What is Excess?

When an auction in one direction is complete, it usually ends with excess. Price goes a little too far, meets strong opposition, and comes back quickly. On a TPO chart, excess appears as a tail: several prices at the extreme of the day, each with only one letter (in Dalton's common description, at least two single TPOs). On a volume profile, excess shows up as volume dropping off sharply towards zero at the edge of the profile.