Definition
#Compares today's notional volume to yesterday's notional volume at the same UTC time-of-day, which removes distortion from comparing partial days to full days.
Formula & calculation
#(today_volume_since_00:00_UTC / yesterday_volume_until_same_UTC_time) × 100Units & range
%. 100% means today's pace matches yesterday's pace at the same UTC time.
Interpretation
#Values above 100% mean today is outpacing yesterday at the same hour. The time-alignment is the key mechanic: it removes the distortion of comparing a partial day against a completed one. A 180% reading at 10:00 UTC means today has already done nearly twice what yesterday had done by that same point.
Practical usage
#Catches markets running ahead of their own daily rhythm: 200% means today is twice as active as yesterday was at the same hour. That's structural acceleration, not just a busy session. Requires an absolute notional floor to filter out thin instruments with erratic daily baselines.
Common mistakes
#Frequent interpretation traps and misuse patterns to avoid when applying this metric.
- Using it without an absolute liquidity or notional floor.
- Treating yesterday as a perfect baseline even when it may have been abnormal.