There are 3 Fundamental elements to a Market’s Auction as viewed through a Market Profile or a Volume Profile:

PRICE – is simply the auctions means of advertising opportunity. It is the most Volatile variable and it the fastest moving market element.

TIME – regulates each prices opportunity. It is the constant around which all auction data is organised.

VOLUME – Measures the Success OR Failure of each auction higher or lower. Volume is also a variable, but it changes much more gradually than Price alone, and it represents the INTERACTION of Time and Price.

VOLUME is key for measuring the success or failure of the price advertisements. Traders that ONLY trade price are at a huge disadvantage
without this information, and that is why we need to use it to gain our EDGE. This is the main reason why Market Profile was developed, so that we could gain this 3 Dimensional View, but most Market profile traders do not understand the BASICS. Without a FULL Understanding of the basic building blocks of a Market profile, its almost impossible for a Market Profile Trader to stand a chance of trading with it effectively.