Definition
#Total traded notional for the previous UTC day (00:00–24:00 UTC). Used as a baseline for what is normal.
Formula & calculation
#Sum of executed trade notional from yesterday 00:00 UTC to 24:00 UTC:
Σ(price × size)Units & range
$ (quote currency notionals). Non-negative, unbounded.
Interpretation
#Provides context for whether current-day activity is ordinary or unusually strong relative to the recent baseline.
Practical usage
#Useful when comparing current participation against a complete prior UTC day.
Common mistakes
#Frequent interpretation traps and misuse patterns to avoid when applying this metric.
- Comparing a partial current day directly against a full prior day without time normalization.
- Assuming yesterday was representative when it may have been distorted by unusual conditions.