hard · Volume Profile Analysis profile-anatomy

Which distinction best explains why one single-print tail holds as excess while the other gets absorbed?

1. The tail that holds always occurs on a higher absolute volume day, since total session volume alone determines whether a tail is respected.
2. The tail that holds saw no subsequent trade return to that price, unlike the absorbed tail, where business later returned there.
3. Both tails are equally valid excess by definition; whether they later get backfilled is random and carries no analytical meaning.
4. The tail that holds was created earlier intraday, while the absorbed tail formed only on the session's final closing print.

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