Thanks, Bob. In some ways, what you say raises more questions than it answers (for me at least). Maybe the first question is this: is there a natural equivalence between the futures and cash markets in terms of volume (meaning as cash volume increases in one venue, it will in the other venue)? Otherwise, why look at futures for volume?

I see your point about looking at individual bars but for those who don't have the alacrity to do so, then where to go for volume analysis - relative to Billy's point about Pascal being the one place for this?

I feel like I'm wading in muddy waters - personally speaking - discussing these issues at this level of granularity. (I'm not sure I'm even thinking about all this correctly.) From a hierarchical POV, there is the total consolidated volume, then the official exchange volume, and then there's the parsing Pascal does...just trying to understand what's what here.