Short excerpt from a YouTube video ("Long-Term Price Ranges") by Kosta Ouzas introducing Wyckoff's "composite operator" idea: multiple institutions with similar business models often behave collectively as a single composite trader/operator. The clip frames this concept as foundational to understanding larger price movements and long-term ranges.
Wyckoff made an interesting observation. He said, there's something called the composite operator. And what it is, this action that's happening here in this process is many, many institutions that are doing their own business, conducting their own business, but what they typically tend to do is they have same similar business models. They tend to act as one composite trader or operator.
