is the drainplug the 24mm male hex head on the lower vertical face of the case facing the engine?

Also, does anyone know what an alternative is to Volvo Power steering fluid?

 

Yes. The trans drain plug is pretty unmistakable. I used an adjustable wrench so I don't remember the correct size, but yeah, 24mm sounds accurate.

I recall Pentosin brand being recommended for power steering; I think Pentosin CHF 11S. You can search online for a good price. It is pricey stuff though.

 

My Volvo S40 & S60 manuals say to use ATF fluid for the power steering... Can someone please explain why & what should really be used???? I'v been trying to figure this out for a while.... Please advise... Thanks!

 

my owners manual says to use "Volvo Power Steering fluid" quite expensive, and greenish in color and almost seems a little thicker than ATF. Though when I drained out my power steering reservoir there was clearly some red color to the fluid in it, and from the receipts I got with the car this car has only been to Volvo for all its servicing(and with only 58k on the clock and no signs of leakage I would be surprised if much topping off had ever been needed...)