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You state you didn't intend volume to be a factor, but I don't think
you have much choice but to make it a factor. Prices do not increase
until the volume at each price level is gone. Volume is the gas or
pressure behind the move.
Volume, price spread and rate of change give you enormous amount of
information. If a stock moves 1 point on 2 million shares and the
next day moves a 1/2 point on 3 millon, that's more gas but less
movement which indicates supply has entered the picture.
It is possible to read a chart with just price spread and rate of
change but it's a tad harder.
Regards,
Dominick
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