Technical Analysis
			MV Volume Indicators Index Volume VMA VMA Displaced SBV (S-B) Osc. Selling & Buying Volume MVO   AD Momentum AD Momentum VMA AD Mom Volume Osc AD Mom Volume Ratio   AD Indicators AD Volume Adv - Decl Volume Osc. Adv / Decl Volume Ratio AD Issues Adv - Decl Issues Osc. Adv / Decl Issues Ratio Adv / Decl PO New Highs/Lows TRIN McClellan Oscillator Price Indicators Aroon ATR Moving Average MA Displaced MACD MACD Histogram PPO RSI Stochastics Stochastics RSI Rate of Change (ROC) Up/Down Price Volume Indicators Accumulation/Distribution Money Flow Index OBV PVO Volume ROC Volume Oscillator VAO Up/Down Volume Other Indicators Volatility Index

 
Technical Analysis, Studies, Indicators:
Modulated Volume

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Typically, volume activity follows certain predictable patterns throughout the trading day. High levels are prevalent immediately after the open and toward the close; lower values are usually seen around noon (see Chart 1 below):

Chart 1. Typical Intraday Volume

The patent pending technology underlying Modulated Volume smoothes out these typical diurnal volume spikes, thus highlighting and exposing unusual volume activity.

Chart 2. Modulated Intraday Volume

By Modulating volume activity, we draw attention to volume surges that are not caused by the typical variations found during every trading day. Instead, we uncover the atypical volume activity that might be caused by overwhelming buying or panic selling (see Chart). As a general rule, atypical volume surges that appear during price advances lead to the downside trend reversals while volume surges during price declines lead to index reversals to the upside.

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