Research topic guide
Activity and the calendar
How much of a monthly change comes from the calendar being compared?
All tracked instruction activity changed −4.8% across the July and August 2026 calendar months, but +1.6% after standardising their weekday composition.
Calendar months and a standardised week give different comparisons
August versus July 2026. Percentage change in eligible instruction activity.
Activity change (%) · bars extend from zero
Figure data and source fields
| Observation | Activity change (%) | Published source field |
|---|---|---|
| All instructions · calendar months | −4.8% | features.0.values.raw_total_activity_pct_change |
| All instructions · standard week | +1.6% | features.0.values.standardised_total_activity_pct_change |
| Entries · calendar months | +8.1% | features.0.values.raw_entry_activity_pct_change |
| Entries · standard week | +16.0% | features.0.values.standardised_entry_activity_pct_change |
Source: PineConnector Pulse, August 2026 Monthly Bulletin. Instruction-weighted.Download data (CSV): Calendar months and a standardised week give different comparisons
Read the raw and standardised views together
The August bulletin compares complete source-calendar months and a standardised week. The raw view describes what arrived during each month. The standardised view gives each weekday equal representation across the comparison. They answer different questions, and neither should silently replace the other.
A calendar correction can change the conclusion
Total activity fell across the calendar months but rose in the standardised comparison. Entry activity rose in both views. A single headline about activity being quieter would miss that distinction. For system monitoring, compare like command families and retain the calendar basis alongside each observation.
What this evidence can establish
This is a monthly descriptive comparison. It does not isolate a response to a scheduled economic release or explain why activity changed. The source time zone is unconfirmed, so these monthly findings cannot identify a release-hour response. Two months also cannot establish a persistent pattern.
Read the evidence
- Research Note: the finding and its strongest alternative reading →
- Original bulletin: the full source breakdown →
- Instruction activity: chart, definition and data →
Source scope
July comparisons use the August release’s consistent eligibility rules. They can differ from the separately published July bulletin. These are source-calendar months; the source time zone is unconfirmed.
Registered measurement limits
- trading frequency, activity level, or number of trades
- whether positions were opened or managed at the broker