@AverageJoe - You're I just put in in there, since you mentioned some forex pairs.
It's a measure of overall market momentum, basically a measure of overall market breadth, similar in usage to # of 52 wk highs vs. 52 week lows, volume associated with gainers vs volume for decliners etc....same category But you know all that.
There's no question this digs deeper than price, reducing skew.
P.S TV should have every conceivable indicator, and offers a lot more than just that. I stumbled across it by accident, this way:
Much later, I joined HC and saw people use this site (apparently quite popular), but if it was good enough for CME, it's good enough for me. Again, the same fine print:
