Six day types
1. Normal variation day - the most frequent Market Profile day type.
Its two primary characteristics are extension beyond the Initial Balance Period in one direction only, and market development characterized by relatively wide rotation for a significant part of the day. They can be wide range.
They can trade sharply into the extreme high or low of the days range and spend hours trading in a tight range. This is another example of why day type MUST be put into surrounding context or its nothing more useless market minutiae.
2. A Neutral Day is the second most frequent day type.
Its primary distinguishing characteristic is price extension on both sides of the Initial Balance Period.
Neutral days are often very wide range days.
The part of the profile in which a Neutral Day closes can give an important clue as to the possibilities of the next trading day.
If it closes near or the other extremes of the day's range it is a clue of continuation in that direction the next day.
If it closes near the middle of the day's range directional conviction is more neutral going into the next day.
A Neutral Day often forms near the "stopping price" in a trend.
3. Double Distribution Day
A Double Distribution Day is a type of trend day.
Its characterized by Horizontal Development (balance) with two distinct nodes featuring rotational market activity separated by an area of low volume, often single prints, indicating a sharp move from one part of the day's range to the other.
Its a usually a wide range day.
4. Normal Day
This day type would be more appropriately called "Abnormal Day".
Its relatively rare in the stock index futures.
Its characterized by slight extension in one direction beyond the Initial Balance Period, but with a small overall range of the day.
The primary characteristic of a Normal day is the wide initial balance.
5. Non-trend Day
This is a day with little of no extension outside the Initial Balance Period.
6. Trend Day
A Trend Day is very rare.
A true Market Profile Trend Day characterized by wide range and persistent directional conviction all day, with little, and narrow, price rotation.
It typically opens near one of the days extremes and closes near the other.
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