Broadcast Designer, 3d & Visual Effects Artist Ata Albehany offers up an overview with his experiences with using Octane Render for volumetric rendering.
It wasn’t until version 3, that Octane supported volumetric rendering for particulate matter in scenes. Octane 3 lets you render out fog, smoke effects, fire and clouds.
Version 3 added a new primitive type that allowed for micro-surface displacement of volumes and surfaces. This was an important step for Octane to create better realism.
Another important ingredient towards rendering volumes and particles is the ability to use OpenVDB, which Octane 3 supports for particle simulations.
Ata Albehany makes the scene file available, which you can download here.