# Describe before interpreting

Use this record with the worked examples first. For personal use, keep private financial details in your own secure records; the blank file does not need account numbers or credentials.

| Record field | Your observation |
|---|---|
| Feed and volume unit |  |
| Bar interval |  |
| Baseline definition |  |
| Current volume |  |
| Baseline volume |  |
| Relative volume |  |
| High / low / close |  |
| Close-location fraction |  |
| Fixed follow-through window |  |
| Observation / interpretation |  |

### Which numbers support the interpretation?

A bar's volume is twice its prior baseline, but its high equals its low. Relative volume may be defined if the baseline is positive; close location is undefined because its denominator is zero. Do not turn a missing fraction into zero, which would falsely place the close at the low.

A daily ratio of 1.5 and an opening-slot ratio of 1.5 use different baselines. Keep them in separate study groups. The shared number does not make the observations interchangeable.

Write a description without the words accumulation, distribution, institutional or manipulation. If the remaining sentence explains the measured event clearly, you have a useful foundation. Add any interpretation afterward, with the evidence that would challenge it.