|Illllllllllll|||l|||||||||||||||||||||||||ll|||||||I|||ll||||||||||||||ll|
`USOOS454104A
`
`United States Patent
`[19]
`[11] Patent Number:
`5,454,104
`Sep. 26, 1995
`Steidlmayer et a1.
`[45] Date of Patent:
`
`[54] FINANCIAL DATA EVENT FLOW ANALYSIS
`SYSTEM WITH STUDY CONDUCTOR
`DISPLAY
`
`[75]
`
`Inventors: J. Peter Steidlmayer, Wilmette;
`Gordon Kurmnel. Evanston, both of
`]]I.
`
`[73] Assignee: Steidlmayer Software, Inc. Chicago,
`111.
`
`N. Rothstein, The Handbook of Financial Futures (1984,
`MeGraw—Hill Book Company} at pp. vii—xix, 333—372.
`T. Meyers, The Technical Analysis Course (1989, Probus
`Pub]. Co.).
`The Signal Guide to Investment Sofiware (1991, Data Broad-
`casting Corporation).
`The Individual investor’s Guide to Computerized Investing
`(1992, The American Association of Individual Investors) at
`pp.
`l—385.
`
`[2]] App]. No.: 22,539
`
`[22] Filed:
`
`Feb. 25, 1993
`
`Int. Cl.“
`[51]
`[52] U.S. Cl.
`
`GOGF 17:30
`395l600; 364l408; 364112.242;
`3641282.]; 364l225; 36412272; 36419138;
`364.6374; 364iDIG. 4; 364DIG. 2; 395ll41
`[58] Field of Search
`3951500, 141;
`364/408
`
`[56]
`
`References Cited
`
`.
`
`U.S. PATENT DOCUMENTS
`111967 Seantlin et a1.
`.
`3,295,597
`8l1969 Scandin et a]. .
`3,462,739
`2ll970 Andrews et a1. .
`3,493,956
`111971 Atkinson .
`3,559,207
`411971 Greenblum et a1.
`3,573,732
`311972 Metz et al. .
`3,648,270
`3l1972 Andrews et a]. .
`3,551.51 1
`4l1972 Belcher et a]. .
`3,656,148
`6ll973 Hurd. 111 .
`3,739,222
`.
`6ll973 Bunker et a1.
`3,739,369
`61'1973 Albrecht et a1.
`3,742,482
`21’1974 Casey et a1.
`.
`3,792,462
`3,913,089 1011975 Albrecht .
`4,193,122
`3.11930 Bowers .
`4,307,393 1211931 Ramada et a]. .
`4,473,824
`911934 Claytor .
`4,674,044
`6l1937 Kalmus et al.
`4,347,785
`7.11939 Stephens .
`OTHER PUBLICATIONS
`
`.
`
`.
`
`P. Kaufman, The New Commodity Trading System and
`Methods (1987. John Wiley & Sons, Inc.) at pp. 1—27,
`54,90, 159~206.
`
`(List continued on next page.)
`
`Primary Examinerw'I'hOmas G. Black
`Assistant Examiner—Paul R. Lintz
`Attorney, Agent, or Firm—Schiff Hardin & Waite
`
`[57]
`
`ABSTRACT
`
`A system for controlling and managing a continuous
`sequence of data by conducting studies on user—defined
`segments of the data, and displaying the study results in a
`concentrated summary form in vertical pipes on a single
`display screen. The system includes a data stream source, an
`interface between the data stream source and a personal
`computer or other stand-alone device, and means for con-
`structing a database for the continuously developing data
`and displaying the data in a horizontal display, software and
`hardware to enable a user to conduct studies on the data so
`configured. The user designates a specific segment of dis—
`played data, a specific study to be performed on that
`segment, and the study parameters, a color for each study
`result, and the position and color of a vertical sunnnary pipe
`on the display screen. The study is performed and displayed
`in a concentrated summary form in the vertical pipe. A user
`may conduct multiple studies and display the study results in
`the same, or a different, vertical pipe on the same screen.
`Through the use of the vertical pipes for the display of study
`results, and the locating of space or color segment differ-
`ences within aresnlt or between such results, the system can
`be used flexibly to analyze, model, and summarize large
`quantities of data in a concentrated form on a single screen,
`thereby providing the user with important information about
`the studied data, giving the user modelling power and
`definitional control over the data, and enabling the user to
`draw analytical conclusions and make transaction decisions.
`
`23 Claims, 44 Drawing Sheets
`
`iii-fl
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`TDA 1013
`TDA 1013
`CBM of U.S. Pat. No. 7,533,056
`CBM 0f U.S. Pat. No. 7,533,056
`
`

`

`5,454,104
`Page 2
`
`
`
`OTHER PUBLICATIONS
`
`Wall Skeet Computer ReViCW’s Special Buyer’s Guide Issue
`for i 992 (Gralla Publications}.
`Edward R. 'Ihfte, Envisioning infomwtion (1990, Graphics
`Press).
`Edward R. Tufte, The Visuai Dispiay of Quantitative Infor—
`mation (1983, Graphics Press).
`I. Peter Steidlmayer, New Market Discoveries (1990, Kirb-
`mam).
`Capital Flow Software User Reference Manual, Version 2.0.
`Barbara Robertson, “Biz Viz. (financial analysts are begin-
`ning to use visualization tools normally used by engineers ”,
`Computer GraphiCs World, vol. v14. Issue: n9, Sep. 1991,
`pp. 45—49.
`Clive Davidson, “Fast Money”, Computer Weekly, Oct. 17,
`1991, pp. 28—29.
`
`Paul R. Lintz, Examiner’s Exhibit A, Unpublished Output
`from Microsoft Works Aug. 14, 1994, pp. 1—2.
`Microsofi Works User’s Guide Version 1.05, Microsoft cor-
`poration 198?, 1988, PP. 257—335.
`
`Rizzo et 31., “Quotron Uses Windows to Develop New
`Market Analysis Tools For Real—Time Data”, Microsoft
`Systems Journal, vol. V4, Issue: 111, 1311., 1989, pp. 1—9.
`Ivy Schmerkeu, "Technical Charting Lights Up Securities
`Trading", Wall Street Computer Review; vol. v6, Issue: n9,
`Jun. 1989, pp. 42—52.
`
`Janet Matthew, “OTC Spurs Specialized Trading Systems“,
`Wail Street Computer Review. vol. v6, Issue: 1112, Sep.,
`1989, pp. 26—32.
`
`1990 Buyer's Guide: “Trading Systems", Wall Street Com-
`puter Review, vol. v7, Issue: n2, Nov., 1989, pp. 124—131.
`
`0002
`0002
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 1 of 44
`
`5,454,104
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`US. Patent
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`0004
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`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 3 of 44
`
`5,454,104
`
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`US. Patent
`
`Sep. 26, 1995
`
`Sheet 4 of 44
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`5,454,104
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`

`

`US. Patent
`
`Sep.26, 1995
`
`Sheet 5 of 44
`
`5,454,104
`
`FIG. 3-A
`
`§TEP 1
`
`14
`
`FOR ALL DATA EVENT UNITS
`IN USER-SPECIFIED SATA
`
`SEGMENT, D0
`
`
`
`
`
`MAXIMUM UNIT <
`
`CURRENT UNIT
`
`
`
`IF
`
`
`MAXIMUM UNIT =
`CURRENT UNIT
`
`
`
`?
`
`
`
`
`
`IF
`
`MINIMUM UNIT <
`
`
`MINIMUM UNIT =
`
`
`
`
`CURRENT UNIT
`
`?
`
`CURRENT UNIT
`
`
`GO TO FIG. 3-3
`
`0007
`0007
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 6 of 44
`
`5,454,104
`
`USING LOOKUP TABLE
`
`COR REGT MINIMUM UNIT AND
`MAXIMUM UNIT TO YLO AND
`YHI COORDINATES ON
`Y-AXIS OF DISPLAY
`
`19
`
`FIG. 3-B
`
`X1 = XAXIS ORIGIN
`OF USER-SPECIFIED
`PIPE ON DISPLAY
`
`X2 = X1 + WIDTH OF PIPE
`
`TO X2, YHI
`
`DRAW SOLID VERTICAL LINE
`
`FROM COORDINATE X1, YLO
`TO X1, YHI
`
`DRAW SOLID VERTICAL LINE
`
`FROM COORDINATE X2, YLO
`
`GO TO FIG. 3-0
`
`0008
`0008
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 7 of 44
`
`5,454,104
`
`STEP 3
`
`24
`
`FIG. 3-C
`
`CALL STUDY CONDUCTOR
`FOR SELECTED
`STUDY TYPE
`
`TO STUDY CONDUCTOR
`
`PASS STUDY PARAMETERS
`
`.25
`
`26
`
`PASS STUDY RESULTS
`TO VERTICAL
`
`DISPLAY MEANS
`
`STORE STU DY RESULTS
`IN RES 1
`
`USING LOOKUP TABLE
`
`FOR EACH DATA EVENT UNIT
`STORED IN RES 1. 00
`
`MAP DATA EVENT UNIT
`TO Y COORDINATE
`
`GO TO FIG. 3-D
`
`0009
`0009
`
`

`

`US. Patent
`
`Sep.26, 1995
`
`Sheets of 44
`
`5,454,104
`
`FIG. 3—D
`
`DRAW DARKENED BOX
`WITHIN PIPE BOUNDARIES
`AT Y COORDINATE
`WITH HEIGHT = SIZE OF
`
`SCREEN FONT
`+ 112 SIZE OF SCREEN FONT
`
`STEP 4
`
`31
`
`FOR ALL ADDITIONAL
`REFERENCE POINTS, DO
`
`MAP REFERENCE POINT TO
`Y COORDINATE FROM
`LOOKUP TABLE
`
`33
`
`Y COORDINATE:
`Y COORDINATE
`
`GO TO FIG. 3-E
`
`0010
`0010
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 9 0f 44
`
`5,454,104
`
`FIG. 3-E
`
`X1 = ORIGIN OF
`
`PIPE ON DISPLAY
`
`X2 = X1 + STANDARD
`
`WIDTH OF PiPE
`
`X2, Y COORDINATE
`
`DRAW COLORED LINE FROM
`X1, Y COORDINATE TO
`
`0011
`0011
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 10 of 44
`
`5,454,104
`
`e.0."—
`
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`0012
`0012
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 11 of 44
`
`5,454,104
`
`39
`
`FIG. 5-A
`
`DATA SOURCE
`
`INTERFACE
`
`BETWEEN DATA
`
`4o
`
`SOURCE AND PC
`
`STU DY CONDUCTOR
`
`INTERFACE TO
`
`GO TO FIG. 5-8
`
`0013
`0013
`
`DATABASE
`OF TPOS
`
`USER SELECTS
`
`DATA SEGMENT
`
`FROM DATA BASE
`
`USSER SELECTS THE
`
`TPO - COUNTING
`
`STU DY AND TPO
`
`STUDY PARAMETER
`
`43'
`
`42
`
`43
`
`

`

`US. Patent
`
`Sep.26,1995
`
`Sheet 12 of 44
`
`5,454,104
`
`FIG. 5-3
`
`I _____________________________ I
`STUDYCONDUGTOH
`
`.._._.____..._..._...————————-..—...____......_.._.__.__...__————.—_—_——
`
`§TEP 1
`
`45
`
`
`
`FOR ALL DATA EVENT UNITS
`IN USER-SPECIFIED SATA
`
`SEGMENT, DO.
`
`
`
`
`
`IF
`
`MAXIMUM UNIT <
`
`MAXIMUM UNIT =
`
`CURRENT UNIT
`CURRENT UNIT
`
`
`
`:2
`
`
`
`
`
`IF
`MINIMUM UNIT <
`
`
`MINIMUM UNIT =
`
`CURRENT UNIT
`CURRENT UNIT
`
`
`
`?
`
`
`
`'60 T0 FIG. 3-0
`
`0014
`0014
`
`_———_——.—_......————_————_—_—————_——————_——__-
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 13 of 44
`
`5,454,104
`
`FIG. 5-C
`
`STEP 2
`
`_H—.—..——_—____—_—_——_———————--—————_——_——_——————_——u———
`
`FOR ALL UNITS IN
`SELECTED DATA
`
`SEGMENT, DO
`
`COUNT TPOS AT
`PRICE LEVEL FOFI
`UNIT
`
`FOR EACH PFIICE LEVEL
`FROM MINIMUM UNIT
`
`T0 MAXIMUM UNIT, D0
`
`STORE FIESULT
`
`GO TO FIG. 5-D
`
`0015
`0015
`
`——————_—_-—-.———-—-——-—n~——u-—o-—————————————————¢._g—-_————_——n—.————
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 14 of 44
`
`5,454,104
`
`TEP
`
`FIG. 5-D
`
`FOR EACH PRICE LEVEL
`FFIOM MINIMUM UNIT
`
`
`
`TO MAXIMUM UNIT. DO
`
`
`
`
`ADD PRICE-
`IF ACCUM
`
`LEVEL TO
`TPO COUNT FOR PFIICE
`
`
`
`RESULTS
`LEVEL > TPO THRESHOLD
`
`
`
`.. TUDY PARAMETE "
`LIST
`
`
`
`
`
`
`
`
`
`IGNORE
`PRICE-LEVEL
`
`
`
`GO TO FIG. 3-E
`
`0016
`0016
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 15 of 44
`
`5,454,104
`
`FIG. 5-E
`
`58
`
`
`
`
`INTERFACE FROM.
`STUDY CONDUCTOR
`
`
`
`
`
`TRO STUDY RESULTS
`DISPLAYED WITHIN
`VERTICAL PIPE.
`
`MINUS DEVELOPMENT
`DEPICTED VISUALLY
`AS SPACE WITHIN
`
`A STUDY RESULT OF
`BETWEEN RESULTS.
`
`60
`
`
`
`
`
`REFINE ANALYSIS;
`OBJECTIVE IS TO
`IDENTIFY POINTS
`OF MINUS
`-
`DEVELOPMENT
`
`
`
`0017
`0017
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 16 of 44
`
`5,454,104
`
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`0018
`0018
`
`

`

`US. Patent
`
`89.11.26, 1995
`
`Sheet 17 of 44
`
`5,454,104
`
`
`
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`US. Patent
`
`Sep. 26, 1995
`
`Sheet 18 of 44
`
`5,454,104
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`US. Patent
`
`Sep. 26, 1995
`
`Sheet 19 of 44
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`5,454,104
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`US. Patent
`
`Sep. 26, 1995
`
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`5,454,104
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`US. Patent
`
`Sep. 26, 1995
`
`Sheet 21 of 44
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`5,454,104
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`US. Patent
`
`Sep. 26, 1995
`
`Sheet 22 of 44
`
`5,454,104
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`US. Patent
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`Sep. 26, 1995
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`Sheet 23 of 44
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`5,454,104
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`US. Patent
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`Sep. 26, 1995
`
`Sheet 24 of 44
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`5,454,104
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`US. Patent
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`Sep.26,1995
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`Sheet25¢M?44
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`5,454,104
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`US. Patent
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`Sep. 26, 1995
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`Sheet 26 of 44
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`5,454,104
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`US. Patent
`
`Sep. 26, 1995
`
`Sheet 27 of 44
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`5,454,104
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`

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`US. Patent
`
`Sep. 26, 1995
`
`Sheet 28 of 44
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`5,454,104
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`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 30 of 44
`
`5,454,104
`
`93
`
`FIG. 8-B
`
`DATA SOURCE
`
`INTERFACE
`
`BETWEEN DATA
`SOURCE AND PC
`
`DATABASE
`(MARKET PROFILE
`DATABASE)
`
`‘
`
`USER SETS
`CONTROL PIECES
`
`USING CAPITAL
`FLOW SOFTWARE
`
`USER SELECTS
`DATA - SEGMENT
`
`FROM DATABASE
`
`
`
`SYSTEM GENERATES '
`VERTICAL PIPE BASED
`ON DATA SEGMENT
`
`*GO TO FIG. 8-0
`
`0032
`0032
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 31 of 44
`
`5,454,104
`
`FIG. 8-C
`
`USER SELECTS MOVING
`AVERAGE STUDY AND
`STUDY PARAMETER, N
`
`INTERFACE TO
`STUDY
`CONDUCTOR
`
`STUDY QALQULATQR
`
`101
`
`POSITION DATABASE
`AT FIRST UNIT OF
`SELECTED DATA SEGMENT
`(UNIT = CONTROL PIECE)
`
`
`
`
`102
`
`103
`
`CALCULATE AVERAGE
`OF NEXT N CONTROL
`PRICES
`
`STORE RESULTING
`AVERAGE IN FIRST
`
`ELEMENT OF AVERAGE
`LIST
`
`*GO TO FIG. 8-D
`
`0033
`0033
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 32 of 44
`
`5,454,104
`
`FIG. 8-D
`
`—_..._-———_——Fun————_——___—._.¢—p———-—————_————_——_—_—n
`
`WHILE NUMBER OF
`REMAINING UNITS
`
`IS > N, DO
`
`BY ONE UNIT
`
`INCREMENT DATA BASE
`
`705
`
`CALCULATE AVERAGE
`
`OF NEXT N UNITS
`
`105
`
`107
`
`108
`
`CURRENT INERVAL
`
` MAXIMUM AVERAGE <
`
`MAXIMUM AVERAGE =
`CURRENT INTERVAL
`AVERAGE
`
`'
`
`GO TO FIG. B-E
`
`0034
`0034
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 33 of 44
`
`5,454,104
`
`FIG. 8-E
`
`
`
` 109 ”0
`
`
`IF
`
`MINIMUM AVERAGE :-
`
`MINIMUM UNIT <
`
`CURRENT INTERVAL
`
`CURRENT UNIT
`
`AVERAGE
`
`?
`
`
`
`STORE CURRENT INTERVAL
`AVERAGE IN AVERAGE
`
`LIST
`
`III
`
`112
`
`FOR MINIMUM AVERAGE TO
`
`MAXIMUM OVERAGE,
`STEP 1 PRICE ADD
`
`PRICE TO RESULTS LIST
`LIST
`
`113
`
`FOR EACH AVERAGE PRICE
`IN AVERAGE LIST, ADD
`AVERAGE
`PRICE TO ADDITIONAL
`POINTS REFERENCE
`
`*GO TO FIG. 8-F
`
`0035
`0035
`
`

`

`US. Patent
`
`Sep.26, 1995
`
`Sheet 34 of 44
`
`5,454,104
`
`FIG. 8-F
`
`INTERFACE TO
`
`VERTICAL DISPLAY
`
`VERTICAL DISPLAY PIPE.
`
`DISPLAY RESULTS LIST
`
`AND ADDITIONAL REFERENCE
`POINTS LIST IN
`
`0036
`0036
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 35 of 44
`
`5,454,104
`
`E099How2mom:8E33U
`
`u:
`
`3050HIIHw”“2055€35
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`mogunaopovum.335m958on0
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`0037
`0037
`
`
`
`
`
`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 36 of 44
`
`5,454,104
`
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`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 37 of 44
`
`5,454,104
`
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`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 33 of 44
`
`5,454,104
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`US. Patent
`
`Sep. 26, 1995
`
`Sheet 39 of 44
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`5,454,104
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`US. Patent
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`Sep. 26, 1995
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`Sheet 40 of 44
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`5,454,104
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`US. Patent
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`Sep. 26, 1995
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`Sheet 41 of 44
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`5,454,104
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`US. Patent
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`Sep. 26, 1995
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`Sheet 42 of 44
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`U.S._ Patent
`
`Sep. 26, 1995
`
`Sheet 43 of 44
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`5,454,104
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`
`

`

`US. Patent
`
`Sep. 26, 1995
`
`Sheet 44 of 44
`
`5,454,104
`
`
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`
`

`

`5,454,104
`
`2
`
`Traders and market analysts who use technical analysis
`have devised a variety of statistical indices and approaches.
`Some of those indices and approaches are summarized in
`various widely-published reference texts, including, e. g., P.
`Kaufman, op. cit.; N. Rothstein, op. cit, and T. Meyers, The
`Technical Analysis Course, [1989, Probus Publ. Co.). Typi—
`cal statistical charts include price—line charts, in which price
`levels—commonly the high, the low and the closing price
`levels—are charted horizontally over time, and point-and—
`figure charts, in which price trends and reversals in trends—
`commonly trends and reversals in the day’s high and low
`prices—are charted without reference to any particular time
`intervals. Certain statistical sununation or analysis tech
`niques, such as charting moving average prices, calculating
`the momentum of price changes. and perceiving price move—
`ment pattems, are also in common use on those existing
`databases.
`
`The development of computer systems and software sup—
`portive of technical analysis has enabled technical analysts
`to use statistical discipline more efficiently. Many systems
`and programs feature the capability to perform some study
`operations on raw or configured transaction price informa—
`tion. Such studies are more meaningful
`than raw data
`because they reveal developments in market prices or trends
`over time.
`
`Inc. markets a technical
`For example, Roberts-Slade,
`analysis package called “FirstAlert” that enables users to
`conduct studies on continuous data segments. Other techni-
`cal analysis packages with similar functionality include
`“RealTick III” by Townsend Analytics, and “Master Char-
`tist". also by Roberts-Slade, Inc. The utility of these systems
`is limited in four ways. however. First, the user commonly
`is able to view study results only in reference to a single
`limited data segment displayed on a single screen or in a
`single window on a single screen and therefore cannot
`efficiently gain perspective regarding data development over
`many time flames. To analyze many time flames, the user
`has to access numerous screens and carmot compare the
`variety of study results in a concentrated, sununary form on
`a single screen. Second, existing systems make allowance
`only for studies the results of which focus on pre—set time
`segments. That
`is, existing systems configure data and
`provide study capabilities in relation to streams of data
`organized in hourly, daily, weekly or monthly segments.
`Such systems, unlike the Invention, do not enable the user to
`configure and summarize data without reference to pre-set
`time segments. Third, existing systems provide only for
`continuous studies, from which it is very difficult to discern
`transaction flow beginnings and endings within the subject
`database. Fourth, no existing system provides a capability to
`study data streams so as to identify basic data-event changes
`and display them in a simplified, uniformly-formatted visual
`summary on a single screen.
`This Invention overcomes those infirmities. Prior to this
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`FINANCIAL DATA EVENT FLOW ANALYSIS
`SYSTEM WITH STUDY CONDUCTOR
`DISPLAY
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`FIELD OF THE INVENTION
`
`The invention relates to apparatuses and methods for
`controlling, summarizing, and managing a data stream, such
`as transaction data in a trading market for a particular
`commodity, and displaying that data in an immediately
`visible form on a single display screen. In particular, the
`invention relates to an interactive system whereby the user
`accesses data that are accumulated continuously over time,
`stored in a database, organized graphically, and displayed on
`a computer screen. The invention further conducts user-
`parametered studies on user-defined segments of that data,
`including the entire database data segment, and thereafter
`displays the study results in summarized, concentrated form
`in a vertical pipe or pipes on a single computer display
`screen. The user’s objective is to structure data—segment
`parameters and study parameters so that meaningful data
`event changes occurring in the database are subject to user
`identification and control and are susceptible to display in
`visually perceptible vertical pipes.
`
`BACKGROUND OF THE INVENTION
`
`Data processing systems exist that typically format con—
`tinuously accumulated data by displaying the data on a
`graph where the y axis shows the incremental data units of
`change, and the x axis shows the time at which, or other units
`of usage measurement with reference to which, the dis-
`played data events occur. This format depicts the data events
`horizontally as a linear string of data points each of which
`may vary in vertical location.
`An important illustration of such a continuous linear data
`environment is the data generated by continuous transac-
`tions in organized futures markets and securities markets.
`These markets generate transaction price reports steadily
`throughout each trading session. A common approach cur—
`rently taken to displaying such transaction price data is to
`show transaction prices over selected time frames—on a
`graph where the y axis represents price and the x axis
`represents time. (Such displays are referred to as “price over
`time" displays.) Because the financial markets provide an
`evident example of continuously developing horizontal data
`that is commonly displayed graphically, this section prima-
`rily focuses on the backgron of the art of displaying and
`analyzing data in those markets. However, the term “mar-
`ket“ is used in this application to describe any situation,
`series of events, or statistical environment that generates
`continuously developing data, i.e., data capable of linear
`display, and is not to be confined to the narrow meaning of
`financial markets.
`
`Such use of charts, graphs and other visual displays of
`transaction data in financial markets is known as “technical
`analysis.” Technical analysis has been defined as the mea-
`surement and study of patterns and movement in prices,
`transaction volume and open interest in given traded prod—
`ucts. See e.g., P. Kaufman, The New Comodity Trading
`System and Methods, (1987, John Wiley & Sons, Inc.) at p2;
`N. Rothstein, The Handbook of Financial Futures, (1984,
`McGraw~Hill Book Company) at p. 33. Technical analysis is
`commonly contrasted with “fundamental analysis” which
`focuses on economic, political or environmental factors
`pertinent to the market for a given product but external to
`market transaction price and volume.
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`Invention, Steidlmayer and Kummel developed software
`called Capital Flow Software, which provides the user with
`a flexible base of continuously acetunulated linear data. The
`database and display approach incorporated in Capital Flow
`Software differs from that of other existing systems in that
`it uses specialized analytical tools to assess the progress of
`market activity over time. In his most recent book New
`Market Discoveries (1990, KJRBMARN), Steidltnayer set
`forth his basic view that market activity is “regulated” by a
`market-dependent product distributionicapital disuihution
`mechanism. He stated that a “working knowledge of the
`distribution process is key” to understanding how a market
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`works and how prices move over time and said that distri-
`bution “is a series of prices moving in one direction to
`correct an economic imbalance (supplyfdemaud) in the
`marketplace.“ In effect, price governs the distribution and its
`extent—i.e., its range in price and time. As price moves, it
`afiects market activity by slowing down and eventually
`“stopping” a distribution of product. Thus, price eventually
`stabilizes a distribution so that development can begin.
`Steidlrnaycr continues:
`A natural spectrum exists [in every market] which depicts
`the range of overall price control. Non-price control,
`excessive supply or demand, holds one extreme, while
`price control, regulated supply and demand, occupies the
`other. Non-price control creates an atmosphere of unin—
`hibited [dispersion oi] product demand or supply, which
`results in a large distribution. In contrast, a smaller, more
`contained distribution evolves from a price control situ—
`ation. Eventually, a price that contains both supply and
`demand will emerge from within [any] distribution, limu
`itng the market to its originalrange .
`.
`.
`.
`It is difficult for markets to grow and be efficient simulta—
`neously—rather the market accomplishes these two pro—
`cesses [—growth and efiiciency—] in a series of stages .
`.
`. . The first stage consists of the distribution itself and the
`emergent price which stops and holds it. The second stage
`concerns the development of the distribution as it relates
`to the influence of price. This controlling price can be
`located at the top, mid-point, or bottom of the distribution
`.
`.
`.
`. Once the market completes its growth phase and
`becomes static, a third and final stage occurs which makes
`the market the most eflicient. A price that best serves all
`participants is located and utilized. Essentially, the market
`is heavily influenced by the first two stages, while the
`third stage exerts a latent influence through time .
`.
`.
`.
`The movement of the market is [thus] a two—step process
`comprised of distributions and their subsequent develop-
`ment. In this process, the development of the distribution
`provides a time buffer or lull, much like a traffic signal
`changing from green to red with yellow as an interim
`warning signal, or a transition between the two. In the
`market, this time buffer is comprised of the three standard
`deviations; the most important of which is the first, as it
`defines the area of price control in the distribution.
`Steidlmayer‘s approach to market analysis underscores
`the impossibility of determining the beginning, ending, and
`development points in a distribution if one refers only to a
`one-day time frame or a particular intra-day price. Distri-
`butions and their development occur over “natural” time
`frames—sometimes minutes, sometimes many days. A mar-
`ket is “in development” and a distribution flow is beginning
`to end when the transaction price begins to be controlled,
`i.e., when market activity begins to be centered around a
`control price.
`The Steidlmayer market analysis approach is embedded in
`the “Capital Flow Software,” which is currently licensed to
`traders. Like other software programs, the Capital Flow
`programs use a pricetr'time “graph-format“ screen; but unlike
`other software, the Capital Flow programs can be used to
`organize and depict market data in configurations that evi-
`dence genuine distribution and distribution development
`over non~arbitrarily segmented time. As with other systems,
`the data enters the Capital Flow Software program from a
`data stream feed; Capital Flow Software, however, enables
`users to organize received data into event segments that are
`not defined by pro-set units of time. Thus, through use of the
`Capital Flow Software, licensees can “customize" a hori-
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`zontally~disp1ayed database. This ability to configure the
`data flow in a customized way allows the data to be
`organized and displayed with reference to the inherent
`divisions or dislocations in the flow of data events.
`
`Key to understanding or acting on data segment analy-
`sis—as reflected in the advance made by the Invention—
`however, is not simply the ability to configure data clusters
`in various ways, but, instead, the ability to identify those
`periods in a data stream when the market is in “minus
`development”, i.e., when transaction prices dislocate from
`the control price of a preceding development,
`thereby
`becoming disconnected in price and range of price from the
`immediately past transaction activity. This dislocation is
`triggered by a change in the flow of capital—either in or out
`of the market. Identification of mines development provides
`an important key to understanding price movement (or, more
`generally, data progressions) because it illustrates points of
`change in the underlying events recorded by the data,
`thereby providing information about transaction require-
`ments or opportunities (or, more generally,
`information
`about key dislocations in data event flows).
`In sum, existing technical analysis systems, including
`Steidlmayer’s own Capital Plow Software, allow users to
`organize and,
`in some ways, analyze continuous data
`streams. In each of these systems, however, the user can only
`evaluate the limited quantity of data located on a single
`screen. That limitation restricts the user’s ability to gain a
`full perspective on developments in the market. The Inven-
`tion, as described more fully below, therefore serves the
`currently