VR (Volume Ratio): calculation and reading

VR compares the total volume of up days with that of down days over a recent period.

Updated：2026-11-08

Calculation

Within the last N days (default 24), each day is classified by comparing its close with the previous day’s close into three types: up days, down days and unchanged days, and the volume of each type is summed.

VR = (up-day volume + unchanged-day volume ÷ 2) ÷ (down-day volume + unchanged-day volume ÷ 2) × 100.

How to read it

• 100 means up-day and down-day volume are roughly equal; above 100 means up days had more volume, and below 100 means down days had more volume.
• The chart on this site draws three reference lines at 40, 150 and 450. They are common places to look and are used only to describe which range the value falls in; they carry no buy or sell meaning.
• When the denominator is zero (there were no down days and no unchanged days in the period), the value cannot be calculated and the chart leaves it blank.

Limits

VR only looks at which type of day had more volume and ignores the size of the price moves; volume is also affected by events, ex-dividend dates and the overall market mood. It does not predict the future.

This article only explains the calculation and how to read a chart. It is not investment advice.