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Volume , Variance , and the Combined Signal Approach to Technical Analysis

This paper examines the impact volume and variance on the profitability of the Combined Signal Approach (CSA) to technical analysis. The volume and variance tests are conducted on the S&P 500 and NASDAQ from January 1990 to March 2008 (n=4,558). The results suggest that the profitability of the CSA is enhanced when employing either volume or variance into the trading model. Jointly employing volume and variance was not able to provide a significant improvement in profits over the employment of volume or variance alone; this is partially the result of the correlation between volume and variance.