Calculating trading volume in forex refers to the amount of base currency a trader is trading.
The formula for trading volume on the forex market is:
Trading Volume (TV) = Number of lots x Contract size
Example 1:
An order to buy 3 lots of EURUSD:
TV = 3 x 100,000 EUR
TV = 300,000 EUR
Example 2:
An order to sell 3 lots of UKOIL:
TV = 3 x 1,000 BBL
TV = 3,000 BBL
Example 3:
An order to buy 2 lots of the S&P 500 Index (with each lot representing $50 per point):
TV = 2 x 50 x 4,000
TV = 400,000 USD
Example 4:
An order to buy 5 lots of XAUUSD (with each lot representing 100 ounces of gold):
TV = 5 x 100 ounces
TV = 500 ounces of gold
Note: Trading volume is always calculated in the base currency (the first currency in the pair).