Definition and Purpose:

The Volume function in ProBuilder language is used to retrieve the trading volume of a specific bar in a price chart. Trading volume represents the total number of shares or contracts traded during a given period and is a crucial indicator in technical analysis. It helps traders to understand the strength of a price movement and the level of investor interest at different price levels.

Syntax:

Volume[N]

Here, N represents the index of the bar relative to the current bar. N can be 0 for the current bar, 1 for the previous bar, and so on.

Example:

To calculate the volume of the current bar and the average volume over the past 50 bars, you can use the following code:

currentVolume = Volume[0]
averageVolume = Average[50](Volume)
RETURN currentVolume, averageVolume

This example demonstrates how to access the volume of the current trading session and compute the average volume over a specified number of previous sessions.

Additional Information:

• Volume data is essential for confirming trends. For instance, an upward price movement accompanied by high volume is more likely to be sustainable than one with low volume.
• Volume indicators are often used in conjunction with other technical analysis tools to make more informed trading decisions.

Understanding volume patterns can provide insights into potential reversals, continuations, and the overall sentiment in the market.