Relative volume on quiet FTSE afternoons
Absolute volume lies on sleepy sessions — relative measures keep participation reads honest.
A “large” volume print on a summer afternoon in the UK cash session can still be ordinary for that name. Absolute histograms without a baseline create false urgency.
Build a baseline before the story
Compare the bar to the same time of day across recent sessions, not only to the prior bar. A lunch-hour spike that is merely average for that ticker should not rewrite your participation thesis.
Thin books and wide ranges
When participation is thin, ranges can expand on modest volume. Treat those bars as fragile evidence. In clinics we often demote such events to “context only” until a fuller session confirms who cares about the level.
Practical habit
Add a relative-volume column to your review sheet. If you cannot state the baseline, you are not ready to claim sponsorship.