Auction based research
Market Profile research and instruction from Tom Incorvia, a direct student of J. Peter Steidlmayer, the creator of Market Profile, with 35 years of experience using it. Where supply and demand meet, where value is, whether price accepts or rejects it, and where the auction goes next.
The approach
The market is an auction searching for value, the price where supply and demand meet. It spends its time either balanced around value or exploring for new value. The work is to know which, mark the levels where supply and demand have shown their hand, and judge whether price is accepting or rejecting them. No indicators. No setups to memorize.
01
Separate price into natural distributions to see whether supply and demand are in balance around value, or the market is searching for new value.
02
Combine days into a single profile to reveal where value truly sits and where supply and demand are concentrated, structure that daily charts hide.
03
When price reaches a key level, read whether supply or demand takes control. That response is the trade.
Work with Tom
On demand video course
Watch at your own pace. Learn how supply and demand create value, identify balance and imbalance, merge profiles for a clearer view of the auction, and spot excess supply and demand.
$199
Purchase courseOne on one mentorship
Sessions follow your markets: breaking a chart into distributions, finding value, marking supply and demand levels before the open, and executing with conviction when price arrives. Format, length and pricing are set after a first conversation.
Full time traders only. By application.
ApplyFor investment professionals
Top down supply and demand analysis of sectors and indexes: where value sits, how balance areas have resolved before, and the scenarios that follow each outcome. Available as white label research by application.
Recent report
The current balance area, the low volume zone beneath it, and the bullish and bearish paths from here, set against four years of balance and directional moves.
Live, weekly
Thursday mornings on Mr. Top Step. Levels and economic numbers before the open, then the auction in real time across e minis, sectors, bonds, gold and crude.
Written, weekly
A weekly article reading the larger auction in the indexes and what it implies for the week ahead.
Nightly
A single chart and a few lines on what the auction is doing, posted on X and TradingView.
About
Tom studied Market Profile directly under its creator, J. Peter Steidlmayer. He began his career in 1987 and has worked both the buy side and sell side of the trading desk, at Lehman Brothers, Merrill Lynch and A.G. Edwards, and as co general partner of DLR Investments.
An independent trader since the early 2000s, he is a top down tactical trader who reads the auction across days and weeks, not minutes. His guiding principle has not changed: focus on the relevant, and let supply and demand do the talking.
Free booklet
How markets move from fair value, through price discovery, to new value, and why most traders misread it. A short introduction to supply, demand and value, sent to your inbox.