A term that may or may not have been coined by James Dalton, our mentor in 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.. It means the current ethos, zeitgeist, feel, tone, essentially “what is happening at this moment”. It is that thing that is currently driving the market which can often fly in the face of all analysis and common sense. Can be something as simple as “the market wants to tag this particular psychological level”, or more nuanced like underlying Fed policy or heightened sensitivity to news events.