I watched a VSA Club webinar over the weekend that included David Weis (and Dr. Gary), who was showing some daily and intraday Point and Figure charts of the S&P 500 amonst other things.
Anyway, he was showing volume on the PnF charts and was asked how he did this.
He said he uses "True Range/Close" as a substitute for volume and showed some comparisons with a bar chart that had real volume on it, and it was quite close.
I found this interesting as I wondered how this would work on some of the instruments that it is difficult and/or expensive to get volume on, like currencies and Index's.
My charts only have "Average True Range", does anyone know what the difference is between this and "True Range/Close"
I have put Average True Range, set to 1, onto a AUD chart, so I can follow it for a bit & see how it goes (the only bad thing is it appears as a line graph, David Weis had it showing as a bar chart, so it looked just like normal volume, but you can still read it, I think).
