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The total number of shares or contracts traded for a security during a given period of time.
Volume is a key indicator of market activity and conviction. High volume on a price move suggests strong participation and conviction behind the trend. Low volume on a move suggests it may lack sustainability. Average daily volume for large-cap stocks can range from millions to tens of millions of shares. Volume spikes often coincide with earnings releases, news events, or technical breakouts. Technical analysts use volume to confirm price trends: a price breakout on high volume is considered more reliable than one on low volume. The on-balance volume (OBV) indicator tracks cumulative volume flows to predict price direction.