The data depict the physical manifestations of intent, as expressed by the movement of the physical. the sum of the fabric is the data, but the sums are all about relationships between varying conditions. Identifying what conditions changed, how they changed, and who changed them, are all contributory elements of the relationships between price and volume.
Participation is tied to what? As the data themselves are generated, the sum of any days trade accumulates, by itself, any single piece can be valuable to the story of the relationships between the parts. In isolation, the same data can appear to mean absolutely nothing.
Relationships, once participation occurs, become intertwined to intent. All Action happens in the Passing of time.
The two periods depicted must be understood with respect to what Changes across the contributory factors.
Because we can know, that components of the gross complex data, within each time period, changed; gross participation, price, fabric, all factors subject to nuances but held completely to the sum data. Time separates the gross data sets. Time contains the all differences between the price highs and lows.
We must also acknowledge the data sets are incomplete, asking what is the missing information?
Is it primarily about changes in participation? Quantity? Value? Or any of a hundred other things not yet imagined?
The data of any day contains sums, but meaning is derived from understanding as snapshots, of all participants extrapolated paths. Divided by the variables associated with constituent parts by level of participation.
Ultimately, the daily data accumulate against the physical limitation of supply.
The broker dealers facilitating transactions, are really no different than the distributor whose purpose is to allocate supply of any physical commodity, across gross demand of disparate participants. Movement of the physical within the contexts of the instructions of distributive interests compounded by the relationships of financing.
Alternative paths of facilitation open and close with respect to the period Time.
Identification; is about relationships, with respect to the sum reported data, expanded or contracted, by participation, manner and methods of facilitation, and any missing information.
All Action happens in the passing of time against the relative float constant.
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