I'm not so sure it is modern vs traditional more than it is applicable vs not applicable...since markets do change.
I have seen semi-recent writings of
Steidlmayer and he doesn't even look at the "value area" anymore. The focus seems to be on dynamic profiles and
POCs.
Much of this is logical if you look at when MP was being developed. For example, do you really think the IB has the same significance now as it did then (in relation to markets that now trade nearly 24 hours a day).
Market Profile is merely a tool, how you (or other people) use that tool can vary dramatically.
