Definitions
In plain terms
Down Volume totals the trading volume assigned to securities classified as declining, so larger-volume securities contribute more than smaller-volume securities.
Technical
Down Volume is a non-negative market-data field in the same volume unit, venue scope, and adjustment basis as Up Volume, allocated to the declining side of a reconciled daily volume partition.
Scope
This concept describes allocated reported volume, not an equal-vote issue count and not seller-initiated trade classification.
Examples
- If declining issues account for 6.7 million reported shares, Down Volume is 6.7 million shares.
Common misconceptions
- Down Volume is not the absolute price loss of declining securities.
Concept relationships
Prerequisites
Contrasts with
Feeds into
Where this concept is used
Evidence and governance
- Daily Market Summary Data Fields and Definitions Nasdaq, Inc. · official exchange
Supports: preferred label, short definition, units
Limits: Does not define the pilot's exhaustive partition, causal cutoff, revision lineage, EMA policy, or normalized breadth formula.
- A Subtle Message in the Volume Summation Index McClellan Financial Publications · first party technical publication
Supports: preferred label, technical definition, units, variant distinction
Limits: The article's market interpretation is excluded as evidence of forecasting, causation, thresholds, or profitable trading behavior.
- Reviewed by
- fintech-builder-owner-approved
- Last reviewed
- 2026-07-26
- Next review
- 2027-07-26
- Record status
- published