0001
`
`IBG 1039
`CBM of U.S. Patent No. 7,212,999
`
`

`
`5,454,104
`Page 2
`
`OTHER PUBLICATIONS
`
`Wall Street Computer Review’s Special Buyer’s Guide Issue
`for 1992 (Gralla Publications}.
`Edward R. 'Ihfte, Envisioning Infomzation (1990, Graphics
`Press).
`Edward R. 'Il.1fte, The Visual Display 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, V01. V14. Issue: n9, Sep. 1991,
`pp. 45-49.
`Clive Davidson, “Fast Money”, Computer Weekly, Oct. 17,
`1991, pp. 28-29.
`
`Paul R. Lintz, Examiner’: Exhibit A, Unpublished Output
`from Micmsoft Works Aug. 14, 1994, pp. 1-2.
`Micmrofi‘ Works User’s Guide Version 1.05, Microsoft cor-
`poration 198?, 1933, PD. 257-335.
`
`Rizzo et 31., “Quolron Uses Windows to Develop New
`Market Analysis Tools For Real—Time Data”, Micmsofi
`Systems Journal, vol. V4, Issue: 111, .lan., 1989, pp. 1-9.
`Ivy Schmerkerl, “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",
`Wall Street Computer Review. vol. V6, Issue: n12, Sep.,
`1939, 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
`
`

`
`U.S. Patent
`
`Sep. 26, 1995
`
`Sheet 1 of 44
`
`
`
`mosma_,,5%_a
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`0003
`0003
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`
`

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`mRaP3U
`
`Sep. 26, 1995
`
`Sheet 2 of 44
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`US. Patent
`
`Sep. 26, 1995
`
`Sheet 3 of 44
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`5,454,104
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`0006
`
`
`

`
`U.S. Patent
`
`Sep.26,1995
`
`Sheet 5 of 44
`
`5,454,104
`
`FIG. 3-A
`
`§TEP 1
`
`FOR ALL DATA EVENT UNITS
`IN USER-SPECIFIED SATA
`
`SEGMENT, DO
`
`
`
`
`
`IF
`MAXIMUM UNIT <
`
`YES
`
`
`
`MAx|MuM UNIT =
`
`
`
`IF
`
`
`
`
`M|N|MuM UNIT ;
`CURRENT UNIT
`
`0UFIFiEf;ITUNIT ‘ CURRENTUNIT
`
`
`
`
`YES
`
`MINIMUM UNIT <
`CURRENT UNIT
`
`'2 ‘
`
`GO TO FIG. 3-B
`
`0007
`0007
`
`

`
`U.S. Patent
`
`Sep. 26, 1995
`
`Sheet 6 of 44
`
`5,454,104
`
`USING LOOKUP TABLE
`
`CORRECT 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 DISPIAY
`
`X2 :. X1 + WIDTH OF PIPE
`
`DRAW SOLID VERTICAL LINE
`
`FROM COORDINATE X1, YLO
`TO X1, YHI
`
`DRAW SOLID VERTICAL LINE
`
`FROM COORDINATE X2, YLO
`TO X2, YHI
`
`GO TO FIG. 3-0
`
`0008
`0008
`
`

`
`U.S. Patent
`
`Sep. 26, 1995
`
`Sheet 7 of 44
`
`5,454,104
`
`TEP3
`
`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
`
`FOR EACH DATA EVENT UNIT
`STORED IN RES 1. 00
`
`MAP DATA EVENT UNIT
`TO Y COORDINATE
`USING LOOKUP TABLE
`
`GO TO FIG. 3-D
`
`0009
`0009
`
`

`
`U.S. Patent
`
`Sep. 26, 1995
`
`Sheet 8 of 44
`
`5,454,104
`
`FIG. 3-D
`
`DRAW DARKENED BOX
`WITHIN PIPE BOUNDARIES
`AT Y COORDINATE
`WITH HEIGHT = SIZE OF
`SCREEN FONT
`
`STEP 4
`
`FOR ALL ADDITIONAL
`REFERENCE POINTS, DO
`
`MAP REFERENCE POINT TO
`Y COORDINATE FROM
`LOOKUP TABLE
`
`33
`
`Y COORDINATE:
`Y COORDINATE
`+ 112 SIZE OF SCREEN FONT
`
`GO TO FIG. 3-E
`
`0010
`0010
`
`

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

`
`U.S. Patent
`
`Sep. 26, 1995
`
`Sheet 10 of 44
`
`5,454,104
`
`4.6_u_
`
`#3K30
`
`m
`
`IGLE
`
`Iowa
`
`omqm
`
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`(Ndmomma
`
`
`2zt.:2
`
`;coMac»41:»é454:
`
`MKZKIX
`
`0012
`0012
`
`

`
`U.S. Patent
`
`Sep.26,199S
`
`Sheet 11 of 44
`
`_
`
`5,454,104
`
`39
`
`FIG. 5-A
`
`DATA SOURCE
`
`INTERFACE
`BETWEEN DATA
`
`sounce AND PC
`
`40
`
`DATABASE
`OF TPOS
`
`4;
`
`USER SELECTS
`DATA SEGMENT
`FROM DATA BASE
`
`USSEH SELECTS THE
`TPO-COUNWNG
`STUDY AND TFO
`
`STUDY PAFIAMEFER
`
`INTERFACE To
`
`STU DY CONDUCTOR
`
`49
`
`43
`
`44
`
`GO TO FIG. 5-B
`
`0013
`0013
`
`

`
`U.S. Patent
`
`Sep.26,199S
`
`Sheet 12 of 44
`
`5,454,104
`
`FIG. 5-B
`
`I ___________________________ _ "I
`STUDYCONDUCTOFI
`
`QTEP 1
`
`MAXIMUM UNIT =
`CUFIFIENT UNIT
`
`MINIMUM UNIT =
`CUHFIENT UNIT
`
`SEGMENT, DO.
`
`
`
`IF
`MAXIMUM UNIT <
`CURRENT UNIT
`?
`
`
`
`IF
`MINIMUM UNIT <
`CURRENT UNIT
`‘.7
`
`‘GO TO FIG. 3-C
`
`0014
`0014
`
`_— —fl‘———_— —
`
`jjgjj:1-cg._j..-...:::::g.g.:::L-::L:-.-.-.-—.::::-—_:.L-:L:sn.1-1.
`
`45
`
`
`FOR ALL DATA EVENT UNITS
`IN USER-SPECIFIED SATA
`
`
`
`
`
`

`
`U.S. Patent
`
`Sep. 26, 1995
`
`Sheet 13 of 44
`
`5,454,104
`
`FIG. 5-C
`
`1..........:..—..1j.1jg.:.:g.:.Lg..1j:..1.__:1.j:-u—-nu.-s-u.p_.:-:L1.::—_:LLjjLLjj::——u-uujj
`
`STEP 2
`
`FOR EACH PFIICE LEVEL
`FROM MINIMUM UNIT
`
`T0 MAXIMUM UNIT, DO
`
`FOR ALL UNITS IN
`SELECTED DATA
`
`SEGMENT, DO
`
`COUNT TPOS AT
`PRICE LEVEL FOFI
`UNIT
`
`STORE RESULT
`
`GO TO FIG. 5-D
`
`0015
`0015
`
`1:-—.:——-2:1.1:.-——--n:—---o»—.-u-—o---1:---.-L-—.:LL:.—jLj:—u-pg-u-nu..--.n—¢:-1-i:::——.._...-—-.-—.j
`
`

`
`U.S. 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 pmcg-
`IF AGCUM
`LEVEL T0
`TPO COUNT FOR PFIICE
`
`|qE3Uq_'r3
`LEVEL > TPO THRESHOLD
`
`._ TUDY PAFIAMETE '
`U31’
`
`
`
`
`
`
`
`IGNORE
`PRICE-LEVEL
`
`GO TO FIG. 3-E
`
`0016
`0016
`
`

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

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`U.S. Patent
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`Sep. 26, 1995
`
`Sheet 22 of 44
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`5,454,104
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`
`U.S. Patent
`
`Sep. 26, 1995
`
`Sheet 23 of 44
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`5,454,104
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`
`U.S. Patent
`
`Sep. 26, 1995
`
`Sheet 25 of 44
`
`5,454,104
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`
`

`
`tmMPamU
`
`Sep. 26, 1995
`
`Sheet 26 of 44
`
`40ll)45A,5
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`mm
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`0028
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`

`
`U.S. Patent
`
`Sep. 26, 1995
`
`Sheet 27 of 44
`
`5,454,104
`
`52m0com02.50
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`

`
`U.S. Patent
`
`Sep. 26, 1995
`
`Sheet 23 of 44
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`5,454,104
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`tmMPamU
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`Sep. 26, 1995
`
`Sheet 29 of 44
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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-C
`
`0032
`0032
`
`

`
`U.S. 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)
`
`CALCULATE AVERAGE
`OF NEXT N CONTROL
`PRICES
`
`STORE RESULTING
`AVERAGE IN FIRST
`
`ELEMENT OF AVERAGE
`LIST
`
`*GO TO FIG. 8-D
`
`0033
`0033
`
`I
`'
`'
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`

`
`U.S. Patent
`
`Sep. 26, 1995
`
`Sheet 32 of 44
`
`5,454,104
`
`FIG. 8-D
`
`
`
`WHILE NUMBER OF
`REMAINING UNITS
`
`IS > N, D0
`
`INCREMENT DATA BASE
`BY ONE UNIT
`
`CALCULATE AVERAGE
`OF NEXT N UNITS
`
`:.._....1-::Ljj1.....-p.:——jjjjjzu:n:...._...u—.:j—nnun-—.njj-1-uunna:2-L-—-2-:L:::—Ion
`
`MAXIMUM AVERAGE <
`CURRENT INERVAL
`
`MAXIMUM AVERAGE =
`CURRENT INTERVAL
`AVERAGE
`
`'
`
`
`
`
`GO TO FIG. 8-E
`
`0034
`0034
`
`

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

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

`
`
`
`U.S.Patent
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`
`US. Patent
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`Sep. 26, 1995
`
`Sheet 36 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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`U.S. Patent
`
`Sep. 26, 1995
`
`Sheet 41 of 44
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`5,454,104
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`U.S. Patent
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`Sep. 26, 1995
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`Sheet 42 of 44
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`5,454,104
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`U.S. Patent
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`Sep. 25, 1995
`
`Sheet 44 of 44
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`40J.454,5
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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 Aualysts Course, (1989, Prohus 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
`pn'ccs—are charted without reference to any panjcular time
`intervals. Certain statistical summation 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 efliciently. 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
`efficicntly gain perspective regarding data development over
`many time flames. To analyze many time flames, the user
`has to access numerous screens and cannot compare the
`variety of study results in a concentrated, summary 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 diflicult to discern
`transaction flow beginnings and endings within the subject
`database. Fourth, no existing system provides a capability to
`Stlldy 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
`
`20
`
`25
`
`30
`
`35
`
`45
`
`SD
`
`55
`
`1
`FINANCIAL DATA EVENT FLOW ANALYSIS
`SYSTEM WITH STUDY CONDUCTOR
`DISPLAY
`
`FIELD OF THE JNVENTION
`
`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 suumiarized, 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 talcen to displaying such transaction price data is to
`show transaction prices over selected time fi'ames—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 background 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 Commodity Trading
`System and Methods, (19811, John Wiley 3: Sons, Inc.) at p.2;
`N. Rothstein, The Handbook of Financial Futures, (1934,
`McG_raw-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 accumulated 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, KIRBMARNJ, Steidlmayer set
`forth his basic view that market activity is “regulated” by a
`market-dependent product distributionicapital distribution
`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 (supplyfdemand) in the
`marketplace." In eifect, 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 [ir1 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, lim-
`iting the market to its originalrange .
`.
`.
`.
`It is dilficult for markets to grow and be efieient simulta-
`neously—rather the market accomplishes these two pro-
`cesses [—-growth and efliciency—] 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 apriceltime “graph-fomiat" 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 pre-set units of time. Thus, through use of the
`Capital Flow Software, licensees can “customize” a hori-
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`zontally-displayed database. This ability to configure the
`data now 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 these
`periods in a data stream when the market is in “minus
`development”, i.e., when transaction prices disloeate 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
`SteidlInayer’s own Capital Flow 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 unmet need to provide market analysts and trans-
`actors with the capability to model, define, control and
`manage a linear stream of data of any length through
`reduction to a simplified visible summary displayed on a
`single screen, which display is uniform in format for all data
`streams studied and for all types of data stream studies.
`
`OBJECT OF THE INVENTION
`
`It is dierefore an object of this Invention to provide a
`System which will enable a user to model, define, manage,
`and control continuous linear data configured graphically, by
`providing the System user with means to conduct studies
`and observe the results thereof on an unlimited number or
`range of user—defined data segments. This objective of the
`invention is accomplished through the System’s display of
`study results in a concentrated fashion in a vertical pipe on
`a single screen. The vertical pipe display format necessarily
`means that study results are not dependent on fixed units of
`time (e.g., daily, monthly, etc.) or other usage measurement
`units. Study results may_be printed in hard copy by use of an
`attached printer.
`It is also an object of the invention to provide a System
`which provides users with the capability to configure study
`parameters so that the vertical pipes reveal space or a
`different color segment within a study result or between
`study results. Such space or color segments represent the
`state of minus development in the data segment(s) studied.
`The display of minus development signifies dislocation in
`the stream of data events. The Invention thus provides a
`significant means to identify key changes in data event llows
`by enabling a user to expand and collapse study parameters
`until the user locates, and the system displays, minus devel-
`opment with as much precision as desired.
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`SUMMARY OF THE nvvervnorv
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`The present invention comprises a data stream input
`device for transmitting to the System a continuous stream of
`data, e.g., a telephone litre, plus interface means operative
`between the input device and a personal computer or other
`stand—alone device. The present invention also provides
`software means and user-input instructional means, such as
`a hand—held mouse, for receipt, storage, configuration and
`display of the continuously developing, graphically-orga-
`nized data.
`'
`
`The present invention also comprises software means and
`instructional user input means, such as a hand-held mouse,
`through which the user can select a specific segment of data,
`a particular study to be perfonned on that data, and the data
`analysis parameters for the chosen study, as well as the color
`and screen position for the vertical pipe that will contain the
`study results, and the color for the study result itself. The
`System responds to user input by constructing a vertical pipe
`capable of receiving and containing the study results. The
`System further provides interface means between the data-
`base and a study conductor in the software where studies are
`performed responsive to user input. Following completion
`of the study,
`the results are communicated to a results
`drafting means in the System, which maps the results into
`the interior of the vertical pipe. Through the use of screen
`display means, and hard copy prints if so desired, the user
`can see the study results in vertical pipe(s). The System
`further allows a user to update current studies either peri-
`odically or, in the case of certain current studies, continu-
`ously, as new data enters the System. In addition, the System
`enables a user to conduct and display additional studies—
`either adjacent to