Get a patent for it! You will be very rich, if every charting/signal service provider wants to use it.
Patent on what ? On mode or median ? Impossible this is just classical statistical tools as old as 100 years at least. Instead of using the usual name "mode" they use the expression "modal point".
For people not accustomed to stats or for refreshing memory of others this is basic intro http://www.psychstat.smsu.edu/introbook/sbk13.htm MEASURES OF CENTRAL TENDENCY Central tendency is a typical or representative score. If the mayor is asked to provide a single value which best describes the income level of the city, he or she would answer with a measure of central tendency. The three measures of central tendency that will be discussed this semester are the mode, median, and mean. The Mode The mode, symbolized by Mo, is the most frequently occurring score value. If the scores for a given sample distribution are: 32 32 35 36 37 38 38 39 39 39 40 40 42 45 then the mode would be 39 because a score of 39 occurs 3 times, more than any other score. The mode may be seen on a frequency distribution as the score value which corresponds to the highest point. For example, the following is a frequency polygon of the data presented above: A distribution may have more than one mode if the two most frequently occurring scores occur the same number of times. For example, if the earlier score distribution were modified as follows: 32 32 32 36 37 38 38 39 39 39 40 40 42 45 then there would be two modes, 32 and 39. Such distributions are called bimodal. The frequency polygon of a bimodal distribution is presented below. In an extreme case there may be no unique mode, as in the case of a rectangular distribution. The mode is not sensitive to extreme scores. Suppose the original distribution was modified by changing the last number, 45, to 55 as follows: 32 32 35 36 37 38 38 39 39 39 40 40 42 55 The mode would still be 39. In any case, the mode is a quick and dirty measure of central tendency. Quick, because it is easily and quickly computed. Dirty because it is not very useful; that is, it does not give much information about the distribution. The Median The median, symbolized by Md, is the score value which cuts the distribution in half, such that half the scores fall above the median and half fall below it. Computation of the median is relatively straightforward. The first step is to rank order the scores from lowest to highest. The procedure branches at the next step: one way if there are an odd number of scores in the sample distribution, another if there are an even number of scores.
Q The Industry Department of Hong Kong has approved the ProSticks charting invention for funding support under the Patent Application Grant. The Patent Registry of Hong Kong has granted the ProSticks charting method a patent with the Patent number HK1026817. The method of ProSticks charting has been filed protection in countries around the world. The United States patent filing number is 09/465336. The Hong Kong short-term Patent Application number is 00104336.5. The Taiwan Patent Application number is 89108177. The Japanese Patent Application number is 2000-373509. The People's Republic of China Patent Application number is 00133198.1. The Korean Patent Application number is 10-2000-77805 and the European Patent Application number 00310672.1. UQ http://www.prosticks.com/patent_trademark.php?sid=07662abf6d1635f05215d0614a1b6329 It all depens on the patent claims (to cover what aspects?). You may try to look up the detail claims by yourself.
A patent is conditional: if it proves that what they pretend to be innovative already exists and sure it exists since it is basic statistical tools that they just disguise by using term like "modal point" instead of using proper statistical term like "mode" or by using a circle instead of a line to represent this mode the patent is null. So they pretend to protect is their vocabulary and symbols but there is no need to use other term or symbol than the traditional one. It is true that these tools are not well known because although basic - it is just DESCRIPTIVE tools to SUMMARISE data it is not even INFERENTIAL statistical tool to PREDICT - they are generally used in NON-PARAMETRIC statistical fied that is to say for NON-NORMAL law. Since most people assume normal law by ignorance or mysticism they have never encountered or even teached that (because for normal law the mean, mode and median are just the same and the mean is the best statistical estimator of all three IF the law is normal, not any more if the law is non-normal). In fact I know these tools because I've been a statistical process engineer: I didn't really learned them at school but in my profession.
If a patent was not disputable we would have to pay royalty for EACH CLICK ON AN HYPERLINK to ... British Telecom . It was not so long ago: 2002. But they lost their ridiculous claim in Court http://www.usatoday.com/tech/news/2002/02/07/patent-suit.htm British firm sues to protect hyperlink patent NEW YORK (Reuters) â Imagine if one company held the right to collect a fee each time an Internet user clicked on a Web site link and jumped to another Web page. It may sound far-fetched, but a U.S. federal court will hear preliminary arguments next week to determine if this most elemental of Internet activities is the business property of a lone company, protected in the form of a patent. BT Group believes it holds such a patent covering "hypertext links" â the illuminated text on a Web page that enables users to surf from page to page with the click of a mouse. On Monday, BT will go to court to try to cash in on it. Its first target is Prodigy, the oldest online access service, which dates back to 1984 and is now a unit of SBC Communications, the second largest US local telephone company. The former British telecoms monopoly maintains that Prodigy, with its 3.6 million customers, is in violation of a hyperlink patent granted years before the Internet as we now know it even existed. BT is calling the trial a test case whose outcome will determine whether it can commercialize a potentially lucrative patent. If successful, BT intends to go after other American Internet service providers, the lone jurisdiction governed by the patent. "We believe we have a duty to protect our intellectual property and we would expect companies to pay a reasonable royalty based on the revenues that they have enjoyed through the use of that intellectual property," a BT spokeswoman said.
Harry, I've just done a very brief search for the US aplication number 09/465336 about Prosticks on http://www.uspto.gov or http://www.uspto.gov/patft/index.html . However, the following is the only one I can find about candlestick charting. Q BRIEF DESCRIPTION OF THE DRAWINGS FIG. 1 shows a prior art candlestick price-volume chart. FIG. 2 shows a prior art Level II screen. FIG. 3 shows a preferred candlestick price-volume chart selected for all agents. FIG. 4 shows a preferred Level II screen. FIGS. 5 and 6 shows a preferred candlestick price-volume chart selected for a particular agent. UQ http://patft.uspto.gov/netacgi/nph-...,272,474.WKU.&OS=PN/6,272,474&RS=PN/6,272,474 With extremely limited knowledge about patents system, I can only say that of course you could challenge any patent for its claims. But sometimes it could be costly and time-consuming.