Participation (P)

A slot spike vs. its own baseline

Distribution of how this symbol’s last-15-minute volume usually compares to normal for this exact time of day. Most readings sit near the baseline; today’s sits out in the thin tail.

Takeaway: The further out in the tail today’s reading sits, the more unusual this slot is for this symbol, at this time of day.

What

P compares the volume on the latest closed 15-minute bar to what’s normal for this exact UTC time slot. Shown as a multiplier — 2.50x is 2.5 times the usual amount for right now.

So what

A high P means something changed in the last 15 minutes specifically — not necessarily all day. On its own it can be a false start; paired with D-P moving the same way, it starts to look like a real shift rather than a blip.

Now what

A P spike with a flat D-P is worth watching, not acting on — it may fade as fast as it appeared. A P spike alongside a rising D-P is the combination Tier is built to catch.