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TPO Profile Charts


Introduction

Welcome to the Sierra Chart TPO Profile Chart study. This is a very powerful and interactive study which provides you a completely new method of performing market analysis. TPO stands for Time-Price Opportunity. By using a TPO chart, you are able to analyze the amount of trading activity, based on time, for each price level the market traded at for any given time period.

The TPO Profile Chart study allows you to clearly see the areas where the market is trading at most of the time.

The TPO Profile Chart study identifies the Point of Control which is the price level where most of the trading is occurring timewise and the surrounding Value Area.

The TPO Profile Chart study can be used on its own or it can be combined with the Volume by Price study.

You have the ability to merge together and split apart TPO profiles for each period of time.

A TPO letter or block represents trading for a specific time block at a specific price. To the right is an example of a TPO Profile Chart with a Volume by Price study as well.

TPO charts are also known as Market Profile charts. In Sierra Chart they are called TPO Charts.

When using the TPO Profile Chart study, it is essential that the Tick Size under Chart >> Chart Settings is set correctly. Otherwise, TPO profiles may not display correctly and may take a long time to load and calculate.

Basic Instructions

TPO Profile Charts is added through the Chart Studies window. To create a basic TPO Profile Chart, follow these steps:

  1. You will need to be on Sierra Chart service package 5 to use the TPO Profile Chart study. To change your Sierra Chart service package, select Help >> Account Control Panel on the menu. Click on the Change Service Package link on the displayed webpage and follow the instructions. After you change your service package, you will need to restart Sierra Chart.
  2. Go to or open an Intraday or Historical Chart.
  3. Select Chart >> Chart Settings. Confirm the Tick Size and Price Display Format are set correctly. To automatically set these, press the Apply Global Symbol Settings button. Press OK.
  4. Select Analysis >> Studies on the menu.
  5. In the Studies Available list, select the TPO Profile Chart study.
  6. Press the Add >> button.
  7. To configure the TPO Profile Chart, select the TPO Profile Chart study in the Studies to Graph list box, and press the Settings button.
  8. Select the Settings and Inputs tab. Set the Value Format to the format required by the symbol of the chart. For example, the Value Format for the ES futures should be .01. The Value Format is the number of decimal places required to display a value for the symbol or it can be a fractional format.
  9. On the Settings and Inputs tab, you will see a list of inputs for the TPO Profile Chart study.
  10. Set the Letter/Block Price Increment in Ticks input to the number of price Ticks that you want each Letter/Block to include. If this is set to 0, then it will be automatically set.

    This must be be set correctly for proper TPO Profiles. Otherwise, you may see a single row of letters or too many rows of letters that overlap. In the case of the Forex markets, avoid setting the Letter/Block Price Increment to 1. The smaller the Price Increment, the more calculations that are involved and you potentially could hurt performance significantly if the setting is not correct.

    For more information on how to set this input, refer to the Letter/Block Price Increment in Ticks description.
  11. Modify other study Inputs as you require. If you want the TPOs to be displayed as Letters rather than Blocks, then set the Display TPOs As Letters input to Yes.
  12. In the case of when you are applying the TPO Profile Chart study to an Intraday chart, you will need to set the TPO Letter/Block Time Length in Minutes input. The default is 30 min. For Historical Daily charts, setting this is not necessary. It automatically defaults internally to 1 Day or 1 Month depending upon the time period of the profiles. When using the TPO Profile Chart study, there is no need to change the timeframe of the underlying bars of the chart. In the case of Intraday charts they will be set to 1 min. and cannot be changed. In the case of Historical charts, the underlying timeframe will be 1 Day per bar. For Intraday charts, you control the time length of the Letters/Blocks with the TPO Letter/Block Time Length in Minutes input.
  13. Select the Subgraphs tab on the Study Settings window. On this tab you can change the Colors of various elements of the TPO Profile Chart. There are specific Subgraphs for specific elements of a profile. The first relevant Subgraph is SG14. For complete information, see the TPO Chart Color and Width Settings section.
  14. Press OK to close the Study Settings window. Press OK to close the Chart Studies window.
  15. For information about adjusting the scaling of a TPO chart, refer to the Scaling the TPO Profile Chart section.
  16. For more information about adding and configuring Chart Studies, refer to the Chart Studies documentation page.

Scaling the TPO Profile Chart

Changing the Scale

  1. Bar Spacing: The bar spacing controls the spacing between periods. A period contains a single TPO Profile. For instructions to change the bar spacing, refer to the Changing Spacing documentation. For example, if 2 TPO Profile periods on a chart are too close together and are overlapping each other, you would want to increase the bar spacing. If 2 TPO Profile periods are too far apart and you want to see them side by side, you would decrease the bar spacing until they are next to each other visually.
  2. Price Scale: The price scale controls the distance between prices vertically and also the position of the vertical price scale for the traded prices. The price scale is the list of prices located on the right of the chart. By changing the vertical price scale, you can alter the view in order to get a clear display or move prices that are not in view into view. There are two methods to change the price scale. You can expand or contract the prices (Interactive Scale Range) and you can also move the chart up and down (Interactive Scale Move). This is accomplished by clicking and dragging with your mouse pointer on the scale numbers on the right side of the chart. You can choose between the two different interactive scaling modes by right clicking with your mouse pointer on the scale numbers on the right side of the chart. For complete instructions, see the Interactive Scaling documentation.
  3. Resetting the Vertical Scale to Default: To reset the vertical scale to the default, select Chart >> Reset Scale.

Overlapping TPO Letters

Overlapping Letters: If the TPO letters are too close and are overlapping each other, the letters may only be partially visible (see image to the right). There are several solutions:

  1. Increase the Letter/Block Price Increment input to include a wider range of prices for each TPO letter. For more information about this setting, refer to the TPO Profile Chart Settings section.
  2. Expand the price scale range by using the Interactive Scale Range feature as explained in the Scaling the TPO Profile Chart section.
  3. Use a smaller Letter Font Size. For more information about this setting, refer to the TPO Profile Chart Settings section.

How to Read TPO Profile Charts

Below is an image of a TPO Profile and a Volume Profile with numbers identifying various elements.

TPO Chart

Elements of TPO and Volume Profiles

  1. Time Price Opportunities. These are known as TPOs for short. These are displayed as alphabetic letters or blocks.
  2. The TPO Count for Each Price Increment is displayed as a number to the left of each row in the TPO profile for a period.
  3. The Initial Balance Range (IBR) is displayed as a vertical line to the left of the TPO Letters/Blocks which represents the price range of the Initial Balance.
  4. The Opening Price for a TPO Profile for a period is displayed as a highlighted block or letter. Refer to TPO Chart Color and Width Settings to set the color.
  5. The TPO Midpoint for a TPO Profile for a time period is displayed as a highlighted block or letter directly on the profile.

    There are two calculation methods.

    Midpoint of TPO High and TPO Low : This is the middle of the highest letter/block in the profile and the lowest letter/block of the profile.

    TPO Letter/Block Midpoint: Depending upon the TPO Midpoint Calculation Method Study Input setting, the midpoint is either the midpoint of the TPO High and TPO Low. Or the price level in the TPO Profile where there is an equal or almost equal number of TPO blocks or letters above and below that price.

    Refer to TPO Chart Color and Width Settings to set the color. This highlighting can be enabled or disabled through the Highlight Midpoint in Profile study Input setting.
  6. The Last Trade Price for a TPO Profile for a period is displayed as an arrow pointing towards the right. To change the color, refer to the TPO Chart Color and Width Settings section.
  7. The TPO Point of Control (POC) is displayed as highlighted letters or blocks indicating the price level of the Point of Control. For how the Point of Control is calculated, refer to the How Technical Values are Calculated section.
  8. The TPO Value Area (VA) is displayed as highlighted letters or blocks indicating the Value Area of the profile. The Value Area encompasses the TPOs that are a given % (the default is 70%) around the Point of Control. For how the Value Area is calculated, refer to the How Technical Values are Calculated section.
  9. The TPO Value Area (VA) upper and lower prices can be extended as horizontal lines until the end of the period.
  10. The Initial Balance Range (IBR) extensions. Up to 4 extension percentages can be set in the TPO Profile Chart Settings. To change the color of the extension lines, refer to the TPO Chart Color and Width Settings section.
  11. These are the horizontal Initial Balance Range extension lines. The IBR Extension Display Mode input setting allows the 4 IBR extensions to be drawn as vertical bars on the left of the profile, horizontal bars on the right side of the profile (as shown in the image), or both. The IBR extension percentages are set in the TPO Profile Chart Settings.

    To change the colors or line width, refer to the TPO Chart Color and Width Settings section.
  12. Same as 11.
  13. This is the Volume Profile. You will need to add the Volume by Price study to see the Volume Profiles. For additional information, refer to the Displaying Volume Profiles section.
  14. This is the Volume Point of Control.
  15. This is the Volume Value Area.

Viewing Basic Profile Settings

The highlighted box in this image shows the Time Period of each profile and the Price Increment and the Time Period of each letter/block.

TPO Chart

Highlighting the Value Area and Point of Control

By default the Value Area and Point of Control are highlighted on TPO Profiles. To change the colors of the highlighting, refer to the TPO Chart Color and Width Settings section. To disable highlighting, set the Highlight TPO Value Area And Point Of Control input to No. Refer to the TPO Profile Chart Settings section for instructions and a description of this input.

Displaying Volume Profiles

To display Volume Profiles with the TPO Profile Chart study, add the Volume by Price study to the chart.

The following TPO Profile Chart study inputs affect the display of the Volume Profiles:

  • Percent Width for Volume Profile
  • Align Volume Profiles to TPO Profiles.

The Period Type, Time Period, Use Different Start Time, and Maximum Volume Bar Width study inputs are internally automatically set and are ignored in the Volume by Price input settings when the Volume by Price study is used with the TPO Profile Chart study.

Splitting and merging of TPO Profiles automatically applies to the displayed Volume Profiles as well when the Volume by Price study is used with the TPO Profile Chart study.

Splitting and Merging TPO Profiles

TPO Profiles consisting of letters or blocks can be split apart or merged together. Splitting and merging TPO Profiles is performed by right clicking on a TPO profile and selecting one of the commands listed below.

If a Volume by Price study is also added to the chart, then the identical splits and merges are also applied to that Volume by Price study as well.

When a TPO profile is Split or Merged, a completely new profile or profiles are created with its own Volume Profile, if using the Volume by Price study, based upon the Split or Merge.

  • Letters/Blocks in Own Column: Refer to Displaying TPO Letters/Blocks for Subperiod in Own Column.
  • Split Profile Here: Right click on a TPO Letter or Block and select this command to perform a split at the date and time of that Letter/Block. This will create two separate TPO Profiles.
  • Merge with Prior Profile: Right click on a TPO Profile and select this command to merge it with the TPO Profile to the left.
  • Merge with Next Profile: Right click on a TPO Profile and select this command to merge it with the TPO Profile to the right.
  • Undo This Profile Split: Right click on or near a TPO Profile and select this command to clear the particular split that created the new split TPO profile you right-clicked on. If there is no split associated with the profile you right-clicked on, then this command will be disabled.
  • Undo All Merges In This Profile: Right click on or near a TPO Profile and select this command to clear all merges that were previously done to create the larger TPO Profile and restore the original TPO Profiles.
  • Remove Leftmost Merge in Profile: Right-click on or near a TPO profile and select is command to remove the leftmost merge in a merged profile. What will happen is that the starting Date-Time of the TPO profile will be adjusted forward by the standard profile period time length.
  • Remove Rightmost Margin Profile: Right-click on or near a TPO profile and select is command to remove the rightmost merge in a merged profile. What will happen is that the ending Date-Time of the TPO profile will be adjusted backward by the standard profile period time length.
  • Undo All Splits For This Chart: This command will clear all the splits that were previously done on the chart.
  • Undo All Merges For This Chart: This command will clear all the merges that were previously done on the chart.

To split a TPO Profile at a particular letter or block, simply right-click over that letter or block and select Split Profile Here.

Displaying TPO Letters/Blocks for Subperiod in Own Column

A TPO Profile can be set to display its letters/blocks in individual columns. Each column consists of one subperiod.

A sub period is set with the TPO Letter/Block Time Period Length In Minutes study Input. For example, if the Letter/Block Time Period Length is 30 minutes, then each column represents 30 minutes.

To display the letters/blocks for particular TPO Profile in their own chart column, right-click on or near the TPO Profile and select Letters/Blocks In Own Column. You will see a letter/block at each price increment that the market traded at.

To display the letters/blocks for all to TPO Profiles in the chart in their own chart column, right click anywhere on the chart and select Letters/Blocks In Own Column - All Profiles.

Here is a TPO Profile set to have the Letters/Blocks displayed in individual columns. Each column consists of one sub period within the period.

How Point of Control and Value Area Are Calculated

TPO Point Of Control

  1. The Point of Control is found in a TPO Profile at the price level/row that contains the most number of TPOs.
  2. If there is more than one price level/row with the same number of TPOs, then the price level/row that is closest to the middle of the profile is used as the Point of Control.
  3. In the event that two price levels/rows are equidistant from the middle of the profile, then the lower of the two will be used.

Volume Point Of Control

  1. The Point of Control is found in a Volume Profile at the price level that contains the highest volume.
  2. If there is more than one price level with the same volume, then the price level that is closest to the middle of the profile is used as Point of Control.
  3. In the event that two price levels are equidistant from the middle of the profile, then the lower of the two will be used.

TPO Value Area

  1. The Value Area (VA) of a TPO Profile is calculated using the specified TPO Value Area % (percentage) set in the TPO Profile Chart Settings for the study. The default value is 70%.
  2. The first step is we calculate the total number of TPOs (letters or blocks) in the entire profile and multiply this by the TPO Value Area Percentage(%). Next, we have to identify the price levels within the TPO Profile that contain at least this number of TPOs. This is done as follows:
  3. Starting at the Point of Control we move outward row by row. At the first set of rows we see which one has more TPOs compared to the other row. The row with the most TPOs is used as part of the Value Area. The one with the lesser TPOs, is used in our next comparison. We then continue to the next set of rows which consists of the row beyond the one with the greatest TPOs previously made part of the Value Area and the row we compared to previously which was not included in the Value Area. We then do the same comparison seeing which one has the greatest number of TPOs and we use that row as part of the Value Area.
  4. When the total number of TPOs we have included in the Value Area reaches or exceeds the calculated number of TPOs in our Value Area, then we stop and have our Value Area. The top price row included in the Value Area is the TPO Value Area High and the bottom price row included in the Value Area is the TPO Value Area Low.
  5. When we encounter 2 TPO profile rows with an equal number of TPOs, then we include both of those rows and then move on to the next set of rows for the next comparison.

Volume Value Area

  1. The Value Area (VA) of a Volume Profile is calculated using the specified Volume Value Area % (percentage) set in the TPO Profile Chart Settings for the study. The default value is 70%. Volume Value Area calculations are used with some other studies in Sierra Chart. Therefore, for those other studies, the percentage is set through the Volume Value Area % Input for the particular study.
  2. The first step is we calculate the total Volume in the entire Volume Profile and multiply this by the Value Area % (percentage). Next, we have to identify the price levels within the profile that contain this Volume. This is done as follows:
  3. Starting at the Point of Control we move outward row by row. At the first set of rows we see which one has the greatest Volume. The one with the greatest Volume is used as part of the Value Area. The one with the lesser Volume, is used in our next comparison. We then continue to the next set of rows which consists of the row beyond the one with the greatest Volume previously made part of the Value Area and the row we compared to previously which was not included in the Value Area. We then do the same comparison seeing which one has the greatest Volume and we use that row as part of the Value Area.
  4. When the total Volume we have included the Value Area reaches or exceeds the calculated Volume in our Value Area, then we stop and have our Value Area. The top price Volume Profile row included in the Value Area is the Volume Value Area High and the bottom price row included in the Value Area is the Volume Value Area Low.
  5. When we encounter 2 Volume Profile rows with an equal volume, then we include both of those rows and then move on to the next set of rows for the next comparison. In the case of Volume Profiles, it is not very likely that there will be two rows with an equal volume.

Incorrect Value Area or Point of Control Values

When you compare the Value Area and Point of Control values from a TPO Profile, Volume Profile, TPO Value Area Lines, Volume Value Area Lines study within Sierra Chart, to another user running Sierra Chart, to another program that is also calculating these, or to other charts within Sierra Chart using these same studies, potentially you can find differences. Review the following items for reasons why there can be differences.

  • TPO Profile Chart study: Make certain that the Profile Time Period Length and the Profile Time Period Length Unit inputs are set to what you require and match the TPO profiles you are comparing to.
  • Volume by Price study: Make certain that the Volume Graph Period Type, Time Period Type, and Time Period Length inputs are set to what you require and match the Volume Profiles you are comparing to.
  • TPO Value Area Lines study: Make certain that the Time Period Type and Time Period Length inputs are set to what you require and match the TPO Value Area Lines you are comparing to.
  • Check the Value Area % (percentage) Input setting and make sure it matches to the corresponding setting used with the TPO or Volume Profiles, or TPO Value Area Lines you are comparing to. Usually this setting will be 70%.
  • When using Intraday charts, check the Intraday chart Session Times in Chart >> Chart Settings to make certain they match the TPO or Volume Profiles you are comparing to.
  • TPO Value Area Lines study: The timeframe/period per bar in an Intraday chart must evenly divide into the TPO Letter/Block Time Increment in Minutes Input setting with the study. The timeframe per bar is set in Chart >> Chart Settings . Otherwise, there will be reduced accuracy. For example, if TPO Letter/Block Time Increment in Minutes is set to 30 minutes, then the bars in the chart should be 1 minute, 3 minutes, 5 minutes, 10 minutes, or 15 minutes. For the highest degree of accuracy, you should use the lowest timeframe per bar. You will have more accuracy at 1 minute per bar than 30 minutes per bar.

    If the Intraday chart Bar Period Type is set to Number of Trades, Volume, Range, Reversal, Renko, Delta Volume, then accuracy is degraded because these are not time specific bars. In general, using these types of bars will give you unpredictable results. When comparing the TPO Value Area Lines on a standard Intraday chart to the value areas for profiles displayed with the TPO Profile Chart study also on an Intraday chart, then make sure that the chart the TPO Value Area Lines study is on has a timeframe per bar which evenly divides into the TPO Letter/Block Time Increment in Minutes setting.
  • Be aware that Sierra Chart may be using a slightly different Value Area calculation method. Refer to the Value Area Calculations section.
  • Volume by Price study: In the case of when using the Volume by Price study, you will need to be certain in order to achieve the greatest accuracy, if high accuracy is very important for you, that you are working with tick by tick data when using Volume Profiles on Intraday charts. Refer to the Tick by Tick Data Configuration page for instructions.
  • Volume by Price study: When comparing the Value Area and Point of Control from a Volume by Price study to a Volume Value Area Lines study, you need to set the Ticks per Volume Bar input with the Volume by Price study to 1, since this is what is used in the Volume Value Area Lines study.
  • There could be missing data in an Intraday chart. To ensure you have all the data, we recommend deleting and re-downloading the data by going to the Intraday chart and selecting Edit >> Delete All Data and Download from the menu.

TPO Profile Chart Settings

The Sierra Chart TPO Profile Chart study is very versatile and can be configured in many ways. If you wish to use the same or similar configuration on other charts, you can save your configuration by saving the study as part of a Study Collections.

  1. To view and modify the settings for the TPO Profile Chart study, select Analysis >> Studies on the menu.
  2. If the TPO Profile Chart study has not been added to the chart, then Add it. Select TPO Profile Chart study in the Studies to Graph list on the Chart Studies window.
  3. Press the Settings button.
  4. Select the Input and Settings tab. Below is a complete list of all the TPO Profile Chart settings.

Letter/Block Price Increment in Ticks

The Letter/Block Price Increment in Ticks Input specifies the grouping of prices. The Price Increment can be as small 1 which will mean 1 tick. For example, if a given time period has a price range from 1110.5 to 1114, a Price Increment of 4 and a Tick Size of .25 (equivalent to a value of 1.0 = 4*.25) would group prices into 4 groups: 1111, 1112, 1113, 1114. The price group for 1111 would include the range from 1110.5 to 1111.25. While a Price Increment of 2 would group prices into 8 groups, 1110.5, 1111, 1111.5, 1112, 1112.5, 1113, 1113.5, 1114. The price group for 1110.5 would include the range from 1110.25 to 1110.5, Also assuming a Tick Size of 0.25.

Profile Time Period Length

See description below.

Profile Time Period Type

These two inputs control the time period of each Profile within a TPO Profile Chart. A profile consists of a group of TPO Letters or Blocks for the specified period of time.

If you are using a Historical chart, the Time Period Type needs to be Months or Years and will be automatically adjusted if necessary.

Number of TPO Profile Periods

This input specifies whether there are multiple TPO Profiles or a single TPO Profile in the chart. If a single profile, then there are several choices.

The following are the choices:

  • Multiple Periods Fixed By Time: For all the data loaded in the chart, this will create TPO Profiles of the time length specified by the Profile Time Period Length and Profile Time Period Type Inputs.
  • One Period Of Fixed Time Length At End: This will create a single TPO Profile using the data at the end of the chart. The time length of the TPO Profile is specified by the Profile Time Period Length and Profile Time Period Type Inputs.
  • From Start Time To End: This will create a single TPO Profile using the last day of data in the chart. The time length will be from the start time specified by the Single Profile Start Date-Time Input. Only the Time part of the input is used. The Date is ignored.
  • From Start Date-Time + Time Length: This will create a single TPO Profile from the starting Date-Time specified by the Single Profile Start Date-Time Input. The profile links is specified by the Profile Time Period Length and Profile Time Period Type Inputs.
  • From Start Date-Time To End Date-Time: This will create a single TPO Profile from the starting Date-Time specified by the Single Profile Start Date-Time Input, to the ending Date-Time specified by the Single Profile End Date-Time Input.

1 Period At End Of Chart Of Specified Length

When this input is set to Yes, there will be only one TPO Profile displayed at the end of the chart and the time duration for it is set by the Time Period Length and Type settings.

TPO Letter/Block Time Period Length In Minutes (For Intraday Charts)

This input specifies the time period length of a TPO letter or block within the larger TPO profile for a period of time. The default is 30 minutes. This setting applies when the Time Period Type is Minutes, Days, Weeks, or Months. This Time Period Length is also known as the Sub Period time length. Each letter corresponds to one sub-period. The maximum length is 1440 minutes. This setting only applies to Intraday charts. In the case when using this study with Historical charts, this is automatically set to 1440 minutes, which is equal to 1 day. When the Profile period is 1 Year, then the Letter/Block Time Period is 1 month.

Letters Always Start At Primary Session Start Time

When this input is set to Yes, the first letter, usually letter A, of the currently defined TPO Letters will start at the primary session Start Time.

Align Volume Profiles To TPO Profiles

When this input is set to Yes and the Volume by Price study has been added to the chart, then the left edge of the Volume Profile will be aligned to the left edge of the TPO Profile. The Volume Profile will be displayed below the TPO Profile if the Volume by Price study is listed first in the Studies to Graph list box on the Chart Studies window. Otherwise, if the TPO Profile study is listed first, then the Volume Profile will be above the TPO Profile.

Display Total TPO Count

If checked, the Total TPO Count will appear to the left of the TPO Chart.

Highlight Open And Midpoint In Profile

If this input is set to Yes, the study will highlight the Opening price and the Midpoint price in each TPO Profile.

Highlight TPO Value Area And Point Of Control

If this input is set to Yes, then the Value Area (VA) and Point of Control (POC) sections of each displayed TPO Profile will be colored the specified colors. To change the colors, refer to the TPO Chart Color and Width Settings section.

Value Area Highlight Based On Volume

If this input is set to Yes, the Value Area section of each TPO profile is colored based upon the Volume profile Value Area rather than the TPO Profile itself. This input only applies if Highlight TPO Value Area And Point Of Control is set to Yes.

Point Of Control Highlight Based On Volume

If this input is set to Yes, the Point of Control row of each TPO profile is colored based upon the Volume profile Point of Control rather than the TPO Profile itself. This input only applies if Highlight TPO Value Area And Point Of Control is set to Yes.

TPO Value Area %

This input sets the percentage of the TPO Profile which makes up the Values Area.

Extend Value Area: 0=None, 1=End Of Period, 2=End Of Window

If this input is set to 1, then the TPO Value Area of a Profile is extended horizontally to the last column reserved for the Profile. If this input is set to 2, then the TPO Value Area of a Profile is extended horizontally to the right edge of the window. Otherwise, if it is set to 0 no extension is drawn.

Extend TPO POC Until Future Intersection

If this input is set to Yes, then the point of control for each Profile is extended until it touches another Profile after it. This is commonly known as the virgin point of control.

Volume Value Area %

This input sets the percentage of the Volume Profile which makes up the Values Area.

TPO Letter/Block Colors

  • Single Color: All of the TPO letters or blocks are a single color as specified by the TPO Letter/Block Color Subgraph (SG13) color setting. For more information about this Subgraph, refer to the TPO Chart Color and Width Settings section.
  • Use Letter/Block Color 1-18: TPO letters or blocks will be colored using the Letter/Block Color 1-18 color Input settings. There are 18 of these colors and they will be iterated through as needed for each subperiod of a TPO profile. If there are more than 18 subperiods within a TPO Profile, then the use of these colors will repeat from the beginning.
  • Use Letter/Block Color 1-18 for Periods: Each TPO Profile for a period will be colored using the Letter/Block Color 1-18 color Input settings. There are 18 of these colors and they will be iterated through as needed for each TPO Profile within the chart. If there are more than 18 TPO Profiles within a chart, then the use of these colors will repeat from the beginning.

Shade TPO Letters/Blocks Based On Time

When this input is set to Yes, then the TPO letters or blocks will have a different shade of their color, based upon the time from the beginning of the period that the letter or block represent. For example, if the TPO Profile has a period of 1 Day, and the letters and blocks have a time period length of 30 min., then the letters/blocks at the beginning of the period will have a darker or less bright appearance. The letter/blocks near the end of the period will have a brighter appearance. This visually helps to identify where in the overall period of the profile, that the letter/block is located timewise.

Display TPOs As Letters

When this input is to Yes, instead of the TPOs displayed as blocks, each TPO will be displayed as a Letter using letters of the standard English alphabet. For additional information, refer to the TPO Letter Codes and Letter Customization section.

Letter Font Size

This input specifies the font size in Points, of each TPO letter in a TPO Profile. Reduce the Font Size to make the letters smaller if the letters are overlapping each other or if they are too large.

If the letters are overlapping, you can also increase the Letter/Block Price Increment in Ticks input setting.

When this input is set to zero, the font size is automatically scaled to fit within the available spacing between the TPO rows in the Profile.

Initial Balance Range

The Initial Balance Range input setting sets the number of sub periods, which is set with the Letter/Block Time Period Length In Minutes input, within a TPO Profile for a period, the Initial Balance Range represents.

For example, if this value is 2, the Initial Balance Range will be the price range of the first 2 sub periods for every TPO profile.

The Initial Balance Range is displayed as a vertical bar to the left of the TPO Profile.

Percent Width For Volume Profile

If you have applied the Volume by Price study to the chart, then this input specifies the width of the Volume Profile as a percentage relative to the TPO Profile. If this is set to 100%, then the Volume Profile will have the same width as the TPO Profile.

New Period At Day Session Start When Using Evening Session (1 Day Period Only)

When this input is set to Yes and you have defined and enabled Evening Session times in Chart >> Chart Settings , a separate TPO Profile and also a Volume Profile, if you are using the Volume by Price study, will be displayed for both the Day session and the Evening session. Normally there will be one profile that starts at the Evening session time. When this input is set to Yes, then at the Day session Start Time a new TPO Profile will begin.

Color Letters For Value Area And Point Of Control Instead Of Background

When this input is set to Yes, it will color the TPOs letters themselves rather than the background at the price levels of the Value Area and Point of Control.

Highlight Open Of Each New Sub Period Within TPO Profile

Set this input to Yes, to highlight the opening letter or block of each new sub period within a TPO profile. The time length of a sub period is set with the TPO Letter/Block Time Period Length in Minutes input.

Highlight Midpoint In Profile

Set this input to Yes to highlight the midpoint in TPO profiles. For a description of the TPO profile midpoint, refer to the How to Read TPO Profile Charts section.

IBR Extension Display Mode

The Initial Balance Range of a TPO Profile can be extended by four configurable percentages. The percentages are specified using the IBR 1-4 Extension Percentage inputs. 0% means that there is no extension.

This input specifies how the Initial Balance Range (IBR) extensions should be displayed. The extensions can be drawn as vertical bars on the left of the TPO Profile, horizontal lines on the right of the TPO Profile, neither, or both.

For information about changing the color of the Initial Balance Range Extensions, refer to the TPO Chart Color and Width Settings section.

IBR 1 Extension Percentage

This input sets the percentage for the first set of Initial Balance Range extension lines. When set to zero, the extension is disabled.

IBR 2 Extension Percentage

This input sets the percentage for the second set of Initial Balance Range extension lines. When set to zero, the extension is disabled.

IBR 3 Extension Percentage

This input sets the percentage for the third set of Initial Balance Range extension lines. When set to zero, the extension is disabled.

IBR 4 Extension Percentage

This input sets the percentage for the forth set of Initial Balance Range extension lines. When set to zero, the extension is disabled.

Single Profile Start Date-Time

For TPO charts that consist of a single TPO profile, this input sets the starting Date-Time.

Single Profile End Date-Time

For TPO charts that consist of a single TPO profile, this input sets the ending Date-Time.

Use Custom Sub Periods 1 and 2

Set this input to Yes to use the defined Custom Sub Periods 1 and 2. This allows the TPO profile to override the standard Letter/Block time period length and define a custom sub period timeframe at certain times, usually a longer length, within the overall TPO profile.

Custom Sub Period 1 Start Time

This input sets the starting time for the first custom sub period. This input only applies when Use Custom Sub Periods 1 and 2 is set to Yes.

Custom Sub Period 1 End Time

This input sets the ending time for the first custom sub period. This input only applies when Use Custom Sub Periods 1 and 2 is set to Yes.

Custom Sub Period 2 Start Time

This input sets the starting time for the second custom sub period. This input only applies when Use Custom Sub Periods 1 and 2 is set to Yes.

Custom Sub Period 2 End Time

This input sets the ending time for the second custom sub period. This input only applies when Use Custom Sub Periods 1 and 2 is set to Yes.

Highlight Opening Range on TPO Profiles

Set this input to Yes to highlight the opening range on a TPO profile. The opening range is highlighted by displaying a vertical bar on the left side of the profile that goes from the High of the opening range to the Low of the opening range.

The time Length of the opening range is set with the Opening Range Time Length in Minutes input.

The color of the Opening Range vertical bar is set through the Opening Range Highlight Color (SG25) Subgraph on the Subgraphs tab of the Study Settings window. For more information, refer to TPO Chart Color and Width Settings.

Opening Range Time Length in Minutes

This input specifies the Time length and minutes of the opening range to identify. This input is only relevant if Highlight Opening Range on TPO Profiles is set to Yes.

Letter/Block Color 1-18

The Letter/Block Color 1-18 color Inputs set the colors for TPO letters/blocks or for entire TPO Profiles. These color Input settings only apply when the TPO Letter/Block Colors Input is set to Use Letter/Block Color 1-18 or Use Letter/Block Color 1-18 for Periods .

30 Minute Letter/Block SubPeriod Handling

This input specifies several options for the handling of TPO Profile subperiods when using a session Start Time which is not a multiple of 30 minutes or at 0:00, and when using a TPO Letter/Block time period of 30 minutes.

The choices are as follows:

  • Standard: This is default setting and there is no special handling.
  • Merge Odd SubPeriod with Next: This will merge the odd sub period which arises from an odd chart Start Time, with the next subperiod creating a longer subperiod than the setting. Example: If the chart Start Time is 8:20 and the sub period time length is 30 minutes, there will be a single sub period which goes from 8:20 to 8:59:59.
  • Start New Subperiods at Even 30 Minutes Time Blocks : This is an example of what this does: If the chart Start Time is 8:20, there will be a single sub period which goes from 8:20 to 8:29:59. The next sub period will begin at 8:30.

TPO Letter Sequence

This input specifies the specific letters to use for each sub period within a TPO Profile. For complete documentation, refer to TPO Letter Codes and Letter Customization.

TPO Chart Color and Width Settings

The colors for various elements of the TPO Profile Chart study are set on the Subgraphs tab of the Study Settings window. For some TPO profile elements, the Line Style, Line Width, and Line Labeling can also be set.

These Subgraphs are meant for appearance control (color, line width, line style, line labeling). They do not themselves contain any displayable data. The Draw Style needs to be left at the default setting of either Ignore or Visible.

If you want more information on the meaning of the various elements of a TPO Profile, refer to the How to Read TPO Profile Charts section.

  1. To view and modify the Subgraph settings for the TPO Profile Chart study, select Analysis >> Studies on the menu. If the TPO Profile Chart study has not been added to the chart, then Add it.
  2. Select the TPO Profile Chart study in the Studies to Graph list on the Chart Studies window. The name may be a little different and include some of the TPO Input settings.
  3. Press the Settings button.
  4. Select the Subgraphs tab.
  5. Select from the Subgraphs list at the top, the Subgraph with the name as given below. You can then use the color buttons to change the colors. In the case of some elements, use the Line Style list box to change the line style, and use the Width to change the width of the line.
  6. The Value Area and Point of Control Extension lines can have Value Labels. For details, refer to Point of Control and Value Area Extension Line Labels.

There are also additional settings which affect the colors of TPO profiles and those are described in the TPO Profile Chart Settings section.

TPO Letter/Block Color (SG13)

This Subgraph sets the color of the TPO blocks or letters when TPO Colors is set to Solid Color.

Point Of Control Color (SG14)

This Subgraph sets the color of the Point of Control highlighting on the TPO Profile if the Point of Control is set to be highlighted. The Point of Control will be highlighted if the Highlight TPO Value Area and Point of Control study Input is set to Yes.

Value Area Color (SG15)

This Subgraph sets the color of the Value Area highlighting on the TPO Profile if the Value Area is set to be highlighted. The Value Area will be highlighted if the Highlight TPO Value Area and Point of Control study Input is set to Yes.

Value Area Extension Lines (SG16)

This Subgraph sets the color and width of the Value Area extension Lines, if enabled through the TPO Profile Chart Settings. To display the line Value Label, enable Show in the Value Label frame.

Point of Control Extension Line (SG17)

This Subgraph sets the color and width of the Point of Control extension line, if enabled through the TPO Profile Chart Settings. To display the line value label, enable Show in the Value Label frame.

Open Marker Color (SG18)

This Subgraph sets the color of the Open Marker highlight on the TPO Profile.

Midpoint Marker Color (SG19)

This Subgraph sets the color of the Midpoint Marker highlight on the TPO Profile. Refer to How to Read TPO Profile Charts for description of the Midpoint marker.

Last Trade Arrow Color (SG20)

This Subgraph sets the color of the Last Trade arrow on the TPO Profile.

Initial Balance Range Color (SG21)

This Subgraph sets the color for the Initial Balance Range vertical bar on the left side of the TPO Profile.

IBR Extension 1 Line Above/Below (SG22)

This Subgraph sets the colors and line Width for the above and below horizontal lines/vertical bars for the Initial Balance Range (IBR) 1 Extension.

IBR Extension 2 Line Above/Below (SG23)

This Subgraph sets the colors and line Width for the above and below horizontal lines/vertical bars for the Initial Balance Range (IBR) 2 Extension.

IBR Extension 3 Line Above/Below (SG26)

This Subgraph sets the colors and line Width for the above and below horizontal lines/vertical bars for the Initial Balance Range (IBR) 3 Extension.

IBR Extension 4 Line Above/Below (SG27)

This Subgraph sets the colors and line Width for the above and below horizontal lines/vertical bars for the Initial Balance Range (IBR) 4 Extension.

Point of Control and Value Area Extension Line Labels

Price Labels can be enabled on the Point of Control and Value Area lines that have been set to extend through the corresponding TPO Profile Chart Settings. To set up these Price Labels, follow the instructions below.

  1. Open the Study Settings window for the TPO Profile Chart study.
  2. Select the Settings and Inputs tab.
  3. Set the Extend Value Area Input to a setting other than None , if you want the Value Area lines labels. For example, set it to End of Window.
  4. Set the Extend TPO POC Input to a setting other than None , if you want the Point of Control line label. For example, set it to End of Window.
  5. Select the Subgraphs tab.
  6. For the Point of Control label, select the Point of Control Extension Line Subgraph and enable Show for the Value Label . Set the Horizontal and Vertical alignment options as you require. In the example image to the right we have set the Horizontal alignment to Left . By using Left, we are able to see the labels on historical TPO Profiles. Press the Subgraph Color button to change the color of the extension lines and labels as required.
  7. For the Value Area labels, select the Value Area Extension Lines Subgraph and enable Show for the Value Label. Set the Horizontal and Vertical alignment options as you require. In the example image to the right we have set the Horizontal alignment to Left . By using Left, we are able to see the labels on historical TPO Profiles. Press the Subgraph Color button to change the color of the extension lines and labels as required.
  8. Press OK. The Value Labels will only be visible if you have enabled the extension lines for the Point of Control or the Value Area.

Displaying Separate Profiles for Day and Evening Sessions

  1. Add the TPO Profile Chart study to the chart and open the Study Settings window. Refer to Adding/Modifying Study Settings for instructions.
  2. Set the Profile Time Period Length input to 1.
  3. Set the Profile Time Period Length Unit input to Days.
  4. Set New Period At the Session Start When Using Evening Session input to Yes.
  5. Press OK. Press OK.
  6. Select Chart >> Chart Settings.
  7. Set the Session Times >> Start Time to the start of the day trading session. For complete documentation refer to Session Times.
  8. Set the Session Times >> End Time to the end of the day trading session.
  9. Enable the Session Times >> Use Evening Session option.
  10. Set the Session Times >> Evening Start to the start of the evening session.
  11. Set the Session Times >> Evening End to the end of the evening session.
  12. Press OK.
  13. You should then have a chart that looks like the image above. There will be a completely separate profile for the Day and Evening session. The TPO Profile Text Information will be completely independent for each profile. The above chart also contains the Volume by Price study as well.

The Effect of Letter/Block Price Increment Setting

When the Letter/Block Price Increment in Ticks study Input with the TPO Profile Chart study is set to a value other than 1, then the underlying prices are rounded to the nearest multiple of this increment. This has the effect of causing an imprecision with the High and Low prices you will see for a TPO Profile. The prices may be slightly off of the actual. The degree of the inaccuracy will depend upon how large of a Letter/Block Price Increment in Ticks setting you have.

For accurate High and Low values, use a Letter/Block Price Increment in Ticks setting of 1.

Setting The Time Range of Data to Display

To control what time ranges of data for a day to include in the TPO profile for a period, it is necessary to set the Session Times controls in the Chart Settings window. This only applies to Intraday charts. For more information, see the Session Times section on the Chart Settings page. To open the Chart Settings window select Chart >> Chart Settings on the menu.

The starting time for TPO Profile periods in Intraday charts, are set with the Start Time specified in the Chart Settings window. If you are using the Evening Session times, then the starting time will be the Evening Start Time.

When you are using Evening Session times you may want to set the Always Start Letters at Primary Session Start Time input to Yes with the TPO Profile Chart study.

The starting date for TPO Profile periods based on Weeks, Months, Quarters, or Years in Historical or Intraday charts are Sundays for periods based on Weeks, the first day of the month for periods based on Months or Quarters, and the first day of the year for periods based on Years.

TPO Chart Time Scale

The Time Scale on the bottom of a TPO Profile Chart is special for TPO Profile charts. It will display the beginning Date and Time for a TPO Profile, at the beginning of a TPO profile. For this functionality, you need to be on version 945 or higher.

TPO Letter Codes and Letter Customization

To display TPOs as letters rather than blocks, the default is blocks, open the TPO Profile Chart Settings and set the Display TPOs As Letters input to Yes.

In TPO charts, trading for a specific period of time is represented by a letter, when not using blocks. These letters serve as a code for that period of time. There is a letter code for each TPO time block (this is known as a sub period ) within a TPO Profile for a time period (such as 1 Day). The default length of the TPO time block is 30 minutes for Intraday charts.

For TPO Profile periods based upon Minutes and Days, letters begin at the Start Time set in Chart >> Chart Settings. If Evening Session is enabled in Chart Settings, then the letters will begin at the Evening Start Time.

For an Intraday chart and TPO Profile periods based on Minutes, Days, Weeks or Months, the letters represent the specified number of minutes set with the TPO Letter/Block Time Period Length in Minutes (for Intraday charts) study input setting.

For a Historical Daily chart, TPO Profiles which have a period based upon Weeks, each letter code represents a single day.

For a Historical Daily chart, TPO Profiles which have a period based upon Months, each letter code represents a single day.

For a Historical Daily chart, TPO Profiles which have a period based upon Years, each letter code represents a single single month.

Customize TPO Letters...

To customize the TPO letters, open the TPO Profile Chart Settings window. Selects the TPO Letter Sequence input. This lets you customize the TPO letters for each TPO sub period. The very first letter on the leftmost side represents the letter for the very first sub period within the overall TPO Profile. Modify that as required. Each subsequent letter, represents each subsequent sub period within the overall TPO Profile.

Starting Letter and Session Start Time

The first letter, A by default, always begins at the Start Time or Evening Start Time, if you are using Evening Times. These are set in Chart >> Chart Settings. If these times are different and you use Chart >> Use Evening/Full Session Times, the time the first letter begins at, will change. To prevent this, enable the Always Start Letters at Primary Session Start Time option in the TPO Profile Chart Settings. This requires version 572 or higher.

Viewing TPO Profile Text Information

With the TPO Profile Chart study, there is text information about the TPO Letter/Block Profiles that can be viewed in the 2 Chart Values Windows: Window >> Chart Values Window or Window >> Tool Values Window.

The Chart Values Window displays text information for the last visible TPO Profile in the chart. The Tool Values Window displays text information for the TPO Profile that you are pointing to with any of the chart tools, such as the Chart Values tool.

These windows provide a clean, organized and easy way to view the values. These windows also display Volume Profile analysis data well.

When a Spreadsheet Study is added to a chart that contains the TPO Profile Chart study, the TPO Profile values outputted to the Chart Values Window and Tool Values Window are also outputted to the spreadsheet and columns I and J.

Other than this, there is no other TPO Profile specific data outputted to a Spreadsheet.

To access the TPO Profile data on a spreadsheet, add the Spreadsheet Study following the Spreadsheet Study instructions.

Go to the Spreadsheet through the CW menu. You will see the data outputted to the same Sheet number which corresponds to the Chart Number (#) of the chart. the data will be in the I and J columns. Refer to the image below.

Using Other Studies on a TPO Chart

The only 2 studies that can be used on a TPO Profile Chart are the Volume by Price and Countdown Timer studies. Other studies will not function correctly on these types of charts.

The data that the TPO Profiles in a TPO Profile Chart produce and make available to other studies is not the same as the underlying data they are based on. Therefore, using other studies, except for the ones expressly supported, will not function correctly.

For example, if you were to apply the TPO Value Area Lines study to a TPO Profile Chart, it will not correspond to the actual Value Area and Point of Control displayed by the TPO Profiles in the TPO Profile Chart study.

Resolving Differences Between TPO Profile Charts

When comparing a TPO Profile chart to another TPO Profile chart within the same copy of Sierra Chart or to another user and you see differences with the TPO Profiles for each period, the Value Area High and Low, or the Point of Control, then follow the below steps to resolve the differences.

These checks need to be performed on both charts to make sure there is a match.

  1. Select Global Settings >> Data/Trade Service Settings. When comparing charts to other users, make sure the Time Zone is the same. Also, be aware a chart can have its own time zone setting. Refer to Using Different Time Zone in Individual Charts.
  2. Remove the TPO Profile Chart study from the chart to ensure there is no missing data in the underlying chart data. Save the Chartbook with File >> Save before removing the study.
  3. Remove TPO Profile Chart study through Analysis >> Studies.
  4. Check for missing data. For information about this, refer to Missing Data.
  5. If there is missing data, refer to help topic 7 for Intraday charts and help topic 6 for historical Daily charts.
  6. Select Chart >> Chart Settings. In the case of an Intraday chart, make sure the Session Times are set the same between the charts. This is very essential.
  7. Close the Chartbook with File >> Close Chartbook, and do not save it.
  8. Reopen the Chartbook to restore the chart that contains the TPO Profile Chart study.
  9. Select Analysis >> Studies.
  10. Select the TPO Profile Chart study in the Studies to Graph list.
  11. Press the Settings button.
  12. Select the Settings and Inputs tab.
  13. Check each of the study Inputs and make sure they are identical to the other chart you are comparing to.
  14. After performing the above steps, there is no other reason why there would be a difference between TPO Profile Charts.

Example Images

TPO


TPO

This is an example of a TPO Profile Chart with a Volume by Price study displayed to the right of the TPO profiles. To achieve this, add the TPO Profile Chart and the Volume by Price studies to the chart. With the TPO Profile Chart, make sure to set the following input: Percent Width for Volume Profile = 25. With the Volume by Price study, set the following inputs: Draw Volume Profile Outline Only = Yes , Display Volume in Bars = Total Volume.


*Last modified Thursday, 21st August, 2014.