Traders often attempt to incorporate volume in their analysis, but they rarely pay attention to whether more volume is occurring at the bid or offer price. The following analysis is based on whether traders hit the bid when selling or lifted the offer when buying. This price/volume information will be used to track whether buyers are more aggressive than sellers, or vice versa.

The analysis will use the raw volume numbers applied to open-high-low-close price bars along with two studies that smooth the price/volume information.