Volume 8, Issue 3 (2008)
QJER 2008, 8(3): 0-0 |
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Najarzadeh R, Godari . A. A Study of the Profitability of the Technical Trading Rules at Tehran Stock Exchange Market. QJER 2008; 8 (3)
URL: http://ecor.modares.ac.ir/article-18-4385-en.html
URL: http://ecor.modares.ac.ir/article-18-4385-en.html
1- university of tehran
2- tehran,tarbite modares university
2- tehran,tarbite modares university
Abstract: (5437 Views)
The purpose of this article is to find out if the use of different Technical Trading Rules provide higher returns than the Simple Trading Rules and whether the former has a more predicting power when it comes to stock prices. Some researchers have shown that the technical rules have been quit successful in newly established markets such as in Malaysia, Taiwan and Thailand even though they have not been very successful in the markets of developed countries such as in Japan and Hong Kong. Some economists consider the inefficiency of some of today's markets as good opportunities to employ the technical approach to make a profit. This paper examines the level of profitability of trading using the Moving Averages Rules at the Tehran Stock Exchange Market. The results show that using variable length moving average rules yield a higher profitability when compared to the simple trading rules even though the profitability rates are different given different time length. Moreover, it was observed that the short-run moving averages yield better results than the long-run moving averages.
Received: 2007/08/1 | Accepted: 2008/03/21 | Published: 2008/04/27
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