1. Volume is activity. Hence tick volume can be used where actual contract volume is
not available.
2. Two ways of looking at volume:
* relative volume: volume in relation to the previous bar or bars.
* actual volume: the amount (size) of volume an individual bar represents.
3. Strength comes in on down-bars and weakness comes in on up-bars.
4. Markets do not like high volume up bars with wide spreads? Why because there is a
possibility of Professional Selling into such a bar.
5. Professional Money deals in large amounts and thus sells into up bars so as not to be
hurt by their own selling. The converse would also be true.
6. 85% of a volume histogram represents Smart Money activity.
7. Smart Money is active on all time frames. Various time frames are used to hide their
actions from those that can read a chart and each other.
our volume spread analysis
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