, nhưng họ đã không được phổ biến với thương nhân tương lai trong những năm gần đây. Bảng xếp hạng và con số có một sự khác biệt duy nhất từ bảng xếp hạng khác: Thời gian không phải là một mối quan tâm, hoạt động của giá duy nhất là | CHAPTER 5 Chart Analysis Volume Open Interest Price Patterns Choose a job you love and you will never have to work a day in your life. Confucius N ow we are getting to the real meat and potatoes of technical analysis. This chapter explains and illustrates the importance of various chart patterns and analysis typically associated with bar charting but applicable to other types of analysis as well. We look first at volume and open interest two items included on many data services but which for the most part seem to be ignored by a lot of individual traders with whom I have talked. These are important tools so let s review the basics. VOLUME Volume is simply the number of trades executed during a specified period one trader buys and one trader sells and the volume is one. The volume figure usually released by the exchange is a total for all of the contract months of a given market. For example if the e-mini S P trades the March June September and December contract months the volume represents the total of all the trades long and short combined for all the months. Most technical analysts believe that volume is an indicator of the strength of a market trend. Because it is also a relative measure of the dominant behavior of the market analysts regard volume as an important aspect 67 68 CHART ANALYSIS Volume Open Interest Price Patterns of analysis particularly when trading stocks. Futures exchanges do not release volume figures for a regular session until the next day for many contracts. As a result futures traders have had to adapt by using other methods to detect market strength such as pivot point analysis moving average studies Bollinger bands or simply chart pattern recognition skills. When the volume numbers are released by the exchanges they can be used to verify the trend or price action from a daily charting perspective. John Bollinger one of my radio show guests contends that volume is everything especially when combined with a trading tool such as Bollinger .
