This data is looking at the time, count, and % of high/low within each session. This is suggesting that in the Asian session, for example, the high/low is most likely to be formed during the first hour, or close to the end. This is actually pretty neat, and lines up with my observations of the market. Since we’re looking at extremes and there are 2 a day, it makes sense that one extreme is formed in the beginning and end..IF we’re making the assumption that each session presents it’s own wave, kinda. I believe that waves follow simple price/time through order flow, not bound by session opens and closes. Money moves markets when it’s time to do so, not when it’s a certain time. We’re seeing other things that make sense, such as the frequency of price extremes created (or rather not created) during the NY session. There’s a heavy drop off as the day gets later, as most extremes are made in the first few hours. Even though the data presented splits itself into Asian, London, and NY, they seem to still point at the same thing. Extremes made during the beginnings and ends of sessions, and particularly in the overlap between two sessions.
There are plenty of interesting things to note, one being the following: 8:00 (NY Open) is the extreme of the London Session 9% of the time, while it marks the extreme of the NY session 32% of the time.