A problem facing many areas of industry is the rapid increase in data and how to deal with it efficiently. In many cases, these large amounts of data are a useful resource, and the problem then becomes one of how to extract meaning from that data. Data mining is the process of exploring abstract data in the search for valuable and unexpected patterns.We can consider the available tools for data mining in two broad categories: automated intelligent tools and human perceptual tools, as Figure 1 (next page) shows. Automated intelligent tools implement well-defined strategies for finding rules or patterns in data. These tools exploit a computer's capability to perform errorfree, repetitive tasks and to efficiently process large amounts of data without human intervention. With human perceptual tools, on the other hand, the focus is on keeping the human in the process by displaying data to users and letting them search for patterns. These tools take advantage of the human capability to perform subtle pattern matching tasks.In the past, human perceptual tools often provided users with a 2D visual display to explore. However, new user interface technologies developed in virtual environments let researchers extend visual displays to 3D, and also incorporate sound and haptic (touch) feedback. Unfortunately, designing such multisensory displays is complex; although some researchers have formalized design frameworks for both visual 1 and auditory display. 2,3 Despite such frameworks, this field is still largely an embryonic research area and fraught with many difficulties.This article describes our design and evaluation of a multisensory human perceptual tool for the real-world task domain of stock market trading. The tool is complementary in that it displays different information to different senses-our design incorporates both a 3D visual and a 2D sound display. The results of evaluating the tool in a formal experiment are complex.The data mined in this case study is bid-and-ask data-also called depth-of-market data-from the Australian Stock Exchange. Stock market traders typically analyze this data in real time. It captures offers made by potential buyers (bids) and sellers (asks) of a particu-lar stock. Our visual-auditory display is the bid-ask-landscape, which we developed over many iterations with the close collaboration of an expert in the stock market domain. From this domain's perspective, our project's principal goal was to develop a tool to help traders uncover new trading patterns in depth-of-market data.In this article, we not only describe the design of the bid-ask-landscape but also report on a formal evaluation of this visual-auditory display. We tested nonexperts on their ability to use the tool to predict the future direction of stock prices. The experiment's null hypothesis was that nonexperts couldn't predict the direction of the stock price using this tool. Surprisingly, the null hypothesis was proved false, leading to the possibility that useful patterns were detected in the display.
Design frameworkWe...