Price & Market BehaviorCore researchlive in productionNew

volume shock reversal

Updated dailyData needs: highlong onlyshort onlylong short
paper
1994
Source
Conrad, J. S., Hameed, A., & Niden, C. (1994). Volume and Autocovariances in Short-Horizon Individual Security Returns. Journal of Finance; Campbell, J. Y., Grossman, S. J., & Wang, J. (1993). Trading Volume and Serial Correlation in Stock Returns. Quarterly Journal of Economics.
Citation only, paper link pending.

In plain terms

When a stock trades on unusually heavy volume, the day's move is often just liquidity noise that gets reversed the next day.

How it works

A spike in daily turnover (detrended as a z-score of log-turnover vs its recent regime) flags non-informational liquidity demand: uninformed order flow pushes price away from fair value on high volume and the day's open-to-close move partially reverses the next session. High-volume days carry negative return autocorrelation because the move is liquidity-driven, not information-driven.

No live results for this strategy yet. Charts appear once it has earned a top spot on at least one stock, either on its own or as part of a blend of several strategies.
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Data dependencies

  • Intraday features daily

    A data feed this strategy reads, refreshed on its normal schedule.

  • Daily prices

    Adjusted-close OHLCV for every US-listed ticker; primary price feed.

Expected edge

A detrended turnover spike marks liquidity-driven (non-informational) moves that reverse the next session.

Related families

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For informational and educational purposes only. Not financial advice. Learn more