This technique is commonly available in commercial statistics packages under the name of ANOVA. A justification for the use of this algorithm is given in Davies, MNRAS 244, 93, 1990, where it is shown that the AOV statistic is more valid than those commonly used in epoch-folding programs and has the F probability distribution.
Initially the data is screened and bad quality time bins rejected. The remaining data points are then passed through to the algorithm.
The technique has the advantage of allowing any number of phase bins to be used without oversampling the data.
It doesn't weight the data in any way.
When the periodogram has been calculated, it is displayed on a graphics device of the users choice. The periodogram and folded data are then saved to two separate NDFs.