That should be volume x velocity. To me, You can use any indicator for anything , it's your free choice but I would insist on objective calculations. So as for momentum indicators, we have been told by TA these are supposedly for range bound markets but we all can use it for whatever we like.Ok, so rate of change (?) of price (or some other definition) x volume = momentum. Mmmm, maybe.
For me, directional momentum is one way traffic - minimal pullbacks before charging off again. Therefore, I don't see volatile price as having any directional momentum even when it has changed hugely from 10am to 11am (or whatever period) during which time it may have hit the highs and lows several times. As DBP has it, price is continuous and that change would just be an accident of timing.