Volume EfficencyThe volume efficency is an attempt to detect support and resistance by looking at how much volume it takes to move a symbols prices.
For each time period, it takes the volume, divides it by the average volume and then divides that, by the difference between the high and low as a fraction of average or the high and low, for the period. It then takes the geometric mean of all the periods at the same price level, and plots them like the histogram on the left hand side of the chart.
Longer bars point to price levels where takes more volume to move the price, whilst shorter bars point to levels where it is easier to move the price.
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