Each letter on the chart represents a 30-minute time period. The letter is placed at every price level the stock traded during that period.
| O | Opening Letter. Shown separately because the open sets the tone for the day. |
| A (9:15-9:45) | First full 30-min session. Together with B, it forms the Initial Balance. |
| B (9:45-10:15) | Second 30-min session. End of B marks the complete Initial Balance. |
| C to M | Remaining 30-min sessions through the day. M ends at 3:30 PM (market close). |
Example: If RELIANCE trades between 1420-1440 during session D (11:15-11:45), the letter "D" is printed at every price level from 1420 to 1440.
The price range where 70% of all trading activity happened. It represents the "fair price" zone where most buyers and sellers agreed on value. Shown as the highlighted/shaded region on the chart.
| VAH (Value Area High) | The top boundary of the value area. Acts as resistance. If price is above VAH, buyers are in control. Example: If VA is 1420-1450, then VAH = 1450. |
| VAL (Value Area Low) | The bottom boundary of the value area. Acts as support. If price is below VAL, sellers are in control. Example: If VA is 1420-1450, then VAL = 1420. |
| POC (Point of Control) | The price level with the most TPOs (the longest row of letters). This is the "fairest" price where the most time was spent. Strong magnet for price. Example: If the level 1435 has 8 letters (ABCDEFGH) and no other level has more, then POC = 1435. |
The price range of the first hour of trading (sessions A + B, 9:15-10:15). This range is critical because it sets the "playing field" for the rest of the day. Shown as a bracket/line on the left side of the chart.
| Wide IB (>90% of avg range) | Most of the day's move happened in the first hour. Market will likely stay inside this range for the rest of the day (Normal Day). Example: Avg daily range is 40 pts. First hour range is 38 pts. Not much room left to move. |
| Narrow IB (<30% of avg range) | Very little happened in the first hour. Market is coiling for a breakout. Expect a big move (Trend Day likely). Example: Avg daily range is 40 pts. First hour range is only 10 pts. Big move coming. |
| IB High / IB Low | The high and low of the first hour. When price breaks above IB High or below IB Low, it's called an IB extension — a significant event that often leads to further movement in that direction. |
Price levels where only one letter exists. The market moved through these prices so quickly that no other session traded there. Shown as highlighted single-letter rows on the chart.
| What they mean | Strong conviction move. The market moved so fast that it skipped building value at these levels. Shows urgency from buyers or sellers. |
| As Support/Resistance | Single prints often act as future support or resistance. If price returns to fill single prints, watch for a bounce or rejection. Example: Stock jumped from 1430 to 1450 in one session. Levels 1431-1449 have single prints. If stock drops back to 1440, the single prints may provide support. |
| Filling Single Prints | When price comes back and trades at single print levels, it's called "filling." This is significant because it means the market is re-evaluating that area. Single prints from previous days that remain unfilled are important reference points. |
Two or more single TPO prints at the extreme (top or bottom) of the profile. It shows aggressive rejection of prices.
| Buying Tail (Bottom) | Single prints at the low of the day. Aggressive buyers stepped in and pushed price up quickly. The longer the tail, the stronger the rejection. Bullish. Example: Stock touched 1420 but only one letter appears there. Then 1421, 1422 also have single letters. This 3-level buying tail shows strong buyer conviction at 1420. |
| Selling Tail (Top) | Single prints at the high of the day. Aggressive sellers stepped in and pushed price down quickly. Bearish. Example: Stock hit 1480 and immediately dropped. 1478, 1479, 1480 each have only one letter = selling tail. |
Yesterday's key levels are shown as dashed horizontal lines on the chart. These are the most important reference points for today's trading.
| Previous Day POC | Yesterday's Point of Control. Acts as a strong magnet for price. If today's price is near yesterday's POC, expect it to gravitate there. Also called "naked POC" if price hasn't revisited it. |
| Previous Day VAH/VAL | Yesterday's value area boundaries. These act as support and resistance. Watch how today's price reacts at these levels — acceptance above VAH is bullish, rejection below VAL is bearish. |
| Previous Day High/Low | Yesterday's extremes. Breaking yesterday's high or low is a significant event that often leads to continuation in that direction. |
Where the market opens relative to yesterday's value area tells you who is in control at the start.
| Open above VAH | Buyers pushed price above yesterday's value. Bullish start. If it holds above VAH, expect higher prices. Example: Yesterday's VAH was 1450. Today opens at 1460. |
| Open below VAL | Sellers pushed price below yesterday's value. Bearish start. If it stays below VAL, expect lower prices. Example: Yesterday's VAL was 1420. Today opens at 1410. |
| Open inside VA | Market opens in balance. No clear direction yet. Wait for IB to form before taking a directional view. Example: Yesterday's VA was 1420-1450. Today opens at 1435. |
The overall shape of the profile tells you what kind of day it is.
| Thin & Elongated | Trend Day. Few letters at each level. Market moved in one direction without building value. Strong conviction. Example: Most levels have 2-3 letters. Profile looks like a tall, narrow column. |
| Fat & Wide | Rotational Day. Many letters at each level. Market went back and forth. Good for mean-reversion trades (buy low, sell high within the range). Example: POC level has 8-10 letters. Profile looks like a wide bell shape. |
| Two Humps (b or P shape) | Double Distribution. Two fat areas connected by a thin neck (single prints). Market found value at two separate levels. Shows a shift in sentiment during the day. Example: Fat rotation at 1420-1435, thin single prints at 1436-1444, then another fat rotation at 1445-1460. |