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
#High values indicate the market is processing activity faster than it did during the corresponding period yesterday.
Practical usage
#Useful for finding markets that are accelerating relative to their recent daily rhythm rather than just showing a high absolute number.
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.
