what volume admits

Price can be persuaded. Volume is harder to fake. Wyckoff's law of effort vs result compares the two: volume is the effort, price movement is the result.

harmony and divergence

When a wide-spread up bar arrives on rising volume and closes near its high, effort and result agree. When heavy volume produces a narrow bar that closes mid-range, they disagree: the effort met an opposing force. Divergence is not a forecast. It is a reason to look closer.

the three readings of volume spread analysis

Volume spread analysis (VSA), popularised by Tom Williams, reads every bar through three variables: volume, spread (high minus low) and where the bar closes within that spread. Each is judged relative to recent bars, never in isolation.

named conditions

no demand

An up bar on narrow spread with volume below the previous two bars. Price rose, and almost nobody paid for it. Meaningful after a rally or near resistance. See no demand.

no supply

The inversion: a narrow down bar on shrinking volume. Price slipped and nobody pressed. Meaningful in a decline or as a test. See no supply.

stopping volume

After a decline, a down bar on very high volume that closes well off its low. Heavy selling went in; the price refused to follow. Someone absorbed it. Halted, not yet reversed. See stopping volume.

climactic volume

The extreme: the widest spread and heaviest volume at the end of a move. A selling climax or buying climax. Exhaustion is suggested; confirmation comes from quieter bars afterwards.

upthrust and test

An upthrust bar makes a new high and closes near its low: effort up, result down. A test dips into prior supply on low volume and closes near its high: supply absent.

the waves behind the bars

Single bars can mislead. The Weis wave totals volume across each swing, so the effort behind a whole up wave can be weighed against the down wave before it. Shrinking effort on pushes in the trend's direction is often the earliest crack.

context first

A no demand bar in the middle of a sleepy range says little. The same bar beneath resistance after a long rally says a lot. Read the background, then the bar.

Start with the Wyckoff method or see the spring and the upthrust. Educational only; not financial advice.