Note: Descriptions are shown in the official language in which they were submitted.
CA 02555967 2007-08-13
Canada Patent Aupiication
Subiect Matter:
- Processing Stock market or financial instrument transaction data
- Producing charts with processed data
Contents: Page
Abstract: 2
Specifications: 2
- Subject Matter 2
- Broad Description: 2
- Clear & Complete Description 3
o The transaction ranking method. 3
o The charts produced with the ranked data. 4
= Summary of chart types 4
~ Detailed descriptions of the chart types. 5
~ Notes on the above charting methods 13
Preferred Practice 14
Other Relevant Patents 15
Applicant's name, address and citizenship 19
Statement that a patent is sought 19
Short descriptions of the attached figures. 20
Applicant:
Jason Mcisaac
47 St. Andrew's Ave
Mt. Pearl, NL
A1N 1E3
709-747-7189
Patent Agent: NONE
August 10,2006
1
CA 02555967 2007-08-13
The Abstract
The following is in two distinct parts. The first part describes a method of
processing raw
transaction data for stocks or other financial instruments. The second part
describes a series of
new charts/graphs using the processed data. The charts described herein will
allow the user to
accurately view the degree of volume or transactions at specific price points
or narrow price
ranges by indications on daily, weekly or monthly price bars. These provide an
alternative to
conventional 'open/dose' price indicators and allow volume to play a more
important part in
technical analysis.
The saecifications:
Subiect Matter:
1- Processing Stock market or financial instrument transaction data via a
transaction ranking
system.
2- Producing charts with processed data.
A Broad description of the invention:
A computerized system will take the raw transaction data [number of units and
arice for each
transaction] within a day and rank the transactions byprice within that day
with no regard to the
time within that day.
The ranked data is then used to produce 5 new stock charting methods.
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CA 02555967 2007-08-13
A clear and complete description of the invention and its usefulness:
l: The Transaction Ranking method:
Raw transaction data for a day [week or month can also be used] is taken for
any financial
instrument involving price per transaction and volume per transaction.
The raw data is fed into a spreadsheet with 'sorting' capabilities and all of
the transactions
are ranked by the 'price' column. See table below.
Table 1: Raw Transaction Data for Financial Instrument XYZ in chronological
order. Then shown
after ranking by price.
Chronological Order After Ranking by Price
Transaction Price Volume Transaction Price Volume
1 19.92 750 4 19.81 300
2 19.94 100 9 19.86 1000
3 20.07 500 1 19.92 750
4 19.81 300 2 19.94 100
20.06 400 6 20.02 400
6 20.02 400 5 20.06 400
7 20.09 800 3 20.07 500
8 20.13 600 7 20.09 800
9 19.86 1000 8 20.13 600
20.14 600 10 20.14 600
11 20.23 1000 14 20.18 100
12 20.21 2000 12 20.21 2000
13 20.29 500 11 20.23 1000
14 20.18 100 13 20.29 500
20.31 2000 15 20.31 2000
16 20.32 1000 16 20.32 1000
17 20.35 1000 17 20.35 1000
18 20.38 3000 20 20.36 2000
19 20.41 2000 18 20.38 3000
20.36 2000 19 20.41 2000
Total: Total:
Price range: $ 0.60 20050 Price range: $ 0.60 20050
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II: Charts Produced by using the Sorted Data:
The sorted data in the sorted/ranked table can then be processed to produce
any of the
charts/graphs below. [this section composes the remainder of the
specifications section of the present
application.] The chart types are:
A- The 'Equal Segments by Price' chart
B- The 'Equal Segments by Volume' chart
C- The 'Median Transaction Indicator' chart
D- The 'Average/mean Volume Indicator chart
E- The 'Cropped off Price Bar' chart.
Summary of chart types:
A- The 'Eaual Seaments by Price' chart: divides the price bar into egual price
segments.
Then segments are shaded or colour coded to show relative volume in segment.
B- The'Eaual Seaments by Volume' chart: divides the price bar into equal
segments by
volume. This will usually show varying segment sizes with vary prices ranges,
indicating unequal volume distribution.
C- The 'Median Transaction Indicator' chart: indicates on price bar the point
at which half
of the transactions are below the indicated price and half above.
D- The 'Average/mean Volume Indicator' chart: indicates on price bar the point
at which
half of the volume is below the indicated price and half above.
E- The 'CroDoed off Price Bar' chart: crops off a selected % of the highest
and/or lowest
priced volume. This eliminates high priced and low priced low-volume spikes
which
are not true indicators of demand.
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CA 02555967 2007-08-13
A Detailed Descrigtion of the Chart types:
A- Eciual Segments by Price (see Fig 1, attached):
What is it? - A conventional intra-day higMow price bar will be augmented by
dividing it into
several equal price segments.
- For example, if the price range for the day is 60 cents, the user can choose
to divide the bar
into 4 equal 15 cent segments. The relative volume, the % vs the total, within
each price
segment will be indicated by different degrees of shading, colour or width on
the price bar
itself. The higher the volume density, the darker the shading.
- The user chooses the number of segments he wishes to use and chooses the
time range for
each price bar (ie. day, week or month). So a user would choose parameters to
build the chart
such as: 'daily chart', '4 segments per day', '6 week range'.
- dividing the price range into 2 to 5 segments would probably be the most
practical unless one
is using weekly or monthly indicators with larger price ranges; then 6-10
segments may be
useful.
- As the user chooses a varying number of segments, a key is produced
indicating the % of the
total volume that each shade represents. In other words, if dividing into 5
segments, the 'even
distribution' would show 20% of the volume in each segment. The 'even
distribution' would be
indicated by a neutral shade. A 5 segment bar would indicate a neutral shade
for volume in
the range of 15-25%, lighter shades for 5-14% and the lightest shading for
<5%. Conversely,
slightly darker than neutral shading would be used to indicate 26-40% of the
volume and the
darkest shading to indicate >40% volume within that segment. However, if the
user chooses a
2 segment bar, then 'neutral' would be in the 40-60% range, lighter shades
would be required
for <40% volume and darker shades for >60% volume. A total of 4-6 different
shades should
suffice for any situation.
CA 02555967 2007-08-13
How is it calculated? - The segments are generated by dividing the ranked
transaction list into
equal parts by price; total price range divided by the number of segments
desired. The volume
[number of shares] of all the transactions within each price segment are added
up and then compared
to the total volume to generate the % of the total. The volume within each
segment will almost always
vary, indicating that volume is not evenly distributed.
Table 2: Ranked Data Showing $0.15 segments.
For price bar showing 4 Equal Segments by Price. Indicated
by colour. 4 Segments of $0.15 each.
Volume Volume
Transaction Price Volume Running Total Segment Total:
4 19.81 300
9 19.8f3 4000 130O
1 19.92 760 2O0
2 19.94 100 2150 Segment 1: 2150
6 20.02 400 2550
20.06 400 2950
3 20.07 500 3450
7 20.09 800 4250 Segment 2: 2100
8 20.13 600 4850
20.14 B00 5450
14 20.18 100 5560
12 20.21 2000 7550
11 20.23 1000 8550 Sogmertt 3: 4300
13 20.29 500 9050
20.31 2000 11050
16 20.32 1000 12050
17 20.35 1000 13050
20.36 2000 15050
18 20.38 3000 18050
19 20.41 2000 20050 Segment 4:11500
Range $ 0.60 20050
25% of Range: $ 0.15
Low 25% 19.81-19.96 =2150
med lovw 2590 19.97-20.11 =2100
med high 25% 20.12-20.26 =4300
high 25% 20.27-20.41 =11500
[See next page for notes on this table.]
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CA 02555967 2007-08-13
Eaual Seaments by Price lcontinuedl
In the example above [Table 2], to find the volume in the lowest 25% of the
price range: total day's
price range then divide by 4. Or ($20.41-$19.81)= $.60/4= 15 cents. So we know
that'/. of the
day's price range is 15 cents.
Seament 1: The lowest price segment would range from $19.81 to $19.96. In this
simplified
example, we see that there are 4 transactions in this range, totaling 2150
shares in volume. That
is 2150/20050 or 11 % of the volume for the day. This is 25% of the price
range but only 11 % of
the day's volume.
Sepment 2: The next higher price segment, would be $19.97 to $20.11. Again,
there are 4
transactions, totaling 2100 shares in volume. 2100120050= 10% of the total
volume. This is 25% of
the price range but only 10% of the day's volume.
Segment 3: The next higher segment would be the range of $20.12 to $20.26. In
this price
range segment, there are 5 transactions totaling 4300 sha-es. 4300120050= 21%
of the total
volume in 25% of the price range.
Segment 4: The highest 25% price range segment is $20.27-$20.41. In this price
range
segment there are 7 transactions totaling 11500 shares in volume. 11500120050=
57% of the total
volume. So 57% of the volume is transacted in only 25% of the price range.
How is this useful? This example dearly shows that the bulk of the volume is
in the upper
price range. A typical stock chart would show you open, high, low, close and
total daily volume. On
a conventional chart, the user would have no indication of the volume
distribution and may
assume that the voiume is evenly distributed on that day. Using this method,
the user gets a
different picture of volume distribution, and therefore a different picture of
supply and demand.
This charting method provides a valuable tool to a user who believes that
volume is as important
as price. A user could opt to view a conventional 'intra day' chart, looking
at all of the activity on
one chart. However, the present method summarizes an entire day's activities
on one price bar,
allowing the user to view the volume distribution for dozens of days at a
glance.
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B- Equal Segments by Volume (see Fig 2. attached):
What is it?: Using the ranked transaction data, the price range is divided
into equal portions of
volume, rather than price. The equal-volume segments will usually span varying
price ranges,
showing different sized segments on the price bar. The relative size of the
segment indicates
density of volume.
How is it calculated?: Starting at the lowest or highest price on the ranked
transaction list, add up
the volume until you get to 25% of the volume (in this case 4, but this can
vary depending on the
number of segments desired).
- When the price at which the 25% volume mark is reached, the transaction at
this price is
indicated on the price range bar as the first segment. This is repeated at
each 25% volume
segment.
- In the example in Table 1, above, the total volume for the day is 20050. If
we want to divide
the day's volume into 4 segments, they would result in 4 segments of approx
5012 units. The
lowest priced 5012 segment of would range the first 9 transactions, from
$19.81 to $20.13. So a
hash mark is indicated at $20.13 on the price bar. We know that 25% of the
daily price range is 15
cents. In this instance, the lowest priced 25% of the volume spans 32 cents.
This indicates very
low density trading at the lower price ranges. The next segment is from $20.14
to $20.29 [the next
hash mark would be at $20.29], which is 15 cents, so volume is perfectly
proportionate to the price
range within this segment. The next segments are calculated in the same
manner, by summing
the volume totals as you progress upward in price through the ranked data.
How is this useful?: The relative size (i.e. price range) of each segment will
indicate the density of
volume. A relatively large segment in the price range indicates reiatively low
volume vs. the price
range. A small segment shows that volume is concentn3ted there. As in the
example above, if the
daily price range is 60 cents, 1/4 of the price range is 15 cents, but the
lowest priced 25%
segment of the volume is 32 cents, indicating 'thin' trading at the lower end
of the price range.
- Unless the volume is evenly distributed for that day, the resulting chart
will show 4
segments of unequal size, each representing a price segment with equal volume.
- Rather than using a wide, candlestick-type bar, this chart could also be
drawn with normal
'narrow' bars with hash marks on the bar indicating the divisions.
- Dividing the daily volume into 3 to 5 segments would probably be the most
practical unless
one is using weekly or monthly indicators with large price ranges. Note that
if you divide the price
range into 2 equal volume segments, you effectively produce the chart in
method 'D' [page 10,
below], the 'Average Volume' Indicator.
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C- The Median Transaction Indicator (See Fig 3, attached):
What is it? -The raw data can be processed to allow the user to view on the
price bar the price of
the 'median transaction' for the day. This could be a hash mark on the intra
day price bar (such as
a sideways 'T').
- The median transaction is that which half of the day's transactions are at a
higher price
and half are at a lower price.
How is it Calculated?: The total number of transactions are counted for the
day on the ranked
transaction list then transactions are counted starting from the lowest (or
highest) price. The price
of the 'middle' transaction is used to indicate the median transaction. E.g.
if there are 200
transaction for the day, the 100"' transaction from the bottom on the ranked
list is the median
transaction. Then the price for this transaction is indicated on the price
bar.
How is this Useful? - This is useful in indicating whether the bulk of the
transaction are occurring
nearer to the high or low end of the price range rather than evenly
distributed. A conventional
chart gives a user no indication of transaction distribution within a day. The
conventional chart
user may assume that the transactions are evenly distributed on any given day.
Using this method, on a day in which the median transaction is significantly
deviant from the
middle of the price range, the user may interpret aberrant trading action.
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D- Mean/Average Volume Indicator (see Fig 4, attached):
What is it?: The 'mean volume indicatoP shows the price at which half of the
daily volume occurs
below that price and half occurs above.
The point on the bar can be can be shown via a hash mark or unique symbol,
such as a 'V' on the
daily price bar.
How is it calculated?: This indicator is calculated by first adding up the
total daily volume, then
adding up the volume from the bottom of the ranked list upward until HALF of
the daily total is
reached. The price at which this occurs is the 'average volume transaction'
and is indicated as
such on the price bar.
How is this useful?: Unless the volume is evenly distributed within the day,
this price indicator will
be somewhat removed from the middle of the day's price range. The true
'middle' of the pricing
action is better indicated when incorporating volume.
The farther the indicator is from the middle of the price range, the stronger
the indication that
volume is not evenly distributed. Any day in which the mean/average volume
indicator is
significantly removed from the mid-point in the price range, could indicate to
the user aberrant
trading action.
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E- Cropping Off Aberrant Extreme Priced Volume:
What is it? Using the same transaction ranking process shown in table 1, the
user can choose to
"crop off" the extreme high and low priced volume for a day. E.g. The highest
and lowest priced
1%, 5% or 10% (or other proportion chosen by the user) volume can be cropped
off of the intra-
day price bar, eliminating aberrant transactions which may not indicate true
demand.
As the user crops off the ends, he ends up seeing the 'middle' 80% [if
cropping off the top and
bottom 10%] or 90% [if cropping off 5% at either end] of the volume action.
Note: this is NOT simply a matter of cropping off a % of the price by price
range but rather the
highest and lowest priced VOLUME on the ranked list.
Table 3: The user in the table below has chosen to crop off the highest and
lowest priced 10% of
the volume. The cropped off transactions are shown shaded below.
The ranked
data from
Table 1:
Transaction Price Volume Running Total:
4 19.81 300 300
9 19.86 1000 1300
1 19.92 750 2050
2 19.94 100 2150
6 20.02 400 2550
20.06 400 2950
3 20.07 500 3450
7 20.09 800 4250
8 20.13 600 4850
20.14 600 5450
14 20.18 100 5550
12 20.21 2000 7550
11 20.23 1000 8550
13 20.29 500 9050
20.31 2000 11050
16 20.32 1000 12050
17 20.35 1000 13050
20.36 2000 15050
18 20.38 3000 18050
19 20.41 2000 20050
Total: 20050
10% of volume= 2005
Il
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How is this calculated?: The user selects a % to crop off; for example 10%.
Then, using the ranked
data, the running total volume is added up from the lowest price upward until
the desired cropping % is
reached. This point becomes the new'intra day low'. The same is done for the
highest priced
transactions. Volume is added up from the highest price downward in a running
total until the desired
% is reached, the price at that transaction becomes the new 'intra day high'.
This will be shown on the
stock chart as a normal price bar, with the new high and low ends indicating
the 'middle' 80%, rather
than the conventional, absolute intraday high and low.
Using the data from table 3 above, we can see that cropping off the 10% lowest
priced volume
means that the first three transactions would be cropped off with a price
range of 11 cents [19.81 +
19.86 + 19.92] because their corresponding volume = 10% of the total volume.
Likewise, cropping off the 10% hiahest priced volume means cropping off only
one
transaction, the one at $20.41.
So the resultin4 price bar would show a modified daily price range of $19.94
to $20 38
How is this useful?: This would be useful in situa6ons in which a low volume
spike occurs at either
a very low price or very high price for perhaps only a few minutes within a
trading day.
- On a conventional chart, these low volume price spikes may show a user that
a technical 'barrier
has been breached or that a specific type of pattem is forming. But if these
spikes are simply a few
low volume, deviant transactions, such conclusions may be erroneous.
- This method can be used with 'transactions' and 'volume' with equal utility.
i.e. substitute
cropping off the lowest priced volume with the lowest and highest priced % of
transactions.
- With this method, the user gets a'cleaner view of the trading action by
looking at the 'middle'
90% (or other %) of the volume. On days in which volume is evenly distributed,
the cropping effect
will be minimal.
- since the user will be looking at an entire chart with each price bar
showing the same cropped-off
proportions, there is no fear that this will show a skewed representation of
the data. Quite the
opposite; it eliminates skewed and aberrant data.
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Notes on above charting methods:
1- The user may choose to superimpose any of the above indicators in any
reasonable
combination on the same chart and price bar includinc conventional open and
close prices. E.g.
Average/mean volume hashmark indicator could be superimposed on a'cropped-ofP
price bar.
2- Methods C and D [median transacBon and mean volume indicaators] may also be
used to show
the price at which any specified proportion (other than 50%) of transactions
or volume occurs. eg.
the point at which 20% of the transaction occur above a specific price or the
point at which 70% of
the volume occurs above a certain point. The 50% indicator would be the
default measure.
3- Methods C and D may also be used to indicate by shading the price bar [as
in a conventional
candle stick chart] whether the day was an 'up' dav or a'down' day. That is,
whether the indicator
mark is at higher or lower price vs. the day before. Again note that opening
and closing prices are
irrelevant.
4- It should also be noted that the traditional bolume' bar in conventional
stock chart, as a lower
indicator, should always be used in conjunction with all of the above charting
tools. This gives the
user the absolute volume measurement by which he can better assess the
significance of the
indicators discussed presently.
5- Whereas in all of the above descxiptions, I have referred mostly to
stockslequities; the method
can be used with any financial instrument which involve a transaction with
price and volume.
6- Whereas in all of the above descriptions, I have referred mostly to 'day'
as the period in which
the data will be ranked. The data from an entire week or month can be likewise
processed to
produce week or month price bars for long term charts. In many instances these
will be more
relevant than the daily charted data.
7- Methods 'A' and 'B' above can also be produced by measuring transactions,
rather than
volume.
8- Price bar 'shading' or 'colouring' could be substituted or augmented with
varying degrees of bar
width.
9- Whereas in the examples shown in the tables 1-3 above show only 20
transactions, most
stocks will produce hundreds or thousands of transactions per day. The
resulting segments or
cropped off sections would likely contain dozens or hundreds of transactions,
resulting in more
precise and significant indicators.
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Preferred Practice:
These graphing techniques could be used by any person who uses conventional
price/volume
stock charts. They give the user a better indication of supply/demand at
specific prices or narrow
price ranges and rather than indicating open and close prices.
Whereas most traditional chart analysis emphasize intra day highs, lows, open
and close
pricing. The present charting methods will be a tool for users who believe
that open and closing
prices are less important (or even arbitrary) points in the day and that price
and volume must be
looked at together.
The scope of the invention - the materials, compositions, conditions, etc.,
used to obtain good
results:
Required:
a- raw market transaction data.
b- Spreadsheet column ranking software.
c- a means to make the raw data compatible with the spreadsheet software.
d- software to produce charts using the processed data.
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CA 02555967 2007-08-13
Other relevant patents:
Lists of relevant patents or technical articies you've already found in any
literature search, including full
details such as name of inventor, number of patent, country and date of issue,
or name of periodical
and date. Indicate the similarities and differences of practices or products
relevant to your invention.
Other relevant patents:
1- CA2356577 (abandoned).. STATUS: DEAD APPLICATION.
Uses shading within price bar to indicate % of transactions at bid and ask.
CA 02555967 2007-08-13
(Other relevant patents, continued)
2- CA2375114: Incorporates price and volume in lechnical' analysis.
Inventors (Country): BAKAYA, DHIRAJ DYLAN (United States)
BAKAYA, ANIL (United States)
(73) Owners (Country): BAKAYA, ANIL (United States)
(71) Applicants (Country): BAKAYA, ANIL (United States)
(74) Agent:
(45) Issued:
(86) PCT Filing Date: May 25, 2000
(87) PCT Publication Date: Dec.7,2000
Examination requested: May 19, 2005
(51) Intemationai Class (IPCI: G06Q30100(2006.01)
G06F 17Af0 (2000.01)
G06Q 40A10 (2006.01)
Patent Cooueration Treaty (PCT): Yes
(85) National Entry: Nov. 26,2001
(86) PCT Filing number: PCT/AU2000/000551
(87) International publication number: W02000/073946
(30) Application orioritv data:
Application No. Country Date
PQ 0593 Australia May 27, 1999
Similarity: Processes pricing and volume market data.
Differences: No indication that this system produces new charting methods.
16
CA 02555967 2007-08-13
(other relevant patents continued)
3- CA2324195: METHOD FOR DETECTING ABERRANT BEHAVIOR OF A
FINANCIAL INSTRUMENT.
Inventors (Country): THOMAS, CHRISTOPHER K. (Canada)
(73) Owners (Country): MEASUREDMARKETS INC. (Canada)
(71) Applicants (Country): MEASUREDMARKETS INC. (Canada)
(74) Agent: BERESKIN & PARR
(45) Issued:
(22) Ei(ed: Oct. 25,2000
(41) Open to Public Inspection: Apr. 25,2001
Examination requested: Oct. 24, 2005
(51) International C'lass (tPC): G06F17/60(2000.01)
Patent Coooeration Treaty (PCT): No
(30) Application priority data:
Application No. Country Date
60/161,083 United States Oct. 25, 1999
Similarities: Processes price and volume data.
Differences: Uses data to establish 'averages' for specific securities, then
flags future
deviations from this average.
17
CA 02555967 2007-08-13
(other relevant patents continued)
4- CA2518487:
Inventors (Country): HUANG, CHQi-WEI (United States)
(73) Owners (Country): HUANG, CHIH-WEI (United States)
(71) Apalicants (Country): HUANG, CHIH-WEI (United States)
(74) A ent SMART & BIGGAR
(45) Issued:
(86) PCT Filing Date: Mar. 5, 2004
(87) PCT Publication Date: Sep. 23, 2004
Examination requested: Nov. 1, 2005
(51) InternationalC'lass(IPC'): G06F17/60(2000.01)
Patent Cooperation Treaty (PCT): Yes
(85) National Entry: Sep. 8, 2005
(86) PCT Filing number: PCTIUS2004/006744
(87) International publication number: W02004/081724
(30) Application priority data:
Application No. Country Date
10/385,959 United States Mar. 11, 2003
Similarities: The shown in the application diagram shows a'trading value
generator' which
generates the total dollar value of a trade. By adding a few steps, this could
be used to generate
the 'average volume indicatoP [charting method D above]. I don't believe the
applicant makes this
claim. Here's how it could work: 1- add up the total dollar value of all the
trades for that stock for
that day 2- divide this sum by the total volume of the day. 3- n:sult= average
price for the day.
Differences: applicant always compares at least two instruments. No similarity
to present
application.
18
CA 02555967 2007-08-13
(other relevant patents, continued)
5- US 6272474
Inventors: Garcia; Crisostomo B. (Rancho Santa Fe, CA)
Appl. No.: 09/246,304
Filed: February 8,1999
Current U.S. Class: 705/36R; 705/35
Current International Class: G06T 11/20 (20060101)
Field of Search: 705/35,36,37
Similarities: processes price and volume market data. Generates coloured
indicators on price
bars.
Differences: Indicates % and volume of trades at the 'ask', % and volume of
trades at the 'bid',
also % above and below bid and ask.
~ ----End of 'other relevant patents'--~
Aaplicant's Name. Address and Citizenshic):
Jason Mcisaac
47 St. Andrew's Ave
Mt. Pearl, NL
A1N 1E3
709-747-7189
Citizenship: Canadian
All countries in which you would like to file for a ratent.
Canada & USA
Statement that a gatent is sought:
I, Jason Mclsaac, hereby assert my intention to seek a patent for the present
subject matter.
Aug 10/2006
19
CA 02555967 2007-08-13
Description of the attached Figures:
Fipune 1: 'Eaual Segments by Price' chart [also see page 5 above]: The varying
'density' of
volume is shown by varying shades or colours.
Figure 2: Equal Segments by Volume chart [also see paae 8 abovel: The segments
are
derived by dividing the total daily volume into equal parts then showing the
corresponding price
range for each segment. Using this method, a large segment on a price bar
represents a 'low
volume density' segment. In other words, the volume is spread out over a large
price span so that
price move through this range may not be a true indication of demand.
Fipure 3: The 'Median Transaction' chart [also see page 9 above] is produced
by looking at
transactions only, ignoring volume. The 'median transaction' is such that half
of the transactions
are at a lower price, half higher. The corresponding price is indicated with a
sideways 'T' on the
price bar.
Figure 4: The 'Average Volume' chart. [also see page 10 above] The price
indicated
represents the transaction at which half of the volume is at a higher price,
half lower. The
corresponding price is indicated with a'V on the price bar.
