Learn · Track 5: Read a chart · lesson 3 of 5 · Beginner
PSX volume analysis: what a volume bar counts
What volume means on PSX: shares traded, average and unusual volume, volume on locked days, and how to show it in SuperX Charts. OGDC data dated.
By the SuperX research team · Reviewed by Umair Aslam, Co-founder & CEO · Published
Volume on PSX (volume kya hota hai) is the number of shares that changed hands, and a volume bar on a chart is that count for one bar. On 9 October 2026 the 496 symbols that traded changed hands 309,378,263 shares in total, the sum of their daily bars in the SuperX snapshot of 19 October 2026. OGDC traded 1,792,926 of them, which is 0.94 times its average of the 20 sessions before (1,912,188 shares). “Unusual volume” means a multiple of that kind of average. SuperX Apex shows it three ways: a volume pane with a moving average, an RVOL indicator, and a “×usual” figure on its share pages. This post takes volume analysis from the definition to those three views.
What does a volume bar count on PSX?
Every figure below that is computed from SuperX data was recomputed from the SuperX daily bars (the API’s /ohlc series) and the committed snapshot on 4 November 2026, and carries its own date. A volume bar counts shares, not rupees. If 1,000 shares trade at Rs 300 and 1,000 at Rs 310, the bar shows 2,000, whatever the prices. The rupee figure is a separate number, called value traded, which is shares multiplied by the price of each trade.
The PSX data portal shows a “Volume” column for its markets, and its page, checked on 18 October 2026, does not define the word. SuperX Apex’ own documents define it for the terminal. Its volume candles widen each body by the bar’s traded volume, its notes say this is bar volume and not a count of ticks, and its source code gives the unit as shares. That unit is the one this post uses.
One practical point: a share that costs Rs 5 and one that costs Rs 500 cannot be compared on share volume alone. 10 million shares of the first is Rs 50 million. 10 million shares of the second is Rs 5 billion. Compare a share with its own history first.
What does volume mean for an index like the KSE-100?
You cannot buy an index, so its volume is an aggregate. In the SuperX snapshot, the KSE-100’s volume on 9 October 2026 is 109,911,732. I added up the share volume of the 100 constituents on the snapshot’s member list (19 October 2026) for that day, and the sum is exactly 109,911,732. So the index figure is the combined share volume of its members. That was 35.5% of the 309,378,263 shares that traded across the 496 symbols. The All Share Index’s own volume for the same day is 308,323,740, 0.3% lower, so the “market total” depends on whose definition you use.
SuperX checked the arithmetic in its own data. No PSX page was found that states how it defines index volume, so treat the definition above as a description of the snapshot, and check it against the exchange’s data portal if it matters to you. The KSE-100 chart guide says more about what the index chart shows.
What is average volume, and why does it matter?
One day’s volume says little. It needs a baseline, and the usual baseline is a simple average of the last 20 sessions, about a month of trading. OGDC’s average over the 20 sessions before 9 October 2026 was 1,912,188 shares, while its median volume over the 249 sessions in the snapshot year (10 October 2025 to 9 October 2026) was 4,110,677. So the recent month was quiet by the share’s own standards, and a “normal” day depends on which window you pick.
The stock page’s “Avg volume (30d)” is a different number: it is the figure PSX’s data portal files, which SuperX passes on without recomputing (where the data comes from). For OGDC the snapshot of 19 October 2026 shows 1,963,602, while the average of the 20 sessions before 19 October computed from the daily bars is 1,584,679. The windows and the sources differ, so the two numbers differ; neither is wrong.
The table shows OGDC’s four highest-volume sessions of that year against the average of the 20 sessions before each, with a quiet session for contrast. The figures come from the snapshot’s daily series, as of 9 October 2026.
| Date | Shares traded | Average of prior 20 sessions | Multiple | Day’s change | Close |
|---|---|---|---|---|---|
| 7 Jan 2026 | 19,916,990 | 5,129,443 | 3.9× | +0.82% | Rs 295.87 |
| 14 Jan 2026 | 18,156,180 | 6,117,074 | 3.0× | +2.94% | Rs 303.25 |
| 16 Jan 2026 | 19,786,109 | 7,084,952 | 2.8× | +6.75% | Rs 329.00 |
| 6 May 2026 | 18,183,260 | 6,704,930 | 2.7× | +5.45% | Rs 328.39 |
| 9 Oct 2026 | 1,792,926 | 1,912,188 | 0.9× | −0.82% | Rs 306.12 |
The largest volume of the year, on 7 January, came with a price change of under 1%. The 6 May row matches what the OGDC share page says about that day: up 5.4% on 2.7 times the usual volume. Volume and price move are two facts. One does not give you the other.
What is unusual volume?
Unusual volume is a day on which a share traded several times its recent average. SuperX Apex’ guide describes the Pulse list as “shares that traded several times their 20-session average”, and each share page writes the same figure as “×usual”. The Pulse panel and the last-session page, superx.pk/terminal/s/today, both show it.
The page read on 18 October 2026 for the session of 16 October 2026 gives four examples of price-limit closes with very different volume. The closes and multiples below were recomputed from the SuperX daily bars on 4 November 2026 and agree with the page:
- Bannu Woollen Mills (BNWM) closed up 10.00% at Rs 66.19 on 53.2 times the usual volume. (The page printed 10.01%; from the SuperX daily bars, Rs 60.17 to Rs 66.19, it is 10.00%.)
- Pakistan Engineering Company (PECO) closed up 10.00% at Rs 711.01 on 15.8 times.
- Aisha Steel Convertible (Pref) (ASLPS) closed down 10.01% at Rs 20.14 on 13.5 times.
- Unicap Modaraba (UCAPM) closed up 10.04% at Rs 12.06 on 0.3 times the usual volume, which the page calls thin.
The ratio is a size, not a verdict. A high multiple on a small share can be a few large orders. The 20-session baseline is a short one, so a share that is rarely traded has a small baseline and shows large multiples easily. The page does not say why any of these shares moved, and you should read the company’s filings before you draw a conclusion.
What does volume show on a locked day?
On PSX a share can close at its daily price limit. The post on upper and lower locks explains the band. Volume on such a day counts only trades that matched. Orders that are queued at the limit but not matched are not trades and add nothing to the bar.
The 16 October 2026 page shows the two kinds of locked day side by side. BNWM closed at its upper limit on 53.2 times its usual volume, so many shares changed hands on the way. UCAPM closed at its upper limit on 0.3 times, so few did. Both bars end at the same kind of place, a close at the limit. Their volume bars are very different, and the volume bar is how you tell them apart. Neither number says whether the share will be locked tomorrow.
How do you show volume and a volume average in SuperX Apex?
Volume is already there in Simple. Every one of the four presets includes a volume pane, and its default average length is 20. In Pro you can go further:
- Open a symbol in Pro and press I to open the Indicators panel.
- Type “volume”. Volume draws a pane with a line called Vol MA over the bars, with the length set in the study’s Inputs.
- Type “relative”. Relative volume (RVOL) draws a histogram of each bar’s volume as a multiple of its average, with a level line at 1, and its default length is 20.
- For another view, open the Chart type menu and choose Volume candles. Each body’s width follows the bar’s volume against the largest in view.
The volume family in the indicators guide also holds on-balance volume, the accumulation/distribution line, Chaikin money flow, the Money Flow Index, the Klinger and Chaikin oscillators, the volume oscillator, the price-volume trend, ease of movement, Elder ray and the force index. Each one is a different calculation on price and volume, and a right-click on its legend row offers Explain this indicator, a short card on how it works.
A detail on RVOL: its source note says it divides a bar by the simple average of the last n volumes, including that bar. The “×usual” figure on the share pages is a ratio to the average of the sessions before. I reproduced the 2.7× for OGDC on 6 May 2026 with the 20 sessions before it, so expect a small difference between the two on the same day.
Open OGDC with the volume pane and RVOL, then scroll to 6 May 2026 and read the RVOL bar against the table above.
What should you not read into volume?
Volume counts trades. It does not say who bought, who sold, or why. A rise in volume on an up day and a rise on a down day are the same height. Three habits keep you honest:
- Compare a share with itself over a stated window, such as 20 sessions, and say which window.
- Read price and volume as two separate facts, as the 7 January row above shows.
- Check the date. Volume figures change until the session closes, and the pages say “as of close” with the date once it does (when SuperX prices update).
SuperX publishes no volume signals. The candlestick guide covers what each bar measures, and the PSX glossary has the Urdu terms. For a single share’s chart on this site, see the OGDC page or the OGDC stock page.
Frequently asked questions
What does volume mean in stocks?
Volume is the number of shares traded in a period. On a chart, a volume bar shows that count for one bar, such as one trading day.
Is PSX volume counted in shares or in rupees?
In shares. The rupee figure is the value traded, which is shares times price. SuperX Apex’ volume bars use shares.
What is unusual volume on PSX?
It is a session in which a share traded several times its recent average, usually the last 20 sessions. SuperX Apex shows it as “×usual” on share pages and lists such shares in the Pulse panel.
Does high volume mean a share will keep rising?
No. Volume counts trades and not direction. OGDC’s highest-volume day of the year to 9 October 2026 (7 January) closed up 0.82%.
How do I add a volume moving average in SuperX Apex?
Volume with a 20-bar average is on every Simple preset. In Pro, press I, search “volume” and change the length in the study’s Inputs.
Education, not investment advice.
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