Market Data Visualization – Concepts, Techniques and Tools
Total Page:16
File Type:pdf, Size:1020Kb
EREADING WP 1 VISUAL POWER D1.2.3.3 MARKET DATA VISUALIZATION – CONCEPTS, TECHNIQUES AND TOOLS D1.2.3.3 Market Data Visualization – Concepts, Techniques and Tools Authors: Mari Laine-Hernandez (Aalto SCI) & Nanna Särkkä (Aalto ARTS) Confidentiality: Public Date and status: 1.11.2013 - Status: Final This work was supported by TEKES as part of the next Media programme of TIVIT (Finnish Strategic Centre for Science, Technology and Innovation in the field of ICT) Next Media – a Tivit Programme Phase 4 (1.1.–31.12.2013) Participants Name Organisation Responsible partner Mari Laine-Hernandez Aalto SCI/Media Responsible partner Nanna Särkkä Aalto ARTS/Media next Media www.nextmedia.fi www.tivit.fi EREADING WP 1 VISUAL POWER D1.2.3.3 MARKET DATA VISUALIZATION – CONCEPTS, TECHNIQUES AND TOOLS 1 (65) Next Media – a Tivit Programme Phase 4 (1.1.–31.12.2013) Executive Summary This report looks at the visualizations of abstract numerical data: what types of visualizations exist, how they can be conceptualized, and what kind of techniques and tools there are available in practice to produce them. More specifically the focus is on the visualizations of market data in journalistic context and on digital platforms. The main target group of the visualizations we are looking at are mainly small- scale investors (also entrepreneurs and decision makers) whose level of expertise varies. The report discusses the ways in which complicated numerical data can be presented in an efficient, illustrative manner, so that relevant up-to-date information is quickly available for those who want to keep up with the finances. We suggest a fourfold table model for the classification of interactive visualizations, for which the current one-dimensional classifications are insufficient. The model combines the role of the reader (as a passive receiver or as an active explorer) and the focus of the visualization (whether it is on data or on user). We have observed that there are surprisingly few innovative visualizations of market data. Instead, the majority of the realizations are quite simple. We discuss the reasons for this: the rational-scientific orientation of stock market information and its use, and the fact that production of infographics challenges the established processes and work division of journalism. We also provide solutions: in chapter 5 we list nine existing tools for producing interactive data visualizations. Our aspiration is that media companies would have the wisdom to invest on new narrative forms of communication, such as interactive infographics. Nowadays information is available for free for anyone. Publications cannot justify their existence by just presenting some of this data; instead they need to process it further, for example into interactive information graphics where users can explore it by them selves. Due to the dynamic and interactive quality of the visualizations at issue and the fact that a paper format is not quite the ideal format for discussing them, this report includes many links to online sources. This report is one of the outcomes of a project in which the aim is to develop new ways for presenting stock market data in collaboration with the Finnish financial media company Kauppalehti. EREADING WP 1 VISUAL POWER D1.2.3.3 MARKET DATA VISUALIZATION – CONCEPTS, TECHNIQUES AND TOOLS 2 (65) Next Media – a Tivit Programme Phase 4 (1.1.–31.12.2013) Table of Contents Executive Summary ..................................................................................................... 2 Table of Tables ............................................................................................................ 5 Table of Figures ........................................................................................................... 6 1. Introduction ............................................................................................................. 8 1.1 Definitions ....................................................................................................... 8 1.2 Structure of the Report .................................................................................. 10 2. Characterizing Visualizations................................................................................ 11 2.1 Why Visualize? ............................................................................................. 11 2.2 The Objectives of Visualizations ................................................................... 12 2.2.1 To Present or to be Explored? ........................................................... 12 2.2.2 Different Objectives in Different Application Areas ............................. 13 2.3 Requirements for Visualizations .................................................................... 14 2.3.1 Utility, Soundness and Attractiveness ................................................ 14 2.3.2 Scientific Orientation vs. Journalistic Orientation ............................... 15 2.4 Quality Criteria for Visualizations .................................................................. 16 2.5 Classifying Visualizations .............................................................................. 17 2.5.1 Classification Frameworks ................................................................. 18 2.5.2 Choice of Encoding Mechanism ......................................................... 19 2.5.3 Dynamic Data .................................................................................... 22 2.5.4 Interaction .......................................................................................... 24 2.6 Fourfold Table of Market Data Visualizations................................................ 26 3. Visualization Techniques for Market Data ............................................................ 28 3.1 Basic Techniques .......................................................................................... 28 3.1.1 Pie Charts .......................................................................................... 28 3.1.2 Bar Charts .......................................................................................... 29 3.2 Visualizing Time-Oriented Data .................................................................... 30 3.2.1 Line Charts......................................................................................... 30 3.2.2 Open-High-Low-Close (OHLC) Charts ............................................... 31 3.2.3 Candlestick Charts ............................................................................. 32 3.2.4 Index Charts ....................................................................................... 32 3.3 Space-Economical Visualizations ................................................................. 34 3.3.1 Small Multiples ................................................................................... 34 3.3.2 Sparklines .......................................................................................... 35 3.3.3 Pixel Bar Charts ................................................................................. 36 3.3.4 Horizon Graphs .................................................................................. 37 3.4 Overview Visualizations ................................................................................ 38 3.4.1 Scatter Plots....................................................................................... 38 3.4.2 Heatmaps........................................................................................... 39 EREADING WP 1 VISUAL POWER D1.2.3.3 MARKET DATA VISUALIZATION – CONCEPTS, TECHNIQUES AND TOOLS 3 (65) Next Media – a Tivit Programme Phase 4 (1.1.–31.12.2013) 3.5 Visualizing Hierarchical Data ........................................................................ 39 3.5.1 Treemaps ........................................................................................... 40 3.5.2 Sunbursts ........................................................................................... 41 3.6 Visualization Aids .......................................................................................... 41 4. Methods for Evaluating Information Visualization .................................................. 43 4.1 Heuristic Evaluation ...................................................................................... 43 4.2 User Tests..................................................................................................... 43 4.3 Eye Tracking ................................................................................................. 44 5. Tools for Visualizing Market Data ......................................................................... 46 5.1 AmCharts ...................................................................................................... 46 5.2 AnyChart ....................................................................................................... 47 5.3 D3 ................................................................................................................. 49 5.4 Envision.js ..................................................................................................... 50 5.5 Flot ................................................................................................................ 51 5.6 FusionCharts................................................................................................. 52 5.7 Highcharts ..................................................................................................... 54