Volume studies are available only on daily and weekly charts. John J. Murphy, Technical Analysis of the Futures Market, A Comprehensive Guide to Trading Methods and Applications, New York: New York Institute of Finance, A Prentice-Hall Company, 1986, 176-199. Volume is the number of shares or contracts traded in a given time period. A volume study measures the intensity of a price move. Volume ordinarily reacts to the direction of a price trend. In an uptrend, volume should increase as prices rise; in a down trend, volume decreases as prices fall. Divergence is commonly interpreted as a signal of a possible trend reversal.Volume
