Signal modulation is an essential design factor of a positioning system, which directly impacts the system’s potential performance. Chirp compressions have been widely applied in the fields of communication, radar, and indoor positioning owing to their high compression gain and good resistance to narrowband interferences and multipath fading. Based on linear chirp, we present a modulation method named chirped pseudo-noise (ChPN). The mathematical model of the ChPN signal is provided with its auto-correlation function (ACF) and the power spectrum density (PSD) derived. The ChPN with orthogonal chirps is also discussed, which has better resistance to near-far effect. Then the generation and detection methods as well as the performances of ChPN are discussed by theoretical analysis and simulation. The results show that, for ChPN signals with the same main-lobe bandwidth (MLB), generally, the signal with a larger sweep bandwidth has better tracking precision and multipath resistance. ChPN yields slighter ACF peaks ambiguity due to its lower ACF side-peaks, although its tracking precision is a little worse than that of a binary offset carrier (BOC) with the same MLB. Moreover, ChPN provides better overall anti-multipath performance than BOC. For the ChPN signals with the same code rate, a signal with a larger sweep bandwidth has better performance in most aspects. In engineering practice, a ChPN receiver can be implemented by minor modifications of a BOC receiver. Thus, ChPN modulation shows promise for future positioning applications.