medium · Volume Profile Analysis auction-market-theory
When comparing two sessions, Session A ends with a 5-tick tail of single prints at its high, while Session B ends with 3 different 30-minute periods touching the exact same high price.
Which session has 'Excess'?
- Both sessions, as any touch of a new high price constitutes an auctioning process.
- Session B, because the multiple tests at the high prove the market explored the level thoroughly.
- Session A, because the single prints represent a rapid rejection and a completed auction.
- Neither session, as excess can only be determined by checking the Daily Open relationship.
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