Volume by day of week
What it shows
Relative trading volume by day of week: each day's average volume expressed as an index where 100 = the whole-period average. An index of 115 means a day historically 15% more active than average, while 85 means 15% quieter. A measure of market activity, not of price direction.
How to read it
Days with an index clearly above 100 are the historically busier part of the week (usually midweek); weekends tend to be thinner (a thinner market is usually more prone to sharp moves). Do not equate volume with price direction; they are separate phenomena.
Parameters
- Volume index (100 = average)
- The day's mean volume divided by the whole-period mean ×100. Makes the comparison independent of volume drifting up and down over months.
- n (sample size)
- How many historical days back the group. A small n (the “low sample” badge) = a result too noisy to take seriously.
- FDR-significant
- The green badge: the result passed the multiple-comparison correction (Benjamini–Hochberg). Without it, with ~30 tests per profile, a few “significant” results are pure chance.
Example
Tuesday 112 and Wednesday 109 versus Saturday 78 and Sunday 74 is the classic historical rhythm: trading concentrates midweek and the weekend is roughly a quarter thinner.