# The Asian analysis window

**FUT-07 · Equity Index Futures · Core**

**Lesson question:** What should be carried into the next session?

Original fictional examples; educational writing, not live market data, orders or production approval.

## By the end

- Explain the mechanism in the lesson question.
- Reproduce the worked comparison and recognize its failure case.

**Prerequisites:** FUT-01

An Asian-session range for U.S. futures is an explicitly chosen analysis window aligned with regional activity. It is not one universal set of hours for every product. Calendar, time zone and daylight-saving treatment must be stated.

The task is to preserve what was actually known when that window ended.

## Understand the mechanism

High, low, midpoint and volume concentration measure different things. A range ending near its top differs from the same range repeatedly rotating around its center.

A completed window must not incorporate later European or U.S. prints. Doing so creates look-ahead information in a historical signal.

## Walk through the process

Mark the window first, then record extrema, final location, participation and whether behavior was directional or balanced. Prepare continuation, rejection and continued-balance branches.

Correlated regional markets reacting to one event do not necessarily supply independent confirmations.

## Operational boundary

All prices, portfolio values and account balances are fictional. Real contract calendars, broker requirements and available liquidity must be checked for the instrument actually traded. The example's mathematical hedge or payoff is not an execution guarantee.

## A worked example

The fictional window ranges from 5,000 to 5,010 and ends at 5,008. Midpoint is 5,005. Europe first prints 5,012, a two-point excursion beyond the high.

Later holding 5,011–5,014 would support acceptance; returning to 5,004 would challenge continuation. The original Asian range stays fixed in both branches.

## Graph: The Asian analysis window—worked comparison

**Horizontal:** Regional-window observation  
**Vertical:** Futures level

Fictional data from the written example. The chart organizes the comparison; its shape is not a forecast.

Complete numerical data are embedded in `scripts/equity-futures/FUT-07.js` and displayed as an accessible table in the HTML lesson.

## What would invalidate the reading?

Redefining the window after seeing Europe makes the reference nonreproducible. A midpoint is also not automatically VWAP or POC.

## Check your understanding

### What is the midpoint of 5,000–5,010?

**Answer:** 5,005.

**Why:** It is the arithmetic midpoint only.

### What is the critical failure to avoid?

**Answer:** Redefining the window after seeing Europe makes the reference nonreproducible. A midpoint is also not automatically VWAP or POC.

**Why:** Explain this risk before treating the example as a decision rule. A correct calculation does not guarantee a favorable market outcome. **Critical risk check.**

## Takeaway

Return to the question: What should be carried into the next session? State the observed facts, the assumptions and the failure condition separately.

## References and provenance

The cited references support definitions and conventions. The teaching prose, tickets and numerical scenarios are original; they are not attributed as historical market observations.

- [CME Introduction to Futures](https://www.cmegroup.com/education/courses/introduction-to-futures)

- [CME Micro E-mini overview](https://www.cmegroup.com/education/courses/micro-e-mini-futures/micro-e-mini-futures-products-overview)