Dear colleagues,As far as I understand, most people simply use daily turnovers as a gauge of a security's liquidity. The greater the turnover, the better the liquidity, quite obvious.However, there are more things to consider, like issue volume, amount of deals (a big turnover could have been made with one-two deals) etc.An analogy can be made with sunlight energy - we don't perceive the energy itself, but we can measure it's effects - heating, water evaporation, plants growth and the like. It's reasonable to say that, the more water evaporates in a given place, the more solar energy it receives, but atmospheric pressure can significantly influence such estimation.The idea is that we perceive only, let's say, consequences of liquidity, like big volumes. Is there any way to extraxt the liquidity from it's "consequences", to measure it?Regards!

Leland