Good afternoon, Just to share some experience in volume based indicators... As for tape reading today, it would need to process down to tick data level with the price, bid and ask information. All daily data volume is quite meaningless.
Here is an article on modern tape reading: http://blessedfool.gaia.com/blog/2009/6/tape-reading---using-the-classical-tool-to-decode-the-market So be it.
