significant variables

corresponding period of time

variation coefficient

p

arbitrage direction

buying time

closing time

h1

9:30 - 9:35

3.989318

0.035948

positive

9:31

9:35

h2

9:35 - 9:40

5.284662

0.007923

positive

9:35

9:40

h6

9:55 - 10:00

5.502699

0.015617

positive

9:55

10:00

h12

10:25 - 10:30

−6.10354

0.016757

negative

10:25

10:30

h16

10:45 - 10:50

−5.48434

0.039483

negative

10:45

10:50