Volume
One assumed feed records 500 quote updates in an hour; another records 800. Neither number alone states how many EUR traded. Separately, an order ticket of 0.20 standard EUR/USD lot represents EUR 20,000 when its specification is EUR 100,000 per lot.
Three common meanings
Market volume is transaction quantity over a period, with stated venue and units. Tick volume counts data events under the feed’s rules. Order volume is the quantity requested or executed in your own instruction. The same word in an indicator and an order window need not describe the same measure.
What spot FX data cover
OTC spot FX has no single consolidated global tape. A provider’s transactions or updates describe that source. Currency-futures volume describes an identified exchange contract; its expiry, quote orientation and session differ from a retail spot or CFD series. A currency turnover survey is also not a real-time intraday indicator.
Using a volume-based method
For VWAP, volume profile or OBV, identify the actual inputs and align price, quantity and time. A tick-weighted approximation is not automatically transaction-weighted VWAP. Compare like-for-like instruments and sources; high activity alone does not establish buying pressure, an institutional identity or future direction. Inspect how missing data and rollover of contracts affect the calculation.
FAQ
Is the Volume field in an order a cash deposit?
Usually it is an instrument quantity, often in lots or units. Confirm the interface and contract specification; it is distinct from margin.
Can tick volume be useful?
It can describe activity in the chosen feed. Validate the particular use without interpreting it as complete global traded quantity.
