Patersons Research note, page-36

Horizontal Line on Chart above marks the 11 months of Volume for Simple Average Calculation shown as 11 month monthly Average 12.6 mil. Sept Volume 9.6 mil about 30% Below.
Volume analysis is a bit "tricky" in that it can include "churning" same Number Parcel traded multiple times in a month.
Geez parcels can play musical chairs in a Day but taking Friday as an example -
at 267,000, one can assume it was all 'new' transaction volume ie none were bought in the morning and sold in the afternoon ie churned.

Anyhow one can "fit" Average Monthly Volume into pavbar's FA observations.

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