Is there any tool to compare the relative volume between futures to determine in which of them it is better to do intraday?
For DT, would volatility be a better metric as long as you are only reviewing liquid symbols with a material OI?
Volatility is important. It is important for gasoline. But it would be interesting to compare relative volumes between futures before starting the session. Normally a large volume precedes an explosive movement.
I've built algos that include relative volume and they're a hice tell. Simply taking and short and medium timeframe moving averages for volume and plotting the difference between them for single contracts and then comparing that across contracts can give an indication of a contract that is heating up on a relative basis.