ETH (Extended Trading Hours)
ETH refers to Extended Trading Hours: the futures trading session outside of regular US market hours. For equity index futures, ETH runs from 4:00 PM ET through 9:30 AM ET the next day, encompassing the overnight and pre-market sessions.
ETH (Extended Trading Hours) covers all futures trading outside of the 9:30 AM – 4:00 PM ET regular session. For CME equity index futures like ES and NQ, ETH begins at 4:00 PM ET (after the cash close) and runs through 9:30 AM ET the following morning: approximately 17.5 hours of additional trading.
ETH session breakdown
| Phase | Time (ET) | Characteristics |
|---|---|---|
| Post-market | 4:00 PM – ~6:00 PM | Low volume, unwinding of RTH positions |
| Overnight gap | 5:00 PM – 6:00 PM | CME daily 1-hour maintenance break |
| Overnight / Asia | 6:00 PM – ~3:00 AM | Asia session active, thin US participation |
| London session | ~3:00 AM – 9:30 AM | European overlap, volume picks up |
| Pre-market | 7:00 AM – 9:30 AM | US pre-market, highest ETH volume |
Key differences from RTH
Volume: ETH volume on ES and NQ is a fraction of RTH volume. Spreads can widen, depth thins, and large orders can move price more easily.
Manipulation risk: with thinner participation, single large orders can push price through levels that would hold in RTH. Breakouts during ETH frequently fail when RTH opens.
Gap risk: positions held through ETH are exposed to gap risk. Major economic events (CPI, NFP, Fed announcements) can cause ES to move 50–100 points within minutes of release.
ETH and the overnight session
ETH is often used interchangeably with “overnight session,” but they are not identical. ETH is the formal exchange designation for all non-RTH hours. The overnight session typically refers to the subset from the close until the Asia or London session gains momentum.
Who uses ETH
- Swing traders monitoring global developments
- Scalpers in Asia or Europe for whom ETH is their primary session
- Risk managers hedging overnight equity exposure
- Retail traders checking price levels before the RTH open
Most day traders treat ETH price action as context: noting overnight highs, lows, and gaps: rather than trading it aggressively.