The notion of Will to Power is bound up with the structure of valuation. This in turn includes the structures of interpretation and perspective. Returning to the Nachlass, with our attention now focused on the notion of Will to Power, we find the following statements:
Summarizing these excerpts from within the mode of human existence, we could say that Will to Power is essentially an interpreting activity and, further, an activity that evaluates from certain perspectives. Note, we do not say an interpreting of "the world," for there are only interpretations. This is the ground for the self-referential generation of "the theory of Will to Power." The paradox inherent in this "theory" is that it occurs in propositional form, and yet in its own view propositions that attempt to "represent" reality must be false. The paradox is relaxed only when we view the "theory" as an interpretation (KGW VIII 1, 92) on the same epistemic level of all interpretations (i.e., as myths). Once the theory itself is viewed as an interpretation then we become free to step outside its deterministic principles of power quanta and focus upon the more general principle of valuation (a principle now freed from its evolutionary structure as described from within the theory i.e., Will to Power as appropriation evolving in more complex "power constellations" to Will to Power as interpretation and evaluation). Here we begin to see how the "theory" as interpretation, or world picture, unfolds into its own evaluative ground.
The above-mentioned excerpts present the Will to Power as essentially an interpreting function, an interpreting which evaluates from certain perspectives. Will to Power expresses nothing else than perspectival evaluations and this is all there is. "Life is Will to Power" i.e., life is evaluating. Life as Will to Power is essentially an activity of interpreting, a placing of perspectives, a positing of values which create horizons. Nietzsche notes furthermore that the goal of Will to Power is essentially engaged in the preservation and enhancement of itself: The Will wills itself. Thus the Will to Power is essentially an activity of interpreting aimed at preserving and enhancing life itself. This is Nietzsche's notion of Will to Power.