Market Profile: Time Price Opportunity

Alright guys, what's going on? This is Ryan and in this video we're going to start getting into market profile. So this is going to be an introduction to market profile or specifically TPO charts. Now a lot of what we cover in our order flow roadmap already is drawn from concepts that are used within market profile as well. So there's a lot of parallels. So we're not going to specifically get into something that you would learn if you were learning market profile for the first time, which is, you know, you'd be introduced to auction market theory. You'd be introduced to the concepts of the value area or fair value, things like points of control, value area, highs and lows, rotations, balanced markets, imbalanced markets, symmetry, non symmetry, and so forth. So we've covered all that already and I drew most of that from what I was using when trading with market profile. Now, market profile is not a trading strategy, okay? It is not a system. All it is is a way of basically compressing or organizing data. So what you're doing is you're taking, if you're just talking about a day session or day rotation, for example, you're taking all that and you're compressing it in a way that is easier visually to understand, okay? To put in context, you'll be able to see things like balance and imbalance. And really it's just a data, it's a data compression tool. So it's a way of organizing the data that can help you be more actionable in your trading. Okay. And it's great for short term traders, scalpers, any lower time frame traders, intermediate traders, swing traders, and higher time frame traders. Depending on what type of market profile you're looking at, you can look at a weekly market profile, you can look at a daily profile, yearly profile. In traditional markets, often the higher time frames are used and are referred to. So again, going over some of the core tenants that are things that we talked about in the beginning of the order flow roadmap, because I'm basically bridging these two. That was what my intention was the entire time, is to sort of bridge the gap between all of these to help you become more actionable trader and investor. So core tenets, right? Price is an advertising mechanism. Okay? This goes back to the auction market theory. Price is simply an advertising mechanism within a two way auction. In a normal auction, in a one way auction, if we're just auctioning for cattle, for example, there's buyers, there's buyers, there's maybe a seller, one side of the market Basically gearing up to try to participate in the auction to buy something. The market that we're talking about, when we're talking about trading and investing, we're talking about a two way auction. So we're talking about sellers and buyers that are acting in their own interest in the same way. But there's two sides, right? So price is the advertising mechanism and it's rotating within this two way auction, okay? Time regulates all opportunities. Now this is one that doesn't make sense right away to some people, but I'll just put it to you this way. Basically think about how a sale works, okay? When you drop the price of a really popular item, okay? Something that's well known, say for example, you drop the price of, let's say an Apple watch, okay? If you were to drop the price of an apple watch from $600 to $100, okay, how fast do you think that the market would respond to that limited opportunity and more or less gobble it up, right? How many Apple watches do you think would be left over, let's say if there was only a few and they're being offered at a tremendous discount, okay? Time regulates this opportunity. There's only a little bit of time. And the level of responsiveness that we see is going to show either the interest in this case we're talking about a buyer, or the interest to sell. If we're talking about the case of a seller, price auctions above value and we see that immediately the market responds. A big seller comes to the market and rejects it. We see just how interested that area, rather how interested certain parties are in selling when price approaches a certain area. So time regulates all opportunities. If the market spends a lot of time in a particular area, let's say it spends a lot of time below a value area, low. Clearly you would get the impression that this is an area where maybe buyers aren't very interested. If price is hovering around lows and we're not seeing any real type of responsiveness in the short term, or rather on shorter time frames by buyers stepping in, clearly this opportunity is not necessarily an opportunity that they're looking for. So when we're spending time at a low, for example, for a prolonged period of time, we'll typically see that price has to auction lower to find buyers. So price is really just moving up and down to find buyers and sellers. That's all it's doing. And then volume measures how successful an auction is. So when we see that price moves up and it's moving up on low volume, well, what do we normally expect. We normally expect that price is probably going to auction lower. And if again, we talked about this within the earlier roadmap, in order flow, the same way that volume works within just a regular auction, when the auction house or the participants are interested, what do they do? They get really loud. They try to one up each other to essentially buy whatever they're all competing for. Okay, so when there's no volume, what happens? No one is stepping up to buy. They're not getting a lot of responses. Okay, what happens? They have to walk price down to find buyers. So this is the same concept of volume within a market. And this is how floor traders were able to basically just go off of volume in the pit, how the market was responding to based on just the level of ambient noise. All right, which is very interesting because, and mind you, if I'm saying all right, a lot, it's just one thing that I do to parse sentences. One thing that floor traders talked about was when they switched from being in the pit, on the floor to using screens, they were missing that feedback that they got from being around other buyers and sellers or being around other traders, rather, whether it was market makers, whether in this case it was just anyone who was on the floor, on the trading floor, because they were missing that visual and acoustic, rather that noise component. Okay. The energy in the room is what they're missing by switching to screens. So volume measures how successful an auction is. So when we see that, say, for example, price comes into above value. All right, we're talking about the idea of acceptance above value. Well, volume is one of those things that confirms or rather confirms it being accepted or confirms that it's rejected. Okay. The lack thereof or.

Either being there or either there being an absence of it. Okay, now questions we need to ask as market participants, where is the market trying to go? Okay. Is it doing a good job of getting there? And how does the market react to advertisements? Okay, so again, we talked about the order book being advertisements as well, but in this case, what we're talking about is price moving through certain levels and it's advertising at certain price points. So where is the market trying to go and is it doing a good job of getting there? Well, one of the things about using volume profile is that we're seeing where buyers and sellers are transacting a large amount of volume. TPO charts as we're going to get into are time price opportunity charts. Okay. They're based on where the market spend a lot of time. So it's very similar to a Volume profile. If we're looking at a basic composite chart, if we're looking at a basic candle chart rather on a 30 minute timeframe and we look at a volume profile for that, the TPO chart and the volume profile chart are going to look almost identical. So fear not, if you don't have access to a Sierra chart platform yet, I believe there are going to be plenty of other market profile platforms coming out or rather market profile softwares, the software that has market profile, excuse me, as an option, or TPO charts as an option. And basically what we want to identify is, are the TPO charts and the volume profile charts confirming each other. So when we're looking at this TPO chart, for example, so these letters right here, all right, the volume profile is this white outline that I have laid over the top of that. So we want to see that these are confirming each other. So, so clearly if the market auctions into a certain area but volume doesn't follow, we would say that the market is likely not doing a good job in that area. Rather it's not doing a good job of if anything still attracting buyers. And at this point maybe we'll see that it'll be attracting sellers if it probes higher, further up. And then how does the market react to advertisements? Advertisements when prices are very low? Are we seeing buyers try to scoop it up when prices are high? Or sellers taking advantage of this and selling at high prices or at the first opportunity they can at high prices? Or are we seeing that when prices auctioned even higher that buyers are chasing it up, bringing other buyers into the market? So when the market trends, it'll bring, if it's trending up, it'll bring new buyers into the market. It'll bring more timeframes into the market. Again, there's multiple timeframes in action at any given point within the market. Sometimes we have all them at once. So sometimes we're just watching shorter term traders play, sometimes we're watching longer term traders play. And at the extremes of higher time frame charts, we'll likely see both.

How does the market react to advertisements when the price is dropped? Again, how does the market respond? Does it gobble up the opportunity? What we are always trying to identify and what is really useful to identify is balance, either balance or imbalance or symmetry versus asymmetry. And you could basically just pick up on this through the shape alone. So that's one of the benefits of using something like market profile, very similar again to volume profile, is that since we're looking at all of the information compressed and we're getting this. It looks like a bell curve. And it looks like a bell curve if it is balanced. Right. So what does a bell curve look like? Normal distribution. It looks something like this. So you have one standard deviation. Okay. And it's about, I think it's 34.4%. 34.4% here. Alright. So the area within the average, 68%, what we're looking at for the value area with TPO charts is actually 70%. But a balanced market profile is going to look sort of like a balanced distribution or basically your normal distribution. It's pretty even looking, right? Pretty even looking. Tails, most of the mass in the center right around the average. And this is going to be clearly something that looks like balance. Right? So is it balanced? Is it imbalanced? Is there symmetry? Is there asymmetry? Is there oddly shapes. Okay. That we are, that we are picking up on, these are all going to be important because these could represent certain anomalies that will be actionable moving forward. Do we have acceptance or rejection, something we could identify when what we say is that one of the things rather we can look for is that not only the volume is confirming an area, but that price is being accepted to it rather being accepted through time. So when price is accepted over time and with volume, this is something that we're going to be looking for versus rejection. Right. If price spent just a little bit amount of time in an area and quickly return back to the mean again, a lot of this is going to be really useful for mean reversion trading. Because essentially when we're talking about a balanced distribution, if we're talking about the, the tails and we approach an extreme and we are completely, you know, we're quickly rejected, we have the rejection and what, what do we typically see? We revert back to the mean. Right? We revert back to the center. Okay. We could identify whether we are in a period of continuation or we are experiencing change and again picking up on certain anomalous behavior. Okay. So moving forward. All right. Market profile uses TPO charts. All right. So you've probably seen the previous chart. If you're looking at a lot of traditional market traders, futures traders, for example, they'll be using these market profile charts that have these letters. Essentially what we're looking at is each period represents a half an hour during the day. So A is going to be the first half hour, B is going to be the second half hour and then so forth. Right. So what we'll see after the profile is completed okay. And we have essentially the compressed profile is we'll have a lot of this overlap, right? We'll have periods that doesn't go from A, B, C, D all the way to Z, right? You'll have skipping, okay? You'll have in this case N, O, V, W, X, or here you'll have J, K, O, P, Q, R, V. Alright? So what this is is because you could see that these periods are where we spent a half hour during the day, okay? And essentially it's just for that half hour period, much like a candle would be. So the market in this case has been rotating in this fashion. So it's been rotating in this fashion. And when we compress it all, we're gonna see where we spent the most amount of time, okay? Where we spend very little time, all right? And so forth. So that's why you're gonna get these letters out of order. All right? Now a lot of traders and myself will actually just use standard squares or bars, all right? Just to pick up the distribution, okay. Rather than pay attention to where we were, try to figure out where we were specifically based on letters within. Because what we can do is just expand the chart or just look at a standard candle chart. Okay? So time, price, opportunity, right? So what we talked about again was the amount of time, okay? Time governs everything. Price is what we are essentially the advertisement, okay? And in this case, opportunities, right? So market profile again is not a trading system or strategy, it's a way of organizing data. Okay? So all this stuff we just went over and TPO charts were used originally because originally they didn't calculate volume and give it to you right away during the day, okay? So 1980s or early 1980s, when charts started coming out, okay, before that volume was calculated or assumed before the end of the day as the amount of time we spent in a certain area. So time multiplied by frequency. So basically what they were looking at is if we spent the most amount of time in a certain area, that was where the most volume occurred. But now we know that those two don't always line up. But again, if you use trading view, you can see how this is the same exact day right here. So this is the TPO chart. This is the TPO chart expanded, which is essentially this period right here. You can see how these are identical. But it's not going to show you wicks, it's not going to show you bodies, it's just going to show you where we spent during that 30 minute period where the market was.

The volume profile on this chart is going to look almost identical to this with slight differentiation. So you see where there is an indent right here on this volume profile. On this volume profile, the TPO chart doesn't have that same indentation because the market was there, but maybe not a lot of volume was transacted there. And you could pick up on that from looking at these areas and seeing that they're wicks. Okay. Because that does register as us being there at some point. But there wasn't a lot of volume registered there. So this is why it's actually useful to have a combination of both, which is exactly what I have. Okay. Because on this chart, what I have essentially is I have the TPO chart and then I have the volume profile added to it. Okay, So a few things about market profile. And in the next roadmaps we're going to go over all the daily types and you're going to have to be, you're going to be referring to what I'm going to go over right here to differentiate them. Okay. Or these are going to be things you're going to be paying most attention to. So the open. All right, so obviously, where did the market open? Okay, so the market opened and we're looking at a. So in my case, I customize it. I have the green box indicating the open. Okay. The initial balance is this red line right here outside of the profile. Okay, red line right here. This is where the market spent its first two periods. Okay, so this is right where the market opened, where it spent its first two periods. And we're going to determine or give a lot of weight to who is in control based on what direction we extend to. Okay? So the initial balance, when we extend, it's when we move out of the initial balance. So right after that first hour period, you're likely going to find that unless the initial balance was very large, that we're going to extend out of that initial balance. Okay, so extension in this case below the initial balance. So to the downside. All right, so let's say we open right here and we extend right away to the downside. This indicates control by other time frame sellers. Okay, so indicates control by other time frame sellers. All right. Extension above indicates control by other time frame buyers. So what we're looking at is range extension, alright, indicated by C. So from the top of the initial balance upward and the bottom of the initial balance downward. So however far we extend from the initial balance, now the tails be right around the highs and lows. Now, not everything is necessarily a tail quote. Unquote. Okay, so a tail should be greater than two time price opportunities. Must be greater than two time price opportunities. So what we're looking at is these individual boxes. So essentially what, when we just have one of these rows, this is referred to as a single print. And this is not necessarily the same single print that we'll refer to if we're talking about a single print within a structure. So when we have a single print within a structure, that's when you're normally going to be referring to single prints. When you just have them at the extremes, this is normally how you're going to refer to tails. And when you have long tails, long single print tails. In this case, it represents a strong buyer or a strong seller. So think this is a TPO or a time based chart. So when we spend just a little amount of time in an area, we come into an area, we quickly reverse back out of that area. Whether it's a high or a low, this represents either strong buying demand or strong selling. Because if we had initiated buying above this high, above the value area high, for example, and we moved into the high located where D is, alright, if we had any strength by buyers, we would have spent more time here. But instead we were quickly rejected. Now these are not tails. If they are how the day finished. So if this was the last period of the day right at the tip right over here, then it's not necessarily a tail. So a tail represents there is a level of impulsiveness at each one of these extremes. So buyer stepped in, seller stepped in. All right, and they define the extremes of this structure. All right, so the tpoc, that's the time, price, opportunity point of control. All right, so time point of control. So where we spent the most amount of time, and I have mine indicated by red. But it's going to be the largest node within this distribution, the largest point within this distribution. And this is going to be important because this is going to be the same as it would be with the volume profile. This is a good opportunity to take profits into, which represents a good area for support and resistance. And if this is extended outward, let's say that we're looking at this market profile structure right here for one day and then we have another day that opens well above and there's nothing interacting with this point of control, we would call that naked. So if this extended moving forward and the next day hadn't interacted with it, and let's say the next day hadn't interacted with it, if this hadn't been interacted with, again, we would call this a naked point of control. And this would be an area that we would list as an area of potential interaction or interest moving forward at that point. Okay? So again, this represents the area where we spent the most amount of time, okay? Same thing as volume profile. I have the volume profile right here. And in this case they do line up, right? But it's not the same conversion. So this is where we spent the most amount of time. Now, sometimes they do line up. Often you will see that they do line up the volume profile, point of control and the TPO chart point of control as well. Okay? And then the value area. So the value area in this case is where we spent 70% of the time. And think about this as standard deviation, right? So that normal distribution where we spend 70% of our time, okay? So between value area high and value area low. So when the market is moving between this area, it's essentially within fair value, okay? The most fair value being at the point of control, okay. Where buyers and sellers spent the most amount of time. If this is where the most volume is transacted as well as, then this is where we are going to say they agreed upon the most. So this is the extreme fair value and this is more or less the rest. So when the market is moving within here, we'll typically see the same thing I talked about in the earlier roadmaps. When the market auctions above and it's considered above value, what we typically see is it'll auction lower, buyers have become less interested. Again, sellers might step in, we'll see it revert back to the mean. Okay? And this would be in a more balanced profile. This is not exactly a balanced profile in the same fashion that, you know, this would be. Okay, so this is not necessarily a, you know, a very balanced profile, but it's more balanced than this one that we're looking at right here. This actually might be a more balanced profile, if anything. So what we'll see is that when the price approaches the value area low, okay. That it will typically show that buyers will step in. Rather, this will be as if something went on sale, right? Just consider it that way. It's below value. We'll typically see buyers step in, okay. Sellers become less interested in selling at this point. And this is if we're moving within a balanced range, right? So remember this example is if we're moving within a balanced range, alright? There's a lot of times when you don't do that at all. You auction above value, you auction below value, okay? You're accepted below, you're accepted above, and you move on to create a new value area. And in a trend we're going to see that this is just a period of value areas constantly auctioning higher or auctioning lower. Okay, you're chasing value up or chasing value down. Okay? And then the close is G. All right, so G right here and I have mine indicated by this red triangle. And as again, you could see that this TPO chart when it's opened up, it resembles what you would see on the 30 minute bar chart. Okay? So remember, what we're trying to do is identify certain patterns, okay? We're going to be trying to identify patterns because we're not going to see this until it's over. So we want to start to identify how this gets painted so that when we start a day we could begin to, based on maybe the initial balance, who we're seeing, step in. If we're seeing range extension to the downside or to the upside, if we're seeing volume not confirming upside movement and auctioning lower. What we're going to try to do based on our Rolodex in our memory of certain day types is discerned based on even the previous trading environment. Something like previous day or the current week, for example, how this day might play out. And if, let's say, for example, we have a few previous days that have lined up, they've been within each other more or less inside days, for example, are a good example. Or we just have value areas that are more or less overlapping. When we are accepted out of, let's say, one of the highs or the lows of all of those inner or overlapping rather periods, this might be an opportunity to enter into a breakout trade. If anything, these typically do represent opportunities to take advantage of short term directional trades. Okay, moving along because we're going to get into that in the following roadmaps. So another thing that we go over are anomalies, okay? These are areas within market profile that lack symmetry or symmetry. So typically we'll see that these get corrected over a period of time. Okay? So there's plenty of different anomalies. And basically what we're looking at is imbalance or lack of symmetry or smoothness. So just to draw a crude example, you know, this is a smooth profile, right? If we had a profile that say, for example looked like this, okay, we would obviously be able to tell that that is something that has some type of anomalous behavior. Okay. The market kind of dropped off at one point. Maybe that was a Long liquidation. All right, so poor highs, poor lows. Okay? These are as in up here, areas where there's blunt profile extremes, okay? There's no real tail. So you have this one single print. Then you have just a pretty much a blunt extreme. Alright? This is a sign that buyers or sellers were not provoked, okay, In a manner that resulted in any meaningful response. So typically we'll see that this is something that's likely unfinished. And because of that, imagine what it would look like if we had think about for example, when we're looking at a profile range, for example, and we're looking at highs, we're looking at this high, say for example, and maybe if we're looking for lower price movement, what do we often talk about? We often talk about the highs being swept. Now what does the high swept look like? It looks like we move up and then we're immediately rejected. Now if you take this into consideration on how this would look on a bar chart, you can imagine what we're waiting for on this TPO chart. So we're waiting for the end of this auction to finish. And this is a closed out period. So clearly this was left as a poor high. But you'll typically see that the market will return to this area to correct it either in a later time period, at a later date and so forth. There was no meaningful response. In this case. The market auctioned upward and was not rejected. I'm just drawing you a picture of how this might look on a candle chart. So we moved upward, let's say we moved up here and we constantly spent time up here and we closed up here. There was no real rejection up here. The market was able to hover up here and was not rejected. Now in this case, we ended up closing up here though it would be a little bit of a different story if price ended up closing back within value. And this was not maybe necessarily the beginning of a directional move. But this again is a poor high. A poor low would be the same thing, but at the bottom we often revisit these areas. If you see this building up during the day, it might be the same day. Again, might not be the same day, it might be the next week, it might not be at all. But this is just some type of anomaly that we're going to be paying attention to or keeping an eye out for. Again, what we talk about in TPO charts is the same thing we talk about volume profile, low volume and high volume nodes. So high volume, high volume, low volume right here, very low volume right here, obviously as well And a little bit of low volume right here. So when it's within a session, so when we have a volume profile that looks like this, such as a double distribution and this is a single print, often you'll see that the extremes will act as areas that we will rebound off of. So if we're above here and we're coming down to an area where a single print area begins, and that means that it looks something like this within a structure, we'll typically see that price might wick into here and then quickly reject out of there. Okay, so single prints within a structure are good areas for reversals, especially if we're approaching them on diminishing volume. So again, and this is more so in the future. So if we have a profile that, let's say on a weekly profile looks something like this, and you know, we have a current daily profile that that's a horrible daily profile that is developing all right, right now. And this is our previous week's profile. Okay, Weekly profile is just developing right now, beginning of a new week. If we auction into this area where there's a single print, we would expect that since buyers and sellers were not interested right here previously and there wasn't much interaction that occurred, we'd likely see a very meaningful response out of this area. Or we would like to. Another thing that can happen is as price approaches this area, if we do see that there is acceptance and volume is picking up, this might be an area that we can move pretty rapidly through low volume nodes. The same way they work in volume profiles, they can work as ledges right here or right here. You might see price move to this area in the future and quickly move out of it. Okay, Same thing as over here. Or if you see there's acceptance, this would be an area we'd move through pretty quickly. So a lot of this comes down buying and selling we see within a profile. Okay, this is going to be in comparison to the previous day. So think about this as the previous day. And let's say that this is. We're right over here now. So this is the current day. Okay, so buying within the previous day's value area. So buying within or above. So if we. The market come above here moves upward, market moving here with any period. This is called initiative buying. These are buyers stepping in in an initiative fashion. This is them basically being aggressive. Rather think this a lot of the times you're seeing that this is an aggressive response initiative. Buying is buying within or above the previous day's value area. Now think about this. If Price auctions above the previous day value area. And we see that there's a new area that's being accepted. Buyers will initially start buying into this if sellers don't responsively auction this lower, right? So initiative selling is selling within or below a previous day's value area. So similar to the last example, but selling that we see within here is initiative selling. Selling that we see below the previous days value area is initiative selling as well. Now, responsive buying is the type of buying that we talk about in auction market theory when we come below value, okay? And responsive selling when we come above value. So value area high. Okay? For example, value area high, horrible, horrible letters, horrible writing. Rather, value area high, value area low. When we see the price responds, rather, price comes below the previous day's value. The buying that we see down there is responsive buying. Buyers are stepping in, buying something on sale, okay? They're buying something that's below value, so it's below its normal value. They're taking advantage of that opportunity and buying it. When we see that price is sold above the previous day's value area, we say that that's responsive selling. So price is above the value area. And we'll typically see that this is an area where we will see sellers step in. So sellers are responding to price above value. Buyers are responding to price below value. Now think about this. So responsive sellers up here meet up with initiative buyers. Responsive buyers down here meet up with initiative sellers. We're just basically seeing a battle, constantly battle in opposing forces. And in this case, we have an idea of who we're talking about when we're talking about initiative buying versus initiative selling versus responsive buying versus responsive selling. Just to have this terminology in mind, moving forward.

Just closing up.

Market profiles can help us identify balance or imbalance. So again, very simply put, balance profile, we see that profiles look more balanced when they are pretty symmetrical, right? So sometimes we'll see a very wide initial balance or a very small initial balance, but we'll see that the market spend most of its time within a pretty evenly distributed value area. All right? Markets look like they're imbalanced or rather imbalanced, not imbalanced. Okay. Imbalance is the opposite, right? So imbalance is, as you can imagine, when we have large skew, right? So these two, for example, here's a P and a B. These are popular day types or popular market profile structures that we will be talking about. All right? Sometimes they mean that there is a trend beginning. Sometimes it's short covering or long covering, okay? So these are actually can be referred to as anomalies as well as an entire structure. Okay. But again, they're essentially imbalanced. Right? So again, something like this, we have balance down here, but the entire structure is a structure that's not necessarily balanced. All right? So we could identify which side of the market to control. We could see clear trends and ranges. So when we get into day types, you'll see what trends look like. The market profile for a trend might look something like this. It might be thin, have multiple areas, where essentially imagine if we were looking at the candles look like this, right? So trends, okay? Ranges are going to be the opposite. So when you are moving within a balanced distribution, when price is accepted, within norms, within fair value, how do you think that the auctioning will look? It might look something like this, okay? More balanced distribution. Okay. This can also be distributions as a whole. So when we talk about distributions, so distribution period versus accumulation period. So at the bottom, this might look like an accumulation period. At the tops, this might be a distribution period. But again, when we see multiple periods like this line up, this is a good setup for a potential breakout trade. Again, we have a more clear idea of where our upper and lower bounds are. We can better define market structure so that we can either mean revert trade at the extremes, these rotation to highs and lows, or take advantage of acceptance above or below. So this helps us see those trends and ranges more clearly. And we're talking about bracketing markets. Again, when we're talking about ranges, we referred to that earlier on in the order flow roadmap as well. So sort and organize data effectively. So rather than looking at something like this, where we have a chart that's completely open, something like this, we compress all this down and now we could see was the day balanced? Okay, where do we spend the most amount of time? Where'd the most amount of volume take place? Where was the value area high? Where's the value area low? Versus looking at this, right? So market profile is great because you can have a current daily setup open on your candle chart, okay. And you could be looking at your previous days in the format of market profile. So that you don't necessarily have to have as much noise. You have data that's again compressed in a much more organized manner. All right. Another thing sees more market structure in a more contextualized picture. So again, we're able to see who stepped in after the initial balance was formed. All right. Did other time frame sellers step in or buyers step in? Okay, how are our day types? Do we have multiple periods where we were in balance. Where is this in relation to previous market structure? So it puts things in context, which is so important, especially if you're a price action trader. And all of this is going to be something that's extremely valuable for all the other things that we learned in order flow. So now when we have an idea of where our balanced areas are, where our value area highs are, where our value area lows are, where the naked points of control are, which again, remember, if this isn't interacted with and we see that this is pretty clean for the next periods when we approach this area, what do we want to pay attention to when we approach this area? Pay attention to the order flow. All right? Pay attention to how buyers and sellers are responding this area at that on an atomized level. Right. We want to see that if this is going to hold the support that this is being sold heavily, but prices are maintaining. Right. So again, what would we see? We'd see price come into this area heavily sold below, but price maintain the structure, put in some type of micro range close above to give you the idea that we're creating market structure, even that's a microstructure, rather even microstructure and leaving those aggressive sellers down here. But again, looking at something like this puts it in better context. So we have an idea of where the market spend the most amount of time. Now, in the next roadmap we're going to go over day types. So there's plenty of different day types. Now the main ones are going to be normal, normal variation, neutral, neutral, extreme and double distribution. And lastly a trending day type. Okay, so these are also going to be grouped based on the directional implications, right. So rather they're going to be rated based on how strong these are directionally. Okay. So a trending day is obviously the strongest. And then you have neutral and normal days being the weakest. All right, so the next roadmaps we're going to be getting to specifically these day types. How we could start spotting these day types, okay, what they look like and then how we could start to look for, you know, or rather the signs of. Rather look for and learn the signs that will be evident when they're starting to be painted. Right? Because we're not going to have these completed structures when we're looking at a new day. We're going to try to have. We're going to have to rather. We're going to have to rely on our memory, all right, of these days forming previously to try to in our best way identify how the current day is going to unfold. Okay, so that's that, guys. Hopefully that has been helpful. As always, it's a pleasure. This is Ryan. Exercise proper risk management and trade effectively. Buyers are stepping in, buying something on sale. Okay. They're buying something that's below value, right? So.