Local activity is the capability of a system to amplify infinitesimal fluctuations in energy. Complex phenomena, including the generation of action potentials in neuronal axon membranes, may never emerge in an open system unless some of its constitutive elements operate in a locally active regime. As a result, the recent discovery of solid-state volatile memory devices, which, biased through appropriate DC sources, may enter a local activity domain, and, most importantly, the associated stable yet excitable sub-domain, referred to as edge of chaos, which is where the seed of complexity is actually planted, is of great appeal to the neuromorphic engineering community. This paper applies fundamentals from the theory of local activity to an accurate model of a niobium oxide volatile resistance switching memory to derive the conditions necessary to bias the device in the local activity regime. This allows to partition the entire design parameter space into three domains, where the threshold switch is locally passive (LP), locally active but unstable, and both locally active and stable, respectively. The final part of the article is devoted to point out the extent by which the response of the volatile memristor to quasi-static excitations may differ from its dynamics under DC stress. Reporting experimental measurements, which validate the theoretical predictions, this work clearly demonstrates how invaluable is non-linear system theory for the acquirement of a comprehensive picture of the dynamics of highly non-linear devices, which is an essential prerequisite for a conscious and systematic approach to the design of robust neuromorphic electronics. Given that, as recently proved, the potassium and sodium ion channels in biological axon membranes are locally active memristors, the physical realization of novel artificial neural networks, capable to reproduce the functionalities of the human brain more closely than state-of-the-art purely CMOS hardware architectures, should not leave aside the adoption of resistance switching memories, which, under the appropriate provision of energy, are capable to amplify the small signal, such as the niobium dioxide micro-scale device from NaMLab, chosen as object of theoretical and experimental study in this work.