Hit level

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A hit level determines where the move is going to land the opponent and what are the basic options the opponent has against them

Standard Hit Levels

High
High attacks can be blocked standing and can be avoided by crouching.
Middle
Middle (or mid for short) attacks prevents blocking from crouching position and must be blocked standing.
Low
Low attacks prevent blocking from standing position, but can be blocked crouching and can be avoided by jumping.
They are also capable of interrupting power crush moves, which can net a counter hit.

Non-Standard Hit Levels

Special Mid and Special Low
Special mids and special lows are both hit levels where their moves can be blocked in both standing and crouching position.
Major difference between the two are the type of parries/reversals to use against them and the ability to use low crush against special lows.
Despite the name, special lows are unable to interrupt power crush moves.
Unblockables
Moves that are unable to be blocked against, forcing the opponent to move away from getting hit.
Many unblockables tend to have key indications such as a long startup to warn the opponent about the incoming move.
Anti-Air
These moves can only hit airborne opponents, opponents on the ground at any state are unable to get hit.
Very infrequent in comparison to the other hit levels.

Additional Features to Hit Levels

Throws
Throws are visually displayed as Highs or Mids depending on the type of throw in question.
A majority of throws are displayed as Highs, while mid throws and grounded throws are displayed as Mids.
Grounded Hits
These types of moves are capable of hitting your opponent while lying down on the ground; some of them having a requirement for the opponent to lie down before execution.