A market profile term for those participants whose time frame and outlook is of a very long term, perhaps months or years. The theory is that it is these market players that are active when the market is experiencing initiating activity as opposes to responsive activity. See Initiating Activity, Responsive Activity. – This is a term from the early days of A way of reading the market that recognizes either time spent or volume traded at a particular price level. A market profile can be either made up of “TPO’s” (time price opportunities), or volume. TPO’s measure how much time was spent at a particular price, while volume-based market profiles measure how much volume traded at a particular price. Generally, market profile is used in the trading of futures, especially the /ES. ShadowTrader utilizes volume based profiles. that simply denotes those market participants that are not active in the day time frame. Think: longer term buyers and sellers like swing or core.