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Turning Patterns into Profits with Harmonic Trading (Collection) by Scott M. Carney, Buff Pelz Dormeier

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10. Pure Volume Indicators

“Most people look at the price of their stock and don’t pay much attention to volume. But volume is a crucial component of the measure of supply and demand. When you have major volume coming into a stock, it tells you there are important players involved. So, yes, we look at volume very carefully.”

—William J. O’Neil

Pure volume indicators are simply that; they use volume only in computations. Although volume information can be used alone, it is best used with price information.

Volume

On most charts, volume is depicted over time on a horizontal axis as a vertical line bar directly below the corresponding price bar. This allows for easy comparisons between the day’s volume bar and the corresponding price bar directly ...

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