The TPO (Time Price Opportunity), or Market Profile® , is an indicator that helps visualize the relationship between price, time and volume (via the Volume Profile) of a financial asset. It organizes price on a vertical scale and time on a horizontal scale, creating a graphical profile that helps identify levels of higher time concentration, areas of consolidation, the fair value of price, and the distribution of price as a function of time.

In TPO, the market is usually divided into 30-minute intervals, called "periods." Each period is represented by an alphabetical letter (from "A" to "Z"), in chronological order, representing the price evolution during the day. In a standard trading day, there can be up to 26 periods, but this number can vary depending on the length of the session or the financial instrument in question. Observing the TPO Profile in combination with the Volume Profile shows how price has distributed itself over time during the market session, thus providing a comprehensive view of market structure and supply and demand dynamics.

Settings

Clicking on the indicator settings icon, the relevant configuration window will open, within which you can make several choices regarding the functionality of the indicator itself.

General

Typology

1. TPO Base Minute: Sets the duration of individual TPO periods in minutes. Usually a standard value of 30 minutes is used, but the user can customize it to suit their trading strategy.
2. TPO Type: Select the display format of the TPO
   • Blocks: Displays the TPO as blocks for each time interval.
   • Profile: Displays a continuous profile representing the time distribution of price.
3. Period TPO: Sets the reference period of the TPO
   • Composite: Combines the entire period loaded on the chart into a single profile.
   • Multiples: Displays multiple sessions, each with its own separate profile.
   • Custom: Allows you to set a custom period at the user's discretion.
4. Length Type: Specifies the unit of measurement used for the length of the TPO period
   • Minutes: Short periods of minutes.
   • Days: Profile based on whole days.
   • Weeks: Intervals of one or more weeks.
   • Months: Representation on a monthly basis.
5. Length Value: Determines the specific value of duration, based on the selected type. For example, if "Days" is selected, you can choose how many days to include in the profile.
6. Split TPO: Allows the separation of the TPO into individual periods set on the Minute Base Type parameter, with different settings
   • None: Does not apply any split.
   • Last: Shows only the last TPO profile separately.
   • Every: Divides all TPO profiles into separate periods

Custom Date/ Time

1. Start Date/Time: This setting allows you to specify the start date and time for the custom TPO period. It is used to define the starting point of the analysis, so that the TPO data is displayed exclusively within the selected period.
2. End Date: This setting allows you to specify the end date and time for the custom TPO period. It is used to define the end point of the analysis, so as to limit the display of TPO data exclusively to the period between the specified start time and end time.

Tick Grouping

1. Auto Grouping: Allows you to choose the method of grouping ticks.
   • **Automatic:**The system automatically adjusts the grouping based on the zoom of the graph and the grouping factor
   • **Manual:**The user can specify a fixed number of ticks for each group.
2. Auto Group Factor: Indicates the number of ticks to include in each group when automatic grouping is selected.
3. Manual Ticks: If manual grouping mode is selected, this option allows you to directly specify the number of ticks to be considered for each unit in the profile.

Plot Setting

Background/Text

1. Background (Show Settings) TPO Profile background setting
   

GENERAL

• Color Mode
  • None: No coloring is applied to the Time profile. This option shows the data without color highlighting.
  • Fixed: Applies a fixed color to the profile. All price levels are colored uniformly, with no changes in intensity, maintaining a simple visual representation.
  • Fading: Applies a coloring with a fading effect, where the color intensity changes according to time.
  • Multi Colors: Uses a variety of colors to differentially represent various ranges upon user setting.

COLOR

• Fixed Vol Color
• Fixed Bid Color
• Fixed Ask Color
• Fixed Line Color

RANGE

• Range Definition
  • Automatic: Platform Default Ranges
  • User: Allows user to define custom ranges of values.
    • First range: Highlight Period A cells
    • Second range: Highlight Period B cells(Periods A and B together form The Initial Balance Session, i.e. opening, closing, high and low of the first 60 minutes of the market session.
    • Third Range, highlights the C periods (the third half-hour from the start of the session)
    • Fourth Range: highlights the cells of all other periods of the TPO.

2.Show Text: Enable display of Letters within TPO BOXES

3.Text (Open-Settings): Enables Setting the display of Letters, color of the opening and closing letter of the TPO, and the size of the text.

Width/Offset

1. Width Type: Select how to calculate the width of the profile TPO.
   • Automatic: The width of the Profile TPO is automatically determined by the system based on the resolution of the chart, optimizing the representation to ensure the best possible visibility.
   • % Period: Defines the width of the profile as a percentage of the reference period. This option allows for a proportional representation, which respects the temporal characteristics of the selected interval.
   • Window Width: Allows you to set the profile width based on the size of the window visible on the chart. This mode is useful for adjusting the width of the TPO Profile in relation to the portion of the graph in which you are working.
   • Fixed Bars: The width of the profile is calculated according to a specific number of bars. This setting is useful to have an accurate representation that directly depends on the amount of bars selected.
2. Current Width: Sets the width of the profile being formed (the last profile available)
3. Current Offset: Defines an offset of the TPO profile being formed (the last profile available) i.e. the distance from the formation axis/position
4. Previous Width: Determines the width of the profiles previous to the one being formed. For example, with this function it is possible to set a different width of TPOs of previous days than that of the current day.
5. Previous Offset: Sets an offset for the profiles previous to the one being formed

Visual Apparence

1. Number Of Periods: Define how many TPO will be plotted.
2. TPO Opacity: Define the opacity of TPO
3. Border Width: Define the Border Width of the TPO Boxes
4. Show Above Bars: Define if the Profile will be plotted behind or above the candles
5. Visual Style: Allows the user to choose a visual style for the profile and adjust the visual representation to the user's preferences

• Solid

  Show the TPO with a solid, continuous fill. (Applies to TPO- Profile and BOX type)

• Hollow

  Show the TPO using outlines without fill. This style is lighter visually and (applies to TPO- Profile and BOX type)allows you to maintain a clean graphical appearance, making other indicators on the chart more visible.*(applies to the TPO- Profile and BOX type)*LineRepresents the volume profile using only an outline. This style minimizes the amount of graphical elements, ideal for those who prefer a less loaded but still informative graph of volumes traded. (Applies to TPO- Profile type)

• Line

  Show The all the boxes as Hollow but the Key Boxes Solid

• Combined

  Uses a combination of styles (such as solid and line) to represent the volume profile in more detail. This style can be useful for displaying different information simultaneously, such as total volume and delta differences, facilitating a more complete analysis. (applies to the TPO- Profile type)

  6.Align-to-Right: Align the TPO to the right of the graph.

  7.Mirror: Inverts the representation of the TPO.

  8.Always-Visible: If activated, the TPO will always remain visible on the graph, regardless of how you move within it or zoom in.

Below are some representations of the TPO in BOX and Profile mode

POC (POINT-TO-CONTROL)

1. Enable: Enable or disable the display of the Point of Control (POC) on the chart.
2. Highlight: Highlights the POC visually, making it easier to identify than other price levels on the chart.
3. Highlight Color: Allows you to select the color used to highlight the POC, improving the visibility of this key level.
4. Show Line: Defines whether and how to display a line for the POC on the chart, such as displaying the POC for the entire selected period or only on certain intervals.
   • None: Does not display any line for the POC. This option is useful when you do not want to highlight the POC graphically on the chart.
   • Show: Displays a solid line for the POC at the price level where the maximum volume was recorded. This option makes the POC easily identifiable, helping to display the most important level of market activity.
   • Developing: Displays a dynamic line that updates with the movement of the POC over time. This option is useful for monitoring the change in the POC during the selected period, helping to understand the evolution of market conditions.
   • Extend ShiftedExtends the POC line by plotting highlighted areas on the graph that indicate the shift zones of the POC as it evolves.
5. Extend Line: Sets the extension of the POC line, such as extending the line to the right boundary of the graph to make the POC position evident even at later times.
   • None: Does not extend the POC line beyond the selected period.
   • Till Interaction: Extends the POC line only until it is "touched" or exceeded by price. This means that the POC is shown as long as the maximum volume level remains untested, which helps identify price levels that have not yet been taken up by the market, often called "virgin" or "naked."
   • Till End Window : Extends the POC line continuously across the chart. This keeps the POC visible even after it has been exceeded.
6. Line-Color: Selects the color of the line representing the POC.
7. Line Width: Adjusts the thickness of the POC line. A thicker border makes the line more obvious, making it easier to identify.
8. Dev POC Start Time: Specifies the start time to calculate the dynamic POC, which is useful for analyzing the POC relative to a given time interval.
9. Shifted POC Tick Group: Defines the number of ticks to group before the POC is shifted on the profile to a new position.
10. Opacity POC Grouping: Controls the opacity of the grouped POC. A higher value makes the area visible, while a lower value makes it more transparent.

VALUE AREA

1. Enable: Toggle the Value Area display on or off.
2. % Value Area: Defines the percentage of the total volume that is used to calculate the Value Area.
3. Highlight: Toggle the option to visually highlight the Value Area on the candle.
4. OutSide Color: Select the color used to highlight the area outside the Value Area. This helps to clearly differentiate the area inside from the area outside the selected value.
5. Show Line: Delimits the extremes of the Value Area High and Low by drawing a line on the chart
6. Developing: Dynamic mode plots the shift of the Value Area Low and Value Area High on the chart, continuously adapting to changes in the Market in relation to Time/Price.
7. Extend Line
   • None: Does not extend Value Area lines beyond the selected period.
   • Till Interaction: Extends Value Area lines only as long as it is not "touched" or exceeded by price. This means that Value Area lines are shown until they are taken up by the market. These levels are often called "virgin" or "naked" levels.
   • Till End Window: Extends the Value Area lines continuously across the chart. This allows them to remain visible even after it has been passed.
8. Line Color: Allows you to select the color of the line that delimits the price range of the Value Area on the chart
9. Line Width: Allows you to adjust the thickness of the line that delimits the Value Area on the chart according to user preference.

PEAKS AND VALLEY

In the TPO, Peaks and Valleys visually represent the price areas where the greatest or least temporal occurrence occurred. Peaks indicate price levels where the market has remained for a significant time, suggesting areas of strong interest and consolidation. Conversely, valleys are areas where price has spent little time, signaling potential "void zones" or low interest.

1. Sensitivity: Adjusts the sensitivity of peak and valley detection. A higher value makes the detection more accurate, identifying fewer peaks and valleys, while a lower value reduces the identification filter by showing more levels.
2. Exclude High/Low: It automatically excludes from the calculation the extreme peaks or valleys placed on the Maximum and Minimum zones of the TPO.
3. Appearance: Sets Graphical Peaks and Valleys
   • Peak
     • Enable: Enable the display of Peaks on the TPO
     • Highlight: Lets you visually highlight Peaks on the TPO
     • Minimum Volume: Defines the minimum value to identify a peak. Peaks with values less than this value will not be displayed.
     • Highlight Color: Selects the color to highlight peaks, making them more visible on the graph.
     • Show Line: Show a line for each calculated peak. This line provides an additional visual reference, highlighting the price level continuously on the chart.
     • Extend Line: Defines whether to extend the peak line along the chart.
       • None: Does not extend the Peak lines beyond the selected period.
       • Till Interaction: Extends the Peak lines only as long as it is not "touched" or exceeded by price. This means that the Peak lines are shown until they are taken up by the market. These levels are often called "virgin" or "naked" levels.
       • **Till End Window:**Extends the Peak lines continuously across the chart. This keeps them visible even after they have been passed
     • Line Width: Adjusts the thickness of the line representing the peak. Greater thickness makes the line more noticeable.
     • Line Color: Allows you to select the color of the peak line, helping to customize the graph and making it easier to distinguish between different elements.
   • Valley
     • Enable: Enable display of Valleys on the TPO
     • Highlight: Lets you visually highlight Valleys on the TPO
     • Minimum Volume: Defines the minimum value to identify a Valley.
     • Highlight Color: Selects the color to highlight valleys, making them more visible on the graph.
     • Show Line: Show a line for each calculated valley. This line provides an additional visual reference, highlighting the price level continuously on the chart.
     • Extend Line: Defines whether to extend the Valley line along the chart.
       • None: Does not extend the Valley lines beyond the selected period.
       • Till Interaction: Extends the Valley lines only as long as it is not "touched" or exceeded by price. This means that Valley lines are shown until they are taken up by the market. These levels are often called "virgin" or "naked" levels.
       • Till End Window: Extends the Valleys lines continuously across the chart. This allows them to remain visible even after they are crossed
     • Line Width: Adjusts the thickness of the line representing the Valley. A greater thickness makes the line more noticeable.
     • Line Color: Allows you to select the color of the Valley line, helping to customize the chart and making it easier to distinguish between different elements.

Summary

The Summary  feature of the TPO allows you to view a detailed summary of the traded volume data for each profile on the chart. The summary shows information such as total volume, delta, number of trades, number of ticks, and other statistics related to market activity. This summary is useful for quickly understanding the key characteristics of the current TPO profile and previous profiles, facilitating analysis and comparison of different market sessions.

1. Enable Summary: Enable the display of summary data for each TPO on the chart.
2. Volume Summary: Show the summary of the total volume traded.
3. Trade Summary: Enable the display of the total number of transactions (trades) made during the TPO period.
4. Text Color: Allows you to select the color of the text used for the summary, improving the readability and customization of the visual appearance on the chart.
5. Ask Color: Defines the color for the volume of orders in ask (sell).
6. Color Bid: Defines the color for the volume of orders in bid (buy).

Filter/Split Time

The Filter/Split Time feature of the TPO allows you to configure specific time sessions for Market Profile calculation. This is particularly useful for tailoring Time Price Opportunity analysis to financial markets that operate in different time zones.

For example, a trader trading in U.S. markets can set the start and end of the session according to U.S. time (such as Eastern Time or Central Time), ensuring that the TPO accurately reflects relevant market sessions.

1. Filter Mode: It allows you to select the type of time filter to apply to the TPO. The filter option allows you to define a specific interval for profile analysis, isolating the desired period or dividing into multiple periods, e.g. ETH and RTH.
   • None: No filter is applied. All TPO data is displayed without any changes, maintaining a complete and detailed representation.
   • Filter: Allows you to apply a custom temporal filter to limit the TPO data to a specific period. This mode is useful for analyzing a specific time slot of interest, isolating relevant data.
   • Splitted: Divides the TPO into separate sections, for example by morning and afternoon trading session. This mode allows the data to be analyzed separately for each part of the day, providing a more detailed view of the Time/Price distribution
   • Triple: Applies a triple split to the TPO data, useful for examining different sessions.
2. Ini Session: Sets the start time of the trading session to be considered for profile calculation. This value is specified according to the U.S. time zone, allowing the start of the session to be aligned with the opening of the U.S. market.
3. End Session: Defines the end time of the trading session. This value also follows the U.S. time zone, ensuring that the TPO calculation covers the entire relevant trading period.
4. Use End Session as Start Day: This setting, when enabled, uses the end time of the previous session as a reference for the start of the new trading day. It is useful for maintaining continuity in TPO analysis and aligning sessions consecutively.

Merge And Split Functionality Of TPO Profiles

To access the Merge and Split functionality of the TPO, On the chart, Right-click on the Profile you want to merge and then on the TPO Menu item: Multiple

The "Merge" functionality of the TPO allows you to merge multiple market profiles into a single profile. The "Split" feature allows previously merged profiles to be split.

• Merge+ = Merges the chosen profile to the next profile
• Merge- = Merges the chosen profile to the previous profile
• Split+ = Splits the chosen profile from the next profile
• Split- = Splits the chosen profile from the previous profile
• Reset All = Returns all profiles to their original state