Quote "the only indication of whether there were more sellers than buyers remains the price change."
Being pedantic, 'more sellers' should say 'more shares sold' and vice versa for buyers. The number of people buying or selling is irrelevant.
As a newbie perhaps you are thinking that all you have to do is get hold of some data and the rest is easy.
Not the case.
Data is there to be manipulated, hidden, delayed etc in order to ensure that you do not know what is happening.
Why do you think that delayed trades, for example, are allowed ?
The volume you see is not necessarily the volume that is happening at that time, in particular in relation to large scale trades.
The big players do not want their competition knowing what they are up to and so they are legally allowed to hide their activity in these ways.
In any event, you do not need need to use volume at all if you know what you are doing.
I use it occasionally as a kind of secondary prop and that's all. Others will disagree and swear by it.
If it was ever means to be a useful piece of information it would come with pretty buy and sell labels so everyone could see what was happening - lol.
It is useful sometimes as an indication of the current level of participation in the market - High or Low being enough imho. However as mentioned above is it not reliable by any means.
"If you want to fool the suckers, fool the tape."
Welcome to the world of manipulation, smoke and mirrors that is anything to do with money.
Glenn
