Module 2 · Market Profile & TPO
Market Profile (TPO): Time at Price
Letters that measure how long the auction spent at each price.
In this lesson you'll
- Define a TPO and how the profile is built
- Distinguish time-at-price (TPO) from volume-at-price
- Read the TPO distribution's shape
Where Volume Profile measures how much traded at each price, Market Profile (TPO) measures how long the market spent at each price — time, not volume. Both build a horizontal distribution with a fat middle and thin extremes; the shapes and interpretation largely transfer.
Key takeaways
- A TPO = the chance to trade at a price in a time period; each period is a letter.
- Market Profile measures TIME at price; Volume Profile measures VOLUME at price.
- Both build a fat-middle distribution; shapes/interpretation transfer.
- TPO is favored for structure; Volume Profile for precise levels.
Check your understanding
Pick an answer to reveal instant feedback. Answer every question to complete the lesson.
Why that's off: That's Volume Profile; TPO measures time, not volume.
Why that's off: Bid size is order-book data, not a TPO.
Why that's off: TPOs build a distribution, not a single close.
A TPO marks that price traded during a given time period; stacking letters measures time-at-price. Market Profile is time-based, distinct from volume-based Volume Profile.
Why that's off: It's reversed — TPO for structure, volume for precise levels.
Why that's off: Each has clear, complementary strengths.
Why that's off: Both apply to the same instruments; the split is structure vs levels.
TPO excels at reading the day's structure and type; Volume Profile pinpoints exact high-volume levels. Many traders use both together.
Educational content only. Nothing here is financial or trading advice. Order-flow and options patterns shift probabilities; they never guarantee outcomes.