Technical analysis and market efficiency
Petr Zeman, Martin Maršík

Language: cs
Last modified: 2013-07-30


This paper discusses testing a weak-form efficiency of prize market by technical analysis. An automated trading system was made in the mlq4 that enables classical technical analysis and a possibility of trade timing and some features of risk-management that should bring the system closer to current trading practise. Active investment strategy is compared to buy-andhold strategy expressing market efficiency. A market is labelled as inefficient in case of the above average efficiency of active strategy.


Market efficiency, Price market, Technical analysis, Automated trading system

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