Definition
#Total traded notional accumulated since 00:00 UTC for the current day.
Formula & calculation
#Sum of executed trade notional since 00:00 UTC:
Σ(price × size)Units & range
$ (quote currency notionals). Non-negative, unbounded.
Interpretation
#Higher values mean more capital has already flowed today, which generally improves execution depth and makes anomalies easier to evaluate.
Practical usage
#Useful as a baseline participation filter. A common floor is
> $500,000 to avoid thin markets.Common mistakes
#Frequent interpretation traps and misuse patterns to avoid when applying this metric.
- Forgetting this is UTC-based rather than local-time based.
- Using it alone as a directional signal when it only measures participation.