Understand it
Volume counts contracts exchanged over an interval. Open interest is outstanding contracts, a different measurement. A high-volume market may still have a wide spread during fast conditions. Examine quoted spreads, order-book depth, active hours, and slippage separately. In backtests, liquidity is a major limitation when position size is large or trading during abnormal events.
Two time windows can each trade 10,000 contracts, yet one has tight quotes and deep orders while the other has thin depth and rapidly moving prices. Their practical execution costs may differ.
Watch for this misconception
Confusing a large daily volume figure with a guarantee that your order will fill at a backtested price.
Identify a low-liquidity time window and note which execution assumptions could break there.
Chart trainer ↗Which concept is most directly about ease of execution?
Check the sources
Hypothetical educational examples. Verify current product specifications and rules before making decisions.