Volume is a pretty useful indicator to me. It sort of measures the interest of market participants in a particular stock or index that I'm looking at.
It's kind of like the roar that you hear at a stadium, where a football game is being played. If you hear a roar, you know something interesting is going on. It could be a goal scored at either hand, a "sitting-duck" miss, whatever. But definitely an interesting play that had the crowd very excited.
Well, volume is like the crowd noise at a football game, it lets you know if an interesting play is going on or if it is a good time to be taking money off the table.
The markets volume pattern tells successful traders whether to be aggressive or conservative. Some volume patterns indicate that traders should be taking profits, other volume patterns indicate that traders should be increasing position sizes or lengthening holding times.
Trading without understanding price and volume patterns can expose traders to unnecessary risks and lead to wide account swings. A doctor listens to a patients heart beat and traders carefully listen to the markets volume patterns.
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