Effort versus Result
Volume Spread Analysis glossary · Effort vs Result & Spread/Close Analysis
Definition
A core VSA principle stating that volume represents effort and the resulting price change represents the result. When effort (high volume) produces no commensurate result (little price change), it signals that an opposing force is absorbing the activity. For example, high volume with no upward progress on an up bar suggests hidden selling.
Effort versus Result in plain English
This is the heart of VSA: volume is the EFFORT put in, and how much price moves is the RESULT you got for that effort. Normally big effort gives a big result — like pushing a swing hard and watching it fly up. But when huge volume produces almost no price movement, something invisible is pushing back the other way and soaking up all that activity. So high volume on an up bar that barely rises means someone big is secretly selling into every buyer, quietly capping the price.
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