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Volume and TPO EssentialsEl Duque

We’ve heard many times that all the acronyms and jargon used by volume profilers is, to the uninitiated, like another language. It can be intimidating because there really is a lot of jargon. Some of that jargon stands on some readily explained but not-so-obvious theory and once you begin to understand what all of it means any feelings of confusion and intimidation evaporate.

In the spirit of lifting that particular fog, below we present our illustrated primer of volume and time profiling analysis concepts and terminology. Which is to say that it’s specifically focused on the Acme-style uses of the terms, liberally infused with editorial comments where they add value, and the examples displayed will be of Acme charts.

One quick note about organization. Rather than an alphabetical listing, the entries below are intentionally ordered from conceptually general to conceptually specific. That way you can read top to bottom, and it may make more sense than skipping all around as you encounter a term or concept with which you’re not familiar. This is by no means exhaustive (it says essentials in the title after all, right?) and we’ll add to it as necessary, so be sure to stop back by from time to time.

[Updated for 2021!]

Profiles (General)

Download agere driver. Profiles are histograms of the volume transacted or time spent at each price over a specific span of time such as a day, month, year or even a single bar. The Acme suite has specialized profile types for pretty much any span of time, with special support for the “standard” units of time such as sessions, weeks, quarters and years. Some of the most commonly-used profile types are:

Composite Volume Profile

Typically span several days to a few years and include all volume in the profiled range without respect to session, day or weekly boundaries.

Intermediate Volume Profile

Very similar to composite profiles and used much like composites, they tend to span a few days to a few weeks, and as such their user interface is optimized for this scenario.

Session Volume Profile

A specialized kind of volume profile, and are probably the most-used variety of short term profiles. They are specifically designed to profile a single session (or a single day) and usually include lots of landmark short term levels such as the initial balance, open, previous close, value area, balance targets and more.

Intraday Volume Profile

An ever more specialized type of profile used on very short spans of time such as one or a few bars, or maybe a regular interval of time such as 15 minutes.

TPO Profile (a.k.a. Market Profile®)

Similar to volume profiles, time-price-opportunity (TPO) profiles are histograms of how much time was spent at each price within the span of the profile rather than volume-at-price. Generally, TPO profiles are less precise than volume profiles over shorter terms like a session. That does not detract from their value, however. TPO profiles be used on their own to find areas of support and resistance, and can also be used in conjunction with volume profiles. Contrary to what many say, we believe them to be complimentary forms of analysis rather than competitors. When time-at-price and volume-at-price agree, this can be a form of confluence. Put simply, confluence is market structure, and market structure is tradeable.

Rather than bars, TPOs are defined as units of time called brackets or periods and the traditional length for one bracket is 30 minutes, though brackets can be any length of time. The shorter the time, the more granular the profiles created. Traditionally, a letter is assigned to each price touched in each period, but TPOs can be represented by other visual glyphs such as square or rectangular blocks. Brackets and other meaningful periods can be colored to make it easy to tell them apart when they are packed into a profile.

TPO profiles, because of their simplicity, are especially good at revealing specific kinds of patterns, such as:

Market Profile Afl

Weak and poor highs or lows. These are upper and lower edges of profiles that appear very blunt and contain multiple TPOs at or near the edge. This is an indication that buyers or sellers were not provoked to respond at the range edge and it is likely that further range expansion’ll occur.
Single prints. Often just called “singles” TPO single prints occur in the middle of a profile (not at the upper or lower edge) and are created by an impulsive move and have potential to be revisited in the near future. If the single prints are not revisited soon after they are made, then they should be considered a boundary between auction/balance zones.

It’s typical to see TPOs in either profile form or expanded into bars where the prices touched in each time bracket is represented much like a bar chart, sans the bars. Examples below:

POC & VPOC

The point of control (POC) and volume point of control (VPOC) are sibling terms used in TPO and volume analysis, respectively. In TPO profiles, the POC is the price at which the most time was spent over the course of the profiled range – usually the price closest to the profile midpoint if there is more than one price at which the same amount of time was spent. Likewise, for a volume profile the VPOC (usually pronounced vee-pock) is the price at which the most volume was transacted.

Even though there is a difference of one letter, the thing they are both trying to gauge is the most accepted price in a given period of time. That is, the price at which most buyers and most sellers were in agreement over “fairest value.” The concept of “fairest value” is really important – the VPOC and POC are not just the peaks of chubby profile bellies (or, er, “headlights” if higher up). The POC/VPOC is the price the market thought was the most fair, based on currently known information.

Think about that for a second. That means there’s nothing magic about the POC or the VPOC. They are simply the “most fair” price for a given range of bars. (V)POCs are based on what the market participants actually did, and not a complex or predictive mathematical formula. Many people ask us how the VPOC or POC is calculated when, interestingly, it’s not calculated at all. It’s accumulated, then because of what it means it’s given a special color. Have a look at an example of both techniques on the same instrument, bars and sessions:

Initial Balance

The initial balance (IB) is traditionally the range of prices transacted in the first hour of trade. Many regard the IB as a significant range because, especially for the index futures which are tied to the underlying stocks, orders entered overnight or before the open are typically executed prior to the end of the first hour of trade. Some use it to try to understand how the rest of the day may develop, while others use it as a span of time to avoid trading altogether because of its potential for volatility.

While the IB, sometimes also called the opening range, is typically used as reference levels during the session by both volume and TPO profilers. While 60 minutes is the traditional IB duration, it can be longer or shorter depending on your instrument and session definition. In addition to the IB high (IBH) and IB low (IBL), many profilers regard initial balance extensions as reference levels – what we here at the Ranch call landmarks. Each