Please don't take this wrong, but I sincerely think you'd be better off to look at a manual* first, then come here with questions that are based on what you've read, and maybe ask for additional tips
Otherwise, you will have to sift thru whatever shows up here. Some advice will be good, some so-so, some conflicting, and some off the wall. And you won't have any basis for choosing.
One tip I'll offer right now is—
With car jacked up and wheels off, go around and make sure you can open each bleeder screw, and that some fluid dribbles out. Better to find a problem bleeder first (come here for help if needed), than in the middle of the bleed operation.
Use a box-end wrench (not open end), probably 5/16" but rebuilt calipers often have 1/4" hex bleeders. If it's stubborn, don't apply steadily increasing force. In my opinion, shock (like a mini impact tool) is more effective. With finger pressure on the wrench, tap the end with a small hammer. In both directions.
Also opinion here, but I have little regard for any of the snake oil penetrants, when it comes to breaking anything loose. Once you get some wiggle, it's a different story.
* Which Manual? The money you save by doing this one job yourself will more than pay for a copy of Bentley's "Volvo 240 Service Manual", new for about $30 online (do a Froogle search). Used copies are available for much less.
Do yourself a favor and skip the Haynes at the parts store.
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Bruce Young '93 940-NA (current), 240s (one V8), 140s, 122s, since '63.
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