture changed when we compared the same mix of weekdays and weekends: total instruction activity rose slightly. A standardised week adds the average Monday, Tuesday and each other day in a month, so a different calendar cannot decide the comparison by itself.
Pulse follows requests received by the PineConnector bridge from TradingView alerts. Entry instructions ask to open a trade; management and other instructions include requests to close, adjust or cancel. Entries increased in August while management and other instructions declined. A lower total therefore did not mean fewer requests to enter trades, and a received request does not establish what a broker did.
Calendar months versus a standardised week
Activity change, August 2026 against July 2026.
Figure data
| Instructions | Calendar months | Standardised week |
|---|---|---|
| All tracked instructions | −4.8% | +1.6% |
| Entry instructions | +8.1% | +16.0% |
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Complete August and July source-calendar months. The standardized comparison sums the average Monday, Tuesday, Wednesday, Thursday, Friday, Saturday and Sunday activity in each month. Raw changes retain the actual calendar mix. Download data (CSV): Figure 1
All tracked instructions: −4.8% on calendar months versus +1.6% on a standardised week, compared with July 2026.
Entry mix, activity figures and comparison notes
Entry versus management and other instructions
Each row shows the composition of all tracked instructions in that window.
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Figure 2, Entry versus management and other instructions
August’s calendar made activity look quieter: total instructions fell 4.8% versus July, but rose 1.6% on a standardised week. Entry activity rose 8.1%, with FX and Gold gaining share.
02 · Rotation
Where entry activity went
Foreign exchange (FX) means currency markets. Metals, equity indices and crypto are the other main groups shown here; an equity index tracks a basket of shares. Each percentage is that group's slice of entry instructions received during the month. A larger slice can come from more activity in that group, less activity elsewhere, or both. The activity-change column in the detailed table helps separate those possibilities.
The asset-class mix
Share of entry-instruction activity in August 2026.
- Foreign exchange35.2%
- Metals32.1%
- Equity indices19%
- Crypto12.3%
- Other1.4%
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Figure 3, The asset-class mix
FX and metals together took 67.3% of entry activity, up from 59.7% in July 2026.
Asset-class figures and notes
A change in market share and a change in activity answer different questions. Read the class rotation beside the combined share of the leading markets to distinguish a reshuffle from greater concentration.
July 2026 → August 2026
- FX + metals59.7% → 67.3%7.6 pp increase
- Indices + crypto37.8% → 31.3%6.5 pp decrease
| Asset class | Activity share | Share change | Activity change |
|---|---|---|---|
| Foreign exchange | 35.2% | +5.6 pp | +28.4% |
| Metals | 32.1% | +2.0 pp | +15.3% |
| Equity indices | 19% | −5.1 pp | −14.7% |
| Crypto | 12.3% | −1.3 pp | −2.8% |
| Other | 1.4% | −1.1 pp | −37.7% |
Foreign exchange
Its share rose by 5.6 percentage points; entry activity rose by 28.4%.
The three leading pairs supplied 53.4% of FX activity.
Metals
Its share rose by 2.0 percentage points; entry activity rose by 15.3%.
Gold is 98.9% of metals activity — the metals category is functionally a gold category.
Equity indices
Its share fell by 5.1 percentage points; entry activity fell by 14.7%.
Nasdaq 100 supplied 41% of index activity.
Crypto
Its share fell by 1.3 percentage points; entry activity fell by 2.8%.
Bitcoin is 98.3% of crypto activity — the crypto category is functionally a bitcoin category.
Other
Its share fell by 1.1 percentage points; entry activity fell by 37.7%.
Energy, single stocks and ETFs, synthetic indices and the remaining long tail.
Contribution and concentration
Contribution to the net activity change
Contribution to the net change in entry activity. Positive and negative contributions can offset; a contribution can exceed 100% when another class offsets part of the change.
- Foreign exchange+103.4%
- Metals+56.5%
- Equity indices−43.7%
- Crypto−4.7%
- Other−11.5%
- Gold share of metals98.9%
- Bitcoin share of crypto98.3%
- Nasdaq 100 share of indices41%
- Three leading pairs share of FX53.4%
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data.Download data (CSV): Figure 4, Contribution to the net activity change
04 · Gold
The single leading market by instruction share
Gold’s weekly share of entry activity
Share of entry activity within each labelled weekday window. A single date marks a day at the month boundary; bar height measures share, not volume.
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Figure 5, Gold’s weekly share of entry activity
Gold led individual markets with 31.8% of August 2026 entry activity.
Gold's share and its own activity both increased in August. The share tells us how much of the month's entry stream concerned Gold; the activity change compares Gold requests with July. Keeping both measures in view avoids mistaking a larger slice of a shrinking total for growth. Neither measure is a Gold price return. The weekly bars also cover different lengths at the month boundaries, so a partial week should not be read as a full-week comparison.
Gold figures and reading notes
Gold is the single leading market by share of entry instructions in this edition. Gold's activity share and historical instruction direction do not establish adoption, execution quality or performance.
- 3–7 Aug30.3%
- 10–14 Aug29.7%
- 17–21 Aug34%
- 24–28 Aug38%
- 31 Aug33.1%
Explore Gold’s live price chart
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 August 2026; the report’s historical findings remain fixed. Prices can differ from your broker’s feed.
The embedded chart connects to TradingView only when you load it.
08 · Market context
The releases and reference prices behind the month
During the month
7 August
July employment release (NFP)
At 08:30 New York time on 7 August, BLS initially reported a 23,000 decline in July nonfarm payrolls and a 4.1% unemployment rate. This was July’s employment report, released during August.
Source: US Bureau of Labor Statistics · original 7 August release
Reading note
The edition compares full source-calendar months. Its monthly instruction figures are not an event-window measurement around this release.
Use the information available on the release date when interpreting historical activity. No announcement-response or causal effect is established here.
12 August
July inflation release (CPI)
July CPI, released on 12 August at 08:30 New York time, rose 0.1% month on month on a seasonally adjusted basis and 3.4% year on year on an unadjusted basis. Core CPI rose 0.2% month on month.
Source: US Bureau of Labor Statistics · 12 August CPI release
Reading note
Monthly activity shares can be read alongside the inflation backdrop, but they do not isolate the instructions sent in response to this release.
The reference month is July. August CPI was not available during August; the two dates must not be conflated.
19 August
July FOMC minutes
The Federal Reserve released the minutes of its 28–29 July meeting on 19 August at 14:00 New York time.
Source: Federal Reserve · FOMC minutes release
Reading note
This date belongs in the month’s information timeline. Pulse’s weekly Gold shares describe the surrounding instruction mix without measuring the announcement’s immediate effect.
Minutes describe the earlier meeting and are not a new August rate decision. Co-occurrence is not a causal test.
26 August
July PCE inflation
The July PCE price index, released on 26 August, rose 0.2% month on month and 3.7% year on year. Excluding food and energy, it rose 0.2% month on month and 3.3% year on year.
Source: US Bureau of Economic Analysis · July income and outlays
Reading note
The late-month price-policy backdrop is external context for the complete edition, rather than an explanation assigned to each instruction.
PCE and CPI are different price measures. These release figures do not establish why any particular instruction was sent.
28 August
Jackson Hole speech
In his 28 August Jackson Hole speech, Federal Reserve Chair Kevin Warsh stressed that inflation remained above target and did not commit to a rate decision.
Source: Federal Reserve · 28 August speech
Reading note
The Gold share chart includes the complete weekday window containing this speech. It measures Gold’s share of entry instructions, not a response attributable to the speech.
Jackson Hole is a policy communication event, not itself a rate decision. No intraday response study is claimed.
Market references
FX · month-end reference prices
From 31 July to 31 August, the Federal Reserve’s New York noon reference rate moved from 1.1519 to 1.1617 USD per euro (+0.85%) and from 159.16 to 159.74 yen per USD (+0.36%). These are reference observations, not broker closes.
Source: Federal Reserve H.10 · 8 September release (August month-end)
Reading note
EUR/USD entry activity changed +43.9% and USD/JPY +26.8% in the complete-month comparison.
Price change and instruction activity use separate denominators. A positive USD/JPY price change means a stronger dollar against the yen; no participation inference or causal conclusion follows.
FX · comparison-price source
The Federal Reserve’s 3 August H.10 release supplies the 31 July comparison observations for the month-end price changes above.
Source: Federal Reserve H.10 · 3 August release (July month-end)
Reading note
The price comparison uses month-end reference observations; Pulse activity compares complete source-calendar months.
External prices and internal instruction shares remain separate statistics. Reference rates can differ from specific broker quotes.
Explore live currency charts
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 August 2026; the report’s historical findings remain fixed. Prices can differ from your broker’s feed.
The monthly observations above are Federal Reserve reference rates. This separate OANDA chart is for exploring price history; it does not reproduce that benchmark series or explain instruction activity.
The embedded chart connects to TradingView only when you load it.
Later revisions
After month-end · the payroll revision
On 4 September, BLS revised July payroll growth from the initial −23,000 to +21,000 and first reported August payroll growth of +162,000.
Source: US Bureau of Labor Statistics · 4 September employment release
Reading note
This later information is included to make the historical record clear. It was not available to explain August instruction activity.
A revised estimate is useful for today’s record but must not replace what was known on 7 August in an event interpretation.
The release calendar spans 7 August to 28 August; monthly instruction figures do not establish a response to any release.
How to read the context
External market context, published to be useful rather than explanatory. Co-movement does not establish causality, and none of these are event studies.
Reference
Go deeper into the data
Markets, rankedShares and changes for each leading market
03 · Markets
Where entry-instruction activity went
Market share answers a narrow question: what portion of tracked entry instructions went to each normalised market. It does not establish adoption, popularity, exposure or performance.
Share of entry activity
Leading normalised markets with complete activity comparisons, selected after internal quality safeguards.
| Market | Activity share | Comparison share | Activity change |
|---|---|---|---|
| Gold | 31.8% | 29.7% | +15.5% |
| Bitcoin (BTC/USD) | 12.1% | 13.4% | −2.5% |
| EUR/USD | 8% | 6% | +43.9% |
| Nasdaq 100 | 7.8% | 10.1% | −16.6% |
| GBP/USD | 6.2% | 5.6% | +20.3% |
| USD/JPY | 4.5% | 3.9% | +26.8% |
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Figure 6, Share of entry activity by market
Direction of entry instructionsLong and short shares, by market and asset class
06 · Direction Balance
Direction Balance, weighted by instructions
The activity-weighted long share moved from 50.3% to 55.9%. The activity changes below show whether each side rose or fell.
By asset class
Net long/short bias in percentage points.
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Figure 7, Net long/short bias by asset class
By leading market
Net long/short bias in percentage points.
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Figure 8, Net long/short bias by leading market
| Series | July 2026 long | August 2026 long | Change |
|---|---|---|---|
| Foreign exchange | 49.8% | 57.3% | +7.5 pp |
| Metals | 48.2% | 52.6% | +4.4 pp |
| Equity indices | 49% | 54.7% | +5.7 pp |
| Crypto | 58.1% | 61.8% | +3.7 pp |
| Gold | 48.2% | 52.7% | +4.5 pp |
| Bitcoin (BTC/USD) | 58.2% | 62.1% | +3.9 pp |
| EUR/USD | 55.5% | 65.6% | +10.1 pp |
| GBP/USD | 51.1% | 49% | −2.1 pp |
| USD/JPY | 54.6% | 73.2% | +18.6 pp |
| Nasdaq 100 | 49.8% | 53.5% | +3.7 pp |
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Table 1, Historical entry direction
Persistence across weekdays
Number of weekdays above 50% long and the median daily long share.
| Market | Weekdays above 50% long | Median daily long share |
|---|---|---|
| Gold | 15 of 21 | 52.2% |
| Bitcoin (BTC/USD) | 20 of 21 | 63.2% |
| EUR/USD | 20 of 21 | 67.1% |
| GBP/USD | 9 of 21 | 48.4% |
| USD/JPY | 18 of 21 | 74.9% |
| Nasdaq 100 | 11 of 21 | 51.4% |
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Table 2, Persistence across weekdays
Direction describes historical entry instructions, never positions, exposure, sentiment or advice.
When instructions arrivedHourly patterns, weekdays and weekends
05 · The clock
How instruction activity varied across the day
Automation does not mean around the clock. One hour of the day carries 5.63% of instructions and another carries 1.76% — a 3.2× swing between the busiest and quietest hour. The comparison window's ratio was 3.32×. But that network-wide shape is a weighted average of four very different rhythms, and it should be read alongside the separate class patterns.
Flow by hour of day
Share of the month’s entry instructions in each source-clock hour. These labels are not aligned to market-event times while the storage timezone remains unconfirmed.
Source-clock hours · timezone confirmation pending
Data table — source hours
| Hour | Share | Change |
|---|---|---|
| 00:00–01:00 | 4.48% | +0.1 pp |
| 01:00–02:00 | 4.84% | +0.4 pp |
| 02:00–03:00 | 4.25% | +0.1 pp |
| 03:00–04:00 | 3.77% | -0.2 pp |
| 04:00–05:00 | 3.64% | -0.3 pp |
| 05:00–06:00 | 4.19% | 0 pp |
| 06:00–07:00 | 4.23% | 0 pp |
| 07:00–08:00 | 4.23% | -0.1 pp |
| 08:00–09:00 | 4.15% | -0.3 pp |
| 09:00–10:00 | 4.02% | -0.2 pp |
| 10:00–11:00 | 3.97% | -0.2 pp |
| 11:00–12:00 | 4.22% | -0.2 pp |
| 12:00–13:00 | 4.89% | +0.1 pp |
| 13:00–14:00 | 5.63% | +0.4 pp |
| 14:00–15:00 | 5.44% | +0.3 pp |
| 15:00–16:00 | 4.84% | +0.2 pp |
| 16:00–17:00 | 4.26% | 0 pp |
| 17:00–18:00 | 4.07% | 0 pp |
| 18:00–19:00 | 4.01% | -0.2 pp |
| 19:00–20:00 | 4.01% | 0 pp |
| 20:00–21:00 | 3.39% | -0.1 pp |
| 21:00–22:00 | 1.76% | +0.2 pp |
| 22:00–23:00 | 3.73% | +0.1 pp |
| 23:00–00:00 | 3.97% | +0.2 pp |
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Figure 9, Flow by hour of day
Different markets, different hourly patterns
The combined hourly pattern weights each class by its instruction activity. The class-level figures below show how those rhythms differ; source-clock labels remain provisional.
- Foreign exchange17.7%in 12:00–15:591.33×busiest vs quietest hour5%weekend vs weekday rate
- Metals24.9%in 12:00–15:5961.98×busiest vs quietest hour4.6%weekend vs weekday rate
- Equity indices21.4%in 12:00–15:5920.58×busiest vs quietest hour4.3%weekend vs weekday rate
- Crypto17.3%in 12:00–15:591.14×busiest vs quietest hour104.5%weekend vs weekday rate
Data table — rhythm by asset class
| Asset class | Share in 12:00–15:59 | Peak-to-quiet ratio | Weekend vs weekday rate |
|---|---|---|---|
| Foreign exchange | 17.7% | 1.33× | 5% |
| Metals | 24.9% | 61.98× | 4.6% |
| Equity indices | 21.4% | 20.58× | 4.3% |
| Crypto | 17.3% | 1.14× | 104.5% |
Metals swing 61.98× between their busiest and quietest hour; crypto swings 1.14×. Read the separate market patterns before applying the combined hourly pattern to one market.
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Figure 10, Different markets, different hourly patterns
Weekends are a different market mix entirely
Weekend activity is roughly 13% of an average weekday, but its composition is a different market entirely. A weekend instruction can be received when the underlying market is not trading normally — this says nothing about execution or liquidity.
Weekday composition
Weekend composition
Crypto is 8.7% of weekday activity and 67.7% of weekend activity. These are different instruction mixes.
Data table — weekday vs weekend composition
| Asset class | Share of weekday activity | Share of weekend activity |
|---|---|---|
| Foreign exchange | 36.5% | 13.7% |
| Metals | 33.4% | 11.5% |
| Equity indices | 19.9% | 6.4% |
| Crypto | 8.7% | 67.7% |
| Other | 1.5% | 0.7% |
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Figure 11, Weekday and weekend composition
Flow by day of week
Indexed so the average weekday = 100, which corrects for months containing unequal numbers of each weekday.
Data table
| Day | Index | Change |
|---|---|---|
| Mon | 101.7 | -1.5 |
| Tue | 101.3 | -2.5 |
| Wed | 101.6 | -1.3 |
| Thu | 101.4 | -0.5 |
| Fri | 94.1 | +5.8 |
| Sat | 9.6 | -0.8 |
| Sun | 17.3 | -2.1 |
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data.Download data (CSV): Figure 12, Flow by day of week
Fast facts
August 2026 · source hours
- Busiest hour13:00–14:00 · 5.63%
- Quietest hour21:00–22:00 · 1.76%
- Peak-to-quiet swing3.2× · July 2026: 3.32×
- Strongest 4-hour block12:00–15:59 · 20.8%
- Weekend vs weekday13.4% · of average weekday activity
Source hours are provisional labels.
How instructions were writtenEntry commands and recognised exit fields
07 · Setup patterns
How the automation was actually written
Entry instructions carry more than a market and a direction. Their command family and recognised exit fields describe how they were constructed. Compare the month-wide mix with the class breakdown before drawing a conclusion from the overall average.
Exit levels attached to entry instructions
Every entry instruction falls into exactly one of these four groups.
- Both SL and TP52.5%4.2 pp decrease
- SL only14.9%6.3 pp increase
- TP only3.5%1.6 pp increase
- Neither field29.1%3.7 pp decrease
Field presence describes instruction text, not protection.
Data table — exit fields, August 2026
| Group | August 2026 | July 2026 | Change |
|---|---|---|---|
| Both SL and TP | 52.5% | 56.7% | -4.2 pp |
| SL only | 14.9% | 8.6% | +6.3 pp |
| TP only | 3.5% | 1.9% | +1.6 pp |
| Neither field | 29.1% | 32.8% | -3.7 pp |
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Figure 13, Exit levels attached to entry instructions
How field presence changed within each class
Recognised field presence by asset class, in percentage points versus the stated comparison window. The class breakdown shows which movements contribute to the overall change.
| Asset class | SL field | TP field | Neither field |
|---|---|---|---|
| Foreign exchange | −3.5 pp | −14.9 pp | +3.5 pp |
| Metals | +2.6 pp | +9.1 pp | −6.0 pp |
| Equity indices | +3.7 pp | −3.1 pp | −5.0 pp |
| Crypto | +14.2 pp | +9.7 pp | −16.8 pp |
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Table 3, How field presence changed within each class
A useful review question rather than a verdict: where is your exit logic intended to live — in the alert itself, in EA settings, in a later management command, or in the strategy — and is that split deliberate?
How entry commands were constructed
Compare each family’s share with its activity change. A smaller share can still accompany an increase in instructions.
- Direct-entry commands96.3% → 96.8%8.7% increase
- Close-and-reverse entries1.9% → 1.8%1.3% increase
- Pending-entry commands1.8% → 1.4%16.1% decrease
Command families as received by the bridge.
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data. Instruction-weighted: each instruction counts once.Download data (CSV): Figure 14, How entry commands were constructed
Management did not disappear — it changed shape
These changes describe received management commands. They do not establish how the resulting orders were managed.
- Pending-order cancellations+18.3%
- SL/TP modifications+3.9%
- Side-specific closes+4.6%
- Close-all / close-both-side−19.7%
- Percentage-based partial closes−28.7%
- Volume-based partial closes−60.1%
Changes in the mix of instructions received.
Source: PineConnector Pulse, August 2026 Monthly Bulletin; aggregated instruction data.Download data (CSV): Figure 15, Management and other command change