This is is Market Profile with TPO (the letters) on the current session. Due to pinescript limitations, we are limited to 500 TPOs, since this script uses 1 label per TPO. It is NOT volume profile, this is Time Profile (Time spent at a price).
SpaceTime Profile Advanced is different to the non overlay with a different codebase. The main advantages are the 1:1 price mappings that occur on this data generation as well as the auto mapping POC line! The implementation is heavily different and therefore they both provide different uses Overlay is better for current chart data being mapped up to 10 days...
SpaceTime Profiles Non Overlay is a tool used by many traders that aim to get more confluence with their trading style. ALPHA V1.0.0 Typically, market profile can be used to help determine high value areas where a likely reaction is to occur when price reaches this level, this can provide market generated support and resistance . This indicator uses time price...