ART could have been right..XENO seems to agree..or was that Nolago??
Theory is that each sell generates a buy.. You cannot sell unless an MM either buys for his own account or matches you up with a buyer.
The fly in that ointment is that the buyer and seller can be the same person..someone selling and then buying his own shares back to make it look like activity.. very little cost
involved.. Or a wife and husband deal, simultaneously trading the same shares..or Perp # 1 and perp # 2 using a very friendly MM.. trading like 100,000 shares. Perp1 sells to perp2 who turns around and sells back to perp1.. 200,000
reported volume..true volume..zero.
WATCH THE VOLUME!!!!!!!!!!!!!!!!!!!!CLOSER!!!!!!!!!!!