Abstract
The purpose of this chapter is to present an original concept of financial fuzzy time series models based on financial data in the form of Japanese Candlestick Charts. In this approach the Japanese Candlesticks are modeled using Ordered Fuzzy Numbers (OFN) called further Ordered Fuzzy Candlesticks (OFC). The use of ordered fuzzy numbers allows modeling uncertainty associated with financial data. Thanks to well-defined arithmetic of ordered fuzzy numbers, one can construct models of fuzzy time series, such as e.g. an autoregressive process, where all input values are OFC, while the coefficients and output values are arbitrary OFN, in the form of classical equations, without using rule-based systems. Finally, several applications of these models for modeling and forecasting selected financial time series are presented.
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