V.7:12 (442-444): Arms Equivolume Charting System by James S. Gould

V.7:12 (442-444): Arms Equivolume Charting System by James S. Gould
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Arms Equivolume Charting System by Dr. James S. Gould

Knowing that XYZ stock was up 5-1/4 points, ABC dropped 3 points and AAA was unchanged is about as useful as knowing the late sports scores were 12-to-8 and 9-to-5. The information gives little clue as to what happened, how it happened and what might happen the next time around.

Similarly, conventional stock and commodity charting that disregards trading volume is about as helpful for in-depth technical analysis as a synopsis of stock market events or sports scores on the late-night TV news. Equivolume charting incorporates both price and volume to provide a more complete assessment of each day's supply/demand balance.

An Equivolume chart expands the price bars of a conventional bar chart horizontally by the amount of volume in the trading day (Figure 1). The result is a series of boxes undulating across the chart. (For an exemplary use of Equivolume charting, see "Trading T-bonds with Equivolume," Stocks & Commodities, September 1989.)

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