11. Interday Volume Accumulation Indicators
“There is nothing new on Wall Street or in the school of speculation. What has happened in the past will happen again and again. This is because human nature does not change, and its human emotion that always gets in the way of human intelligence.”
—Jesse L. Livermore
Another way to depict volume flows is by accumulating volume based on interday price change. The logic is this: If price rises on a given day, that day’s volume is characterized as up volume. If the price falls from yesterday, then the volume is considered down volume. This idea was believed to have first been conceived as cumulative volume by Frank Vignolia, also known by his pseudonym of Woods in as early as 1946. However, the idea might ...