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text Courtesy Of Wikipedia
Ticker tape reading
See the main article: Ticker tape
In recent decades with the popularity of PCs and later the internet, and through them, the electronic trading, the chart analysis became the main and most popular branch of technical analysis. But it is not the only one branch of this type of analysis.
One very popular form of technical analysis until the mid-1960s was the "tape reading". It was consisted in reading the market informations as price, volume, orders size, speed, conditions, bids for buying and selling, etc; printed in a paper strip which ran through a machine called a stock ticker. It was sent to the brokerage houses and to the homes and offices of most active speculators. Such a system fell into disuse with the advent in the late 60's, of the eletronic panels.Ticker tape was the earliest digital electronic communications medium, transmitting stock price information over telegraph lines, in use between around 1870 through 1970. It consisted of a paper strip which ran through a machine called a stock ticker, which printed abbreviated company names as alphabetic symbols followed by numeric stock transaction price and volume information. The term "ticker" came from the sound made by the machine as it printed.
Paper ticker tape started to become obsolete in the 1960s, as television and computers were increasingly used to transmit financial information. The concept of the stock ticker lives on, however, in the scrolling electronic tickers seen on brokerage walls and on financial television networks.
Ticker tape was invented in 1867 by Edward A. Calahan, an employee of the American Telegraph Company.Stock ticker machines are an ancestor of the modern computer printer, being one of the first applications of transmitting text over a wire to a printing device, based on the printing telegraph. This used the technology of the then-recently invented telegraph machines, with the advantage that the output was readable text, instead of the dots and dashes of Morse code. A special typewriter designed for operation over telegraph wires was used at the opposite end of the telegraph wire connection to the ticker machine. Text typed on the typewriter was displayed on the ticker machine at the opposite end of the connection.
The machines printed a series of ticker symbols (usually shortened forms of a company's name), followed by brief information about the price of that company's stock; the thin strip of paper they were printed on was called ticker tape. As with all these terms, the word ticker comes from the distinct tapping (or ticking) noise the machines made while printing. Pulses on the telegraph line made a letter wheel turn step by step until the right letter or symbol was reached and then printed. A typical 32-symbol letter wheel had to turn on average 15 steps until the next letter could be printed resulting in a very slow printing speed of 1 letter per second.[6] In 1883, ticker transmitter keyboards resembled the keyboard of a piano with black keys indicating letters and the white keys indicating numbers and fractions, corresponding to two rotating type wheels in the connected ticker tape printers.[7]
Newer and more efficient tickers became available in the 1930s and 1960s but the physical ticker tape phase was quickly coming to a close being followed by the electronic phase. These newer and better tickers still had an approximate 15-to-20-minute delay. Stock ticker machines became obsolete in the 1960s, replaced by computer networks; none have been manufactured for use for decades. However, working reproductions of at least one model are now being manufactured for museums and collectors.[citation needed] It was not until 1996 that a ticker type electronic device was produced that could operate in true real time.
Simulated ticker displays, named after the original machines, still exist as part of the display of television news channels and on some World Wide Web pages—see news ticker. One of the most famous displays is the simulated ticker located at One Times Square in New York City.
Ticker tapes then and now contain generally the same information. The ticker symbol is a unique set of characters used to identify the company. The shares traded is the volume for the trade being quoted. Price traded refers to the price per share of a particular trade.
