<s>
Directional-change	B-General_Concept
intrinsic	I-General_Concept
time	I-General_Concept
is	O
an	O
event-based	O
operator	O
to	O
dissect	O
a	O
data	O
series	O
into	O
a	O
sequence	O
of	O
alternating	O
trends	O
of	O
defined	O
size	O
.	O
</s>
<s>
The	O
directional-change	B-General_Concept
intrinsic	I-General_Concept
time	I-General_Concept
operator	O
was	O
developed	O
for	O
the	O
analysis	O
of	O
financial	O
market	O
data	O
series	O
.	O
</s>
<s>
Directional-change	B-General_Concept
intrinsic	I-General_Concept
time	I-General_Concept
operator	O
dissects	O
a	O
data	O
series	O
into	O
a	O
set	O
of	O
drawups	O
and	O
drawdowns	O
or	O
up	O
and	O
down	O
trends	O
that	O
alternate	O
with	O
each	O
other	O
.	O
</s>
<s>
A	O
price	O
move	O
that	O
extends	O
a	O
trend	O
is	O
called	O
overshoot	B-Algorithm
and	O
leads	O
to	O
new	O
price	O
extremes	O
.	O
</s>
<s>
Directional-change	B-General_Concept
intrinsic	I-General_Concept
time	I-General_Concept
operator	O
is	O
a	O
noise	O
filtering	O
technique	O
.	O
</s>
<s>
The	O
directional-change	B-General_Concept
intrinsic	I-General_Concept
time	I-General_Concept
operator	O
was	O
used	O
to	O
analyze	O
high	O
frequency	O
foreign	O
exchange	O
market	O
data	O
and	O
has	O
led	O
to	O
the	O
discovery	O
of	O
a	O
large	O
set	O
of	O
scaling	O
laws	O
that	O
have	O
not	O
been	O
previously	O
observed	O
.	O
</s>
<s>
The	O
scaling	O
laws	O
identify	O
properties	O
of	O
the	O
underlying	O
data	O
series	O
,	O
such	O
as	O
the	O
size	O
of	O
the	O
expected	O
price	O
overshoot	B-Algorithm
after	O
an	O
intrinsic	O
time	O
event	O
or	O
the	O
number	O
of	O
expected	O
directional-changes	O
within	O
a	O
physical	O
time	O
interval	O
or	O
price	O
threshold	O
.	O
</s>
<s>
Other	O
applications	O
of	O
the	O
directional-change	B-General_Concept
intrinsic	I-General_Concept
time	I-General_Concept
in	O
finance	O
include	O
:	O
</s>
<s>
It	O
can	O
be	O
applied	O
to	O
other	O
scientific	O
domains	O
and	O
opens	O
a	O
new	O
avenue	O
of	O
research	O
in	O
the	O
area	O
of	O
BigData	B-Application
.	O
</s>
