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Market Profile, Meta-Profile and Market Condition

Donald L. Jones
September 3, 2007

Copyright CISCO Futures 2007

Market Profile, Meta-Profile and Market Condition

The Market Profile concept was introduced in a product announcement by the CBOT in 1985 (CBOT Market Profile). Accompanying the announcement was a users manual also titled CBOT Market Profile (Ref 1). Profile analysis comes from reading a price-volume chart called a market profile (Fig 1). A profile chart for an average trading day formed a quasi-bell shaped curve of price on the vertical and trading volume on the horizontal. The central 70 percent of the day's volume was defined as the 'value area' to conform with the first standard deviation of a gaussian (normal) distribution. Other chart elements were defined such as the initial balance (price range of the first hour of trading), range extension (trading beyond the initial balance), tails (the high and low extreme price area of the profile), several day types, value area and more. Study of a profile begins with identifying the day type and then reading the profile to identify the elements or reference points. From this one gets an understanding of that day including who (long timeframe, short timeframe) is buying and who is selling. The manual estimated that it would take six to twelve months to master the profiles and to trade effectively. The Market Profile, as advertised, is pattern recognition within in a holistic shell.

A caveat is in order: In 1985 when the Market Profile was introduced trading was all Pits and the trade (members) had more money in the market than the public. Markets are changing. The Pits are closed or closing, public money dominates and electronic markets are the new order. The ability of a member to rub shoulders with the market makers is gone. Consequently, much of the Market Profile product viability has disappeared. 
                         Profile Report 07 11 07
                          and Segmented Auction                  

Future:  --  DJIA (CBOT)  Day      SEP 07


 Price  TPOs                            Segmented Auction
 136800 O                                                                 O
 136750 O                                                                 O
 136700 JO                                                 J              O
 136650 JO                                                 J              O
 136600 JO                                                 J              O
 136550 GJN                                       G       |J |  |      N |  <== VAU
 136500 GJKN                                      G       |J |K |  |  |N | 
 136450 EGHJKLN                             E     G  H |  |J |K |L |  |N | 
 136400 EFGHIJKLMN                          E  F  G  H |I >J >K >L >M >N > 
 136350 EFGHIKLMN                           E  F  G  H >I |  |K |L |M |N | 
 136300 EGHKLM                              E     G |H |  |  |K |L |M |  | 
 136250 CDEGKLM                       C  D  E    |G |  |  |  |K |L |M |  | 
 136200 CDELM                         C  D  E |  |  |  |  |  |  |L |M |  | 
 136150 CDLM                          C  D |  |  |  |  |  |  |  |L |M |  | 
 136100 CDLM                          C  D |  |  |  |  |  |  |  |L |M |  | 
 136050 CDLM                          C |D |  |  |  |  |  |  |  |L |M |  |  <== VAL 
 136000 CD                            C |D |  |  |  |  |  |  |  |          
 135950 zBCD                 z     B |C |D |  |  |  |  |  |  |             
 135900 zBC                  z     B |C |  |  |  |  |  |  |                
 135850 yzBC              y >z |  |B |C |  |  |  |  |                      
 135800 yzBC             >y |z |  |B |C |  |  |  |  |                      
 135750 yzABC             y |z |A |B |C |  |  |  |  |                      
 135700 ABC                     A |B |C |  |  |  |  |                      
 135650 AB                      A  B    |  |  |  |  |                      
 135600 B                          B                                       

TPO Analysis
Center      136400

Value Area from TPOS
 Upper      136570
 Lower      136050

Figure 1. Meta-Profile Data for DJ Index, Jul 11, 2007
          Compression factor 5.
          This day has two distributions, one centered at 135750, where the TPOs Z$ABC cver
          the times 7:20 - 7:30 (Z), 7:30 - 8 ($), 8 - 8:30 (A), 8:30 - 9 (B) and 9 - 9:30 (C).
          
          The second distribution is centered at 136400 with times 9 - 9:30 (C) through 15 - 15:15 (O).
          The extended, non compressed profile is Fig 1a. in the Appendix
Problems with Market Profile and Their Resolution
The author's background in money management (1972 - 1988, using technical analysis) generated a real appreciation for any method that could open up intra-day analysis. I determined to apply it to my own trading methodology, if possible. But there were problems.

The first hitch was that Market Profile value measurement depended on cleared volume, only available on CBOT markets (LDB data). We traded a portfolio (24 futures), only a fraction of which was on the CBOT. By 1987 we had developed the Tick-TPO, or Meta-Profile methodology, valid for value determination in all auction markets. (Ref 2, 2a). This removed our dependence on CBOT LDB data and also became the industry de-facto standard for day value. Meta-profile is reported in the subsequent 1991 Market Profile manual, (Ref 3, P33 "Steidlmayer says....") and in Mind Over Markets 1990 (Ref 5) in Appendix 1, also without attribution. The examples of Market Profile we have seen from the wire services all use value area found from TPO's, not cleared volume.

With value area problems behind us, we immediately ran into a bigger snag--we expected, but could not find valid market condition from a single day's data, as claimed in the 1985 CBOT manual (Part II). Even had the LDB data worked as it was supposed to, we would have still been stuck--there was no LDB data for other markets. In our research we found a large variation in profiles from day to day even in balanced markets. The inter-day movement was often large in active markets. A five day set of data could look like three days of down and then three days up (Fig 2). Linearly combining the five days into one large profile might well show balance. These findings led to the development of the Overlay Demand Curve, a methodology that allowed us to search for balances on multiple time frames. 


              A CISCO five day Meta-Profile display

SOYBEANS (CBOT) DAY    JUL 06   First date:  6  7  6   Last date:  6 13  6

         7              8              9             12             13
  6050                                           IJ                          
  6044                                           IJ                          
  6040                                           IJ                          
  6034                                           DIJ                         
  6030                                           DGHIJK        I             
  6024                                           DGHIJK        I             
  6020                                           DEFGHIK       HI            
  6014                                           DEFGHIK       GHI           
  6010 J                                         DEFGHK        EGHI          
  6004 J                                         DEFGK         EFGHI         
  6000 J                                         DEFGK         EFGHI         
  5994 J                                         DEFGK         EFGI          
  5990 JK                                        DEFK          DEFIJ         
  5984 JK                                        DEF           DEFIJ         
  5980 IJK                                       D             DEFJ          
  5974 IJK                                       D             DEFJK         
  5970 DHIJK                                     D             DJK           
  5964 DHIJK                                     D             DJK           
  5960 DHK                                       D             DJK           
  5954 DGHK                                      D             DJK           
  5950 DGH                                       D             DJK           
  5944 DGH                                                     DK            
  5940 DGH                                                     D             
  5934 DEG           D                                                       
  5930 DEFG          D                                                       
  5924 DEFG          D             D                                         
  5920 DEF           DJK           D                                         
  5914 DEF           DEJK          D                                         
  5910 E             DEJK          D                                         
  5904 E             DEFHJK        D                                         
  5900 E             EFGHJK        DEG                                       
  5894               EFGHIJK       DEFG                                      
  5890               EFGHIJK       DEFGHI                                    
  5884               EFGIJK        DEFGHI                                    
  5880               EIK           DEFGHI                                    
  5874               EK            DEFGHI                                    
  5870               EK            DEFHIJK                                   
  5864               E             DEFHIJK                                   
  5860               E             DFHIJK                                    
  5854                             FHIJK                                     
  5850                             FIJK                                      
  5844                             FIJ                                       
  5840                             FIJ                                       
  5834                             IJ                                        


FIVE DAY OVERLAY

** ALL TDG PERIODS INCLUDED FOR VOLUME CONSISTENCY **

 VOL DETAIL  VOL   HITS  1=NEAR, 2=NEXT BK,...
     6050         10   2 22
     6044         26   2 22
     6040         59   2 22
     6034         73   3 222
     6030        100   7 1222222
     6024        129   7 1222222
     6020        153   9 112222222
     6014        215  10 1112222222
     6010        152  11 11112222225
     6004        168  11 11111222225
     6000        186  11 11111222225
     5994        149  10 1111222225
     5990        166  11 11111222255
     5984        200  10 1111122255  <== VAU
     5980        121   8 11112555
     5974        171   9 111112555
     5970        214   9 111255555
     5964        153   9 111255555
     5960        133   7 1112555
     5954         84   8 11125555
     5950         88   7 1112555
     5944         58   5 11555
     5940         35   4 1555
     5934         55   4 4555
     5930         87   5 45555
     5924        135   6 345555
     5920        147   7 3444555
     5914        100   8 34444555
     5910         95   6 344445
     5904         75   8 34444445
     5900        119  10 3334444445
     5894        194  11 33334444444
     5890        197  13 3333334444444  <== POC
     5884        159  12 333333444444
     5880        150   9 333333444
     5874        110   8 33333344
     5870         89   9 333333344
     5864        112   8 33333334
     5860         88   7 3333334
     5854         52   5 33333
     5850         35   4 3333  <== VAL
     5844         53   3 333
     5840         21   3 333
     5834          2   2 33

  Figure 2. Five days of profiles for soybeans, with the accompanying five day Overlay.
            The profiles start high, fall for three days, gap up and have three up days.
            Note that the profiles have quasi-bell shapes; the five day Overlay does not.
            Overlays are expected to have flatter tops.
            Compression factor = 2.
For more information: Overlay Demand Curve Background

Our most important finding was that recognizing and measuring balance required a minimum of three sequential days of profiles. In the case shown in figure 2, the number of days needed to find balance was all five days. While breakout from a balance can occur in seconds (the directional move dominates the market's internal volatility), the inherent external volatility can mask an incipient balance in it's early development phase. This volatility is real, but it differs from the standard definition of internal volatility (average of a day's half-hour bar ranges). The large day-to-day volatility in figure 2 appears when there are large differences of opinion on value by a sizeable fraction of traders.

Since the Overlay is a linear sum of Meta-Profiles, a comparable value area can be found for the Overlay. The arithmetic shows: 
            Point of Control (POC)  5890
            Value Area
              Upper Limit (VAU)     5990
              Lower Limit (VAL)     5850
But this value is wrong. Imagine five profiles as above, but more regular, with the POC's all equal, but at different prices for each day. Adding the five together would be like having a long tent with five equal height tent-poles. The Overlay would rise to the first POC, stay at a relatively equal height until the last POC and then drop back to zero. The result would a quasi-step function. Ideally, the Overlays would look like: 
    Price  TPOs
      P01 x
      P02    x
      P03       x
      P04  POC 1     x  
      P05            x
      P06            x
      P07            x
      P08  POC 2     x
      P09            x
      P10            x
      P11            x
      P12            x
      P13            x
      P14  POC 3     x
      P15            x
      P16            x
      P17            x
      P18            x
      P19  POC 4     x
      P20        x
      P21    x
      P22 x
This Overlay starts somewhere between prices 1 and 4 and ends somewhere between prices 19 and 22. So where is 'somewhere'? Our definition of a 5 day balance starts with three TPOs. In figure 2 the balance region lies between 6034 and 5840.

Unanticipated fallout from the Overlay study was that balance also locates the upper and lower limits of value, i.e. the classical resistance and support levels. These limits are determined in market time, the period of creation of the balance. This sort of measure is doubtless superior to anyting one might cobble up from a bar chart.

Limits are market turning points for breakout traders and warning points for responsive traders. Limits are time frame sensitive, having different values for different lengths of balance (longer time frames have wider limit ranges).

The importance of market condition, balance in particular, is that without this information one is trading blind. You must know that the market is congesting if you are a responsive trader selling local highs and buying local lows (who wants to fade a trend?). Trend trading in a congestion is equally unrewarding.

As a researcher first and a trader second I got a bit sidetracked. Heretofore the Market-Profile was the center piece of market understanding. Now it becomes apparent that market condition, not the profile, should be the starting point of a trader's set-up analysis. Before you even begin to think about risk you must know which sort of trading a market will support. If you are an initiative (breakout) trader you must have a balancing market to know where the breakout points are. As a responsive trader, you minimize your risk in a balanced market; you know quickly if the market has gone too far against you. Some seek to sell tops or buy bottoms in a trend. Clearly, not having parameters with which to measure the trend, one's risk is elevated. Outside a balance, most profile reference points are poorly defined or not defined at all. For instance, value area, the central 70 percent of the trading volume/TPOs is not defined in a very strong trend of one price step (up) per TPO period. This is a straight line with no central point (POC) around which to begin the calculation. In any trend, value is a moving target that is constantly changing.

So, for some years CISCO has offered training courses based on market condition. We assumed that self professed "profile traders" who took our courses and bought our trading data were competent in profile methodology, needing only intra-day generation of meta-profiles, which we provide. Queries from customers ultimately led to our realization that few of these traders followed the original holistic model. We are continually being asked for quantitative ways of understanding the profile reference points. Traders seize on anything that is computable. Value Area is is the most widely used (and abused) of all the profile reference points.

Our advanced research is studying the profile reference points question. While this note uses profiles primarily as input for determining market condition, we recognize the potential utility of the reference points for finding clues to the internal directionality of a market. Analysis of a day's profile is time limited to the day in question. An Overlay combines multiple days of data. The same sort of approach can be used to compare profile information as a flow process. Some of that is already happening in the classic profile analysis, where yesterday's value area is used as a guide for today's trading. Our findings of the high inter-day volatility makes such usage a bit dicey. Our approach in the newly developed 'Auction market Value Analytics' is to treat the profile reference points as flow variables, examining change over several days to find direction. For more on Value Analytics: Value Analytics Background

Balance: A Sample
The eternal action of auction markets is run, pause, run, pause, etc. A run is a trend, a pause is a congestion. If a congestion continues long enough (about three days) it becomes recognizable as a balance. The breakout from a balance is the start of a run, but runs may start anytime, either within a balance or out. A CISCO product, the Advice Engine, generates a table of balances for all futures covered, each day. The postings are sorted by time, 5, 10, 15 and 20 day balances. A short list of the Sep 2007 DJ is in Table 1a in the Appendix. Listed in the 10 day set you find for 0719 the notation *6 on the far right. That signifies that the actual balance period is 6 days (greater than 5 days, not greater than 10). The next day there are 7 days in balance, and so on. Table 1a does not list the 15 day Overlays.

Table 1 is excerpted from Table 1a and covers the same period July 5 through August 2. The DJ market was essentially in balance at all time frames from 0705 through 0711. All time frames broke out on 0712 and stayed in trend mode until 0717. The close on 0711 is 136770 and on 0717, 140500, so the Dow was trending up; high close for the trend period was on 0717.

On 0718 both the 10 and 20 day time frames ended in balance, the 5 day was still not balanced. At the close of 0719, all three time frames are in balance. They stayed balanced until 0724 when the 5 day broke out; both 10 and 20 still showed balance.

The next day, 0725, the 10 day broke out and then the following day, 0726, the 20 day went trend. Market was up (high close 135340 on 0726, starting to come into balance on the shortest time frame first on 0801. 

      5 Day    10 Day    20 Day        O        H        L         C   
0705      X         X         X   136750   136800   136020    136500
0706      X         x         X   136668   137250   136270    137080
0709      X         X         X   137620   137600   137050    137400
0710      -         X         X   137030   137150   135730    135850
0711      X         X         X   135800   136800   135550    136770
0712                              137150   139530   137100    139200

  no balance July 12 - 17

0718      -         X         X   140250   140400   139000    140030
0719      X         X         X   140530   140900   140270    140610
0720      X         X         X   140050   140320   138750    139380
0723      X         X         X   139730   140450   139650    140110
0724      -         X         X   139730   139750   137700    138130
0725      x         x         X   138730   138850   137400    138410
0726                              137500   137850   133950    135340                              

  no balance July 26 - 31

0801      X         -         -   131950   134350   131750    134040
0802      X         x         -   134340   135500   133950    135270
0803                              135200   135400   132100    132660


Table 1.  DJ Sep 2007.  Balances for nominal 5, 10 and 20 days.
Applying the data of Tables 1 and 1a.
We mentioned that shorter balances generally have smaller ranges. At the close of July 11 the 5 day range is 37 percent of the 20 and the 10 day is 96 percent of the 20. Ramifications for the responsive trader are a much larger trading range. 
                          Ulim    Llim  Range
0711 05 DJ   9   7   L  137550  136050   1500
0711 10 DJ   9   7   S  137550  133650   3900
0711 20 DJ   9   7   S  137900  133850   4050
The upper limits are bunched toward the top. This indicates a fairly recent move on the upside. As price moved up all time frames are extended in that direction.

What does the trader know from the balances at the close of July 11?
1. This market is well defined as balancing in all time frames.
2. A responsive trader has several possibilities, depending on one's risk aversion.
3. A breakout trader on the downside has a first alert at 136050 with confirmation at 133650.
4. A breakout trader on the upside has a first alert at 137550 with confirmationa at 137900.
5. Preferred direction for breakout is the upside.

What happened on July 12?

referring to Table 1, the July 12 market opened at 137150 (07:20 AM) (upside breakout). Price pulled back to 137100 at 07:40 and then continuously moved pretty linearly ahead to close at 139200.

After the close on July 12, what does the trader do to prepare for the market of July 13?
We should already know that this market is trending (up). The responsive trader has no limits to trade by, no guidance. This is a good time to diversify, something else may be balancing and tradeable. The breakout day trader is in the same boat. The swing trader who is long at the close now turns to paying attention to the YM market (it trades through the night). Of interest is any sign of congestion--the exit signal. Yes, CISCO has tools, the Run-Pause Analysis.

Revisiting Table 1, we see that there are no balances between July 12 - 15. The trader who needs good information to trade on will not trade DJ again until there are balances. On July 18 (close) both the 10 and 20 day Overlays show balance. At the close of July 19 all three are balancing and a set-up can be made for July 20.
Rule of thumb: a market is not in a trustworthy balance until the short term, 5 day is in balance.
Understanding the market's condition allows market selection and permits evaluation of risk, based on parameters that come from the market itself. It is the starting point for all market trading set-ups or strategy. Indeed, as just demonstrated, one can trade on market condition alone.

Profiles, Reference Points and Holism: Change
The original Market Profile concept appeared around 1985. At that time it was all pit trading. There were locals (scalpers) who did about half the trade, there were commercials who did about fifteen percent and members filling for the public was responsible for the rest. The trade (locals and commercials) had more money and more control than the public and hence got their way more often than not.

Since the members of all classes traded in front of all other members, someone with an analytical mind, like Pete Steidlmayer, could catalog as short term (scalpers), longer term hedgers, long term position holders and so on. Steidlmayer formulated a market description (Ref 4, M & M Logic) and the Market Profile (Ref 1). The profile is replete with descriptors (market reference points) that are rooted in the pit scenario. For instance, Initial Balance (IB) covers the first couple of half-hour periods where the trade is setting a 'safe' region for their trading the rest of the day. If the public succeeds in pushing price beyond the IB, that is called a range extension and shows strength. This is all included in the notion that the market describes a normal (or gaussian) price - volume distribution.

Fast forward to 2007. Pit trading is giving way to electronic trading. It is no longer possible to visually see trades being made. And the distribution of trading among members has changed. Locals are no longer dominant. 

   Pit Trading  30 Year bonds
         Date  SYM  CTI1%  CTI2%  CTI3%  CTI4%  Total Volume
   2003 11,28   U2   49.9    3.0    4.4   42.7        21,512
   2006 11,29   U2   52.1    3.8    0.3   43.8        18,852
   2007  8,24   U2   55.8    4.3    1.2   38.7         5,544

   Electronic Trading 30 Year bonds
         Date  SYM  CTI1%  CTI2%  CTI3%  CTI4%  Total Volume
   2003 11,28   U6   27.2   22.7    3.4   46.8       157,776
   2006 11,29   U6   20.9   52.3    0.6   25.9       667,398
   2007  8,24   U6   29.3   40.5    0.4   29.6       631,936

 Legend. U2 = day 30 Yr Bonds, U6 = electronic 30 Yr Bonds
         CTI1 = Locals
         CTI2 = Commercials
         CTI3 = Members trading for menbers
         CTI4 = Members trading for the public
         Inferences:
           1. Pit is small and declining
           2. Locals are about half as significant (%) in electronic market
           3. Commercials much more important in electronic marketS
           4. Public somewhat lower percentage in electronic markets
With the move to electronic trading there are substantial changes from the pit trading days that market profile came from. No longer does one trader see all others and what they are doing. The mix has changed. There is more public money than trade money. Information is constant, change is speeded up. There are markets that trade many more hours and still pits with their day hours. There are many more balls for the holistic profile trader to keep in the air.

At some point even the most devoted holistic profile trader will find the need for more quantitative market data. Value Analytics is designed to fill that demand.
References:
1. CBOT Market Profile Manual 1985, Chicago Board of Trade
    Brief review: Market Profile (MP), Liquidity Data
    Out of print
2. Determining the TPO Value Area, Don Jones, Market Logic School Alumni Letter, April 13, 1987, P4
2a. Estimating the Market Profile Value Area for Intraday Trading, D.L. Jones, S&C Mag., Sep 1987
3. CBOT Market Profile Manual 1991
    Brief review: Market Profile (MP), Liquidity Data
    Free download on CBOT site: To download:    CBOT Market Profile Manual
4. Markets and Market Logic, Steidlmayer & Koy 1986
    Principles, Components, Market Generated Information
    Out of print
5. Mind Over Markets, Dalton, Jones, Dalton 1990
    Softback available at Amazon.com 


Appendix

                        Overlay Table  DJ Sep 2007  July 7 - August 2

Five Day Overlays
 Dte Ov  F  Dl  Yr        ULIM    LLIM     CLO    $RNG   U-OCT     MID   L-OCT Tst
0705 05 DJ   9   7   S  136750  134750  136500    2000  136500  135750  135000 T     
0706 05 DJ   9   7   S  137150  134750  137080    2400  136850  135950  135050 T     
0709 05 DJ   9   7   S  137550  135750  137400    1800  137325  136650  135975       

0711 05 DJ   9   7   L  137550  136050  136770    1500  137363  136800  136237 T     

0719 05 DJ   9   7   S  140900  139200  140610    1700  140688  140050  139412       
0720 05 DJ   9   7   L  140900  139000  139380    1900  140663  139950  139237 T     
0723 05 DJ   9   7   S  140900  139000  140110    1900  140663  139950  139237       

0725 05 DJ   9   7   L  140800  137600  138410    3200  140400  139200  138000 T     

0801 05 DJ   9   7   S  135800  131900  134040    3900  135313  133850  132387       
0802 05 DJ   9   7   S  135500  131900  135270    3600  135050  133700  132350       


Ten Day Overlays
 Dte Ov  F  Dl  Yr        ULIM    LLIM     CLO    $RNG   U-OCT     MID   L-OCT Tst
0705 10 DJ   9   7   S  136750  133650  136500    3100  136363  135200  134037 T     
0706 10 DJ   9   7   S  137150  133650  137080    3500  136713  135400  134087 T     
0709 10 DJ   9   7   S  137550  133650  137400    3900  137063  135600  134137       
0710 10 DJ   9   7   S  137550  133650  135850    3900  137063  135600  134137       
0711 10 DJ   9   7   S  137550  133650  136770    3900  137063  135600  134137       

0719 10 DJ   9   7   S  140900  139200  140610    1700  140688  140050  139412  * 6  
0720 10 DJ   9   7   L  140900  138900  139380    2000  140650  139900  139150 T* 7  
0723 10 DJ   9   7   S  140900  138900  140110    2000  140650  139900  139150  * 8  
0724 10 DJ   9   7   L  140900  137700  138130    3200  140500  139300  138100  * 9  
0725 10 DJ   9   7   L  140900  137500  138410    3400  140475  139200  137925 T     

0802 10 DJ   9   7   S  135800  131900  135270    3900  135313  133850  132387  * 6  

Twenty Day Overlays
 Dte Ov  F  Dl  Yr        ULIM    LLIM     CLO    $RNG   U-OCT     MID   L-OCT Tst
0705 20 DJ   9   7   S  137900  133700  136500    4200  137375  135800  134225       
0706 20 DJ   9   7   S  137900  133750  137080    4150  137382  135825  134268       
0709 20 DJ   9   7   S  137900  133850  137400    4050  137394  135875  134356       
0710 20 DJ   9   7   L  137900  133850  135850    4050  137394  135875  134356       
0711 20 DJ   9   7   S  137900  133850  136770    4050  137394  135875  134356       

0730 20 DJ   9   7   L  140800  132900  134110    7900  139813  136850  133887 T     


Table 1a.  DJ Sep 2007 Delivery
 Balances for 5, 10 and 20 day nominal periods: July 5 - August 2
 On the right margin the notation  T* 7  indicates the market close is near 
 a limit (either upper or lower) and the * 7 means that this nominal 10 day
 balance is in reality only 7 days of balance.

 *Data from CISCO Daily Bracket Screen


Trade Date 20070711
 Number of Prices:          86

    1  136800    1 O                           O
    2  136770    1 O                           O
    3  136750    1 O                           O
    4  136730    2 JO                     J    O
    5  136720    2 JO                     J    O
    6  136700    2 JO                     J    O
    7  136680    2 JO                     J    O
    8  136650    2 JO                     J    O
    9  136630    2 JO                     J    O
   10  136620    2 JO                     J    O
   11  136600    2 JO                     J    O
   12  136590    3 JNO                    J   NO
   13  136580    2 JN                     J   N
   14  136570    2 JN                     J   N
   15  136550    3 GJN                 G  J   N
   16  136530    3 GJN                 G  J   N
   17  136520    3 GJN                 G  J   N
   18  136510    3 GJN                 G  J   N
   19  136500    4 GJKN                G  JK  N
   20  136490    5 EGJKN             E G  JK  N
   21  136480    5 EGJKN             E G  JK  N
   22  136470    6 EGJKLN            E G  JKL N
   23  136460    6 EGJKLN            E G  JKL N
   24  136450    7 EGHJKLN           E GH JKL N
   25  136430    8 EGHIJKLN          E GHIJKL N
   26  136420    9 EFGHIJKLN         EFGHIJKL N
   27  136410    9 EFGHIJKLN         EFGHIJKL N
   28  136400   10 EFGHIJKLMN        EFGHIJKLMN
   29  136390    9 EFGHIKLMN         EFGHI KLMN
   30  136380    9 EFGHIKLMN         EFGHI KLMN
   31  136370    9 EFGHIKLMN         EFGHI KLMN
   32  136360    9 EFGHIKLMN         EFGHI KLMN
   33  136350    9 EFGHIKLMN         EFGHI KLMN
   34  136330    7 EFGHKLM           EFGH  KLM
   35  136320    6 EGHKLM            E GH  KLM
   36  136300    6 EGHKLM            E GH  KLM
   37  136290    6 EGHKLM            E GH  KLM
   38  136280    6 EGHKLM            E GH  KLM
   39  136270    7 CEGHKLM         C E GH  KLM
   40  136260    7 CEGHKLM         C E GH  KLM
   41  136250    7 CDEGKLM         CDE G   KLM
   42  136240    5 CDELM           CDE      LM
   43  136230    5 CDELM           CDE      LM
   44  136220    5 CDELM           CDE      LM
   45  136200    5 CDELM           CDE      LM
   46  136190    4 CDLM            CD       LM
   47  136180    4 CDLM            CD       LM
   48  136170    4 CDLM            CD       LM
   49  136160    4 CDLM            CD       LM
   50  136150    4 CDLM            CD       LM
   51  136140    4 CDLM            CD       LM
   52  136130    4 CDLM            CD       LM
   53  136110    4 CDLM            CD       LM
   54  136100    4 CDLM            CD       LM
   55  136080    4 CDLM            CD       LM
   56  136070    4 CDLM            CD       LM
   57  136060    4 CDLM            CD       LM
   58  136050    4 CDLM            CD       LM
   59  136040    2 CD              CD
   60  136030    2 CD              CD
   61  136020    2 CD              CD
   62  136000    2 CD              CD
   63  135990    2 CD              CD
   64  135950    4 $BCD         $ BCD
   65  135930    3 $BC          $ BC
   66  135920    3 $BC          $ BC
   67  135900    3 $BC          $ BC
   68  135890    3 $BC          $ BC
   69  135880    3 $BC          $ BC
   70  135860    3 $BC          $ BC
   71  135850    4 Z$BC        Z$ BC
   72  135830    4 Z$BC        Z$ BC
   73  135820    4 Z$BC        Z$ BC
   74  135800    4 Z$BC        Z$ BC
   75  135780    5 Z$ABC       Z$ABC
   76  135770    5 Z$ABC       Z$ABC
   77  135760    5 Z$ABC       Z$ABC
   78  135750    5 Z$ABC       Z$ABC
   79  135730    3 ABC           ABC
   80  135720    3 ABC           ABC
   81  135700    3 ABC           ABC
   82  135680    2 AB            AB
   83  135660    2 AB            AB
   84  135650    2 AB            AB
   85  135620    1 B              B
   86  135600    1 B              B

  Figure 1a. Meta-profile for DJ Sep 2007  July 11, 2007