Reading TPO Market Profiles Across Sessions and Price Levels
Summary
This indicator builds a time-price opportunity (TPO) profile by assigning successive letter markers to periods and displaying where price traded during a selected session or interval. It supports regular recalculation periods, a user-defined fixed range, and a recurring time interval. Tick-level settings control the price spacing used to form the profile, while optional overlays identify the initial balance, point of control, value area, and single-print areas.
The chart can retain previous session profiles and show their ranges and reference levels. Older single-print, value-area, and point-of-control lines can be hidden when price moves beyond user-set percentage distances, and reappear as price returns nearby. The script is an implementation and visualization tool rather than a tested trading strategy: the document offers no performance evidence or rules for entering and exiting positions. Results depend on the chosen session boundaries, tick spacing, chart timeframe, and display settings.
Key ideas
- The indicator assigns sequential letter markers to price levels touched during each period.
- It can calculate profiles for regular sessions, fixed ranges, or recurring time intervals.
- Optional overlays mark the initial balance, point of control, value area, and single-print areas.
- Historical reference lines can be hidden according to their percentage distance from current price.
- The document provides no backtest or evidence that profile levels predict future price movement.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.