Abstract-Effectively migrating sequential applications to take advantage of parallelism available on multicore platforms is a well-recognized challenge. This paper addresses important aspects of this issue by proposing a novel profiling technique to automatically detect available concurrency in C programs. The profiler, called Alchemist, operates completely transparently to applications, and identifies constructs at various levels of granularity (e.g., loops, procedures, and conditional statements) as candidates for asynchronous execution. Various dependences including read-after-write (RAW), write-after-read (WAR), and write-after-write (WAW), are detected between a construct and its continuation, the execution following the completion of the construct. The time-ordered distance between program points forming a dependence gives a measure of the effectiveness of parallelizing that construct, as well as identifying the transformations necessary to facilitate such parallelization. Using the notion of post-dominance, our profiling algorithm builds an execution index tree at run-time. This tree is used to differentiate among multiple instances of the same static construct, and leads to improved accuracy in the computed profile, useful to better identify constructs that are amenable to parallelization. Performance results indicate that the profiles generated by Alchemist pinpoint strong candidates for parallelization, and can help significantly ease the burden of application migration to multicore environments.