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TPO
From classic Market Profile® theory, an acronym for Time Price Opportunity or “That Price Occurred.” A
TPO is a letter designation in a Market Profile® chart that shows at which prices trade occurred, thereby
building out the statistical distribution histogram.
trend day
In Market Profile® nomenclature, a market day that is imbalanced on the daily time frame.
two phases of market activity
A simple model for describing the only two mutually exclusive movements a market can make:
horizontal or vertical movements.
unconstrained by liquidity
When there is excess liquidity in the market favoring either the long side or the short side of the market
enough to cause a vertical move, we say the market is unconstrained by liquidity. Trending markets are
unconstrained by liquidity. (Also see constrained by liquidity)
unfair high
The unfair high is the area where price rallies to the up side to shut off buying. It is an area where
buyers feel the price is too expensive.
unfair low
The unfair low is the areas where price rallies to the down side to shut off selling. It is an area where
buyers perceive the price is inexpensive.
value area
From classic Market Profile® theory, the value area of a profile map (e.g., VAP Map, Swing VAP, TAP
Map, and Swing TAP) contains ~70% of the volume transacted in that particular developed section. It is
measured as one standard deviation of all data above and below the point of control (POC).
V-pivot
A technical market formation where a rapid move to the downside is immediately followed by an equal
or near-equal retracement to the upside, leaving a chart formation resembling the letter “V.” (Also see
inverted V-pivot)
VAP (see volume-at-price)
vertical market
A market that is up trending through price (contrasted with a horizontal market) that is characterized by
a series of relatively higher price pivot lows and price pivot highs.
volume-at-price (VAP)
A method for dynamically calculating and displaying aggregated trading data based on how much
volume is trading and accumulating at discreet price levels. Based on Auction Market Theory and Market
Profile®, volume-at-price is a core concept that is used to create frequency distribution histograms.