By definition, interval data is represented along the x-axis as equally spaced time seg- ments. By contrast, tick data almost always distorts the representation of time along the x-axis, although it does remain continuous. Between January 1, 2000 and December 31, 2005, the number of ticks in a single minute in the EURUSD currency pair ranged from zero to three hundred. These variations produce an accordion effect on the x-axis. (See Appendix A for a list of world currency codes.) In the tick chart of the euro/U.S. dollar currency pair shown in Figure 1.1, a continu- ous line represents the price, while the time scale at the bottom of the chart fluctuates by the number of ticks per time interval. This is the sole criterion that distinguishes tick charts from other line charts. The chart clearly shows a variation in the number of ticks per minute as time progresses.
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