{"id":42119,"date":"2025-12-04T14:00:00","date_gmt":"2025-12-04T06:00:00","guid":{"rendered":"https:\/\/www.tejwin.com\/?post_type=insight&#038;p=42119"},"modified":"2025-12-11T14:52:09","modified_gmt":"2025-12-11T06:52:09","slug":"three-major-institutional-investors-position-based-trading-strategy-for-taiex-futures","status":"publish","type":"insight","link":"https:\/\/www.tejwin.com\/en\/insight\/three-major-institutional-investors-position-based-trading-strategy-for-taiex-futures\/","title":{"rendered":"Three Major Institutional Investors&#8217; Position-Based Trading Strategy for TAIEX Futures"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"785\" height=\"514\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.08.34-1.png\" alt=\"\" class=\"wp-image-41632\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.08.34-1.png 785w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.08.34-1-300x196.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.08.34-1-150x98.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.08.34-1-768x503.png 768w\" sizes=\"(max-width: 785px) 100vw, 785px\" \/><figcaption class=\"wp-element-caption\">Photo by <a href=\"https:\/\/unsplash.com\/@tingeyinjurylawfirm?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash\" target=\"_blank\" rel=\"noopener\">Tingey Injury Law Firm<\/a> on <a href=\"https:\/\/unsplash.com\/photos\/woman-holding-sword-statue-during-daytime-DZpc4UY8ZtY?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash\" target=\"_blank\" rel=\"noopener\">Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f1f60bd025c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f1f60bd025c\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tejwin.com\/en\/insight\/three-major-institutional-investors-position-based-trading-strategy-for-taiex-futures\/#Summary\" >Summary<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tejwin.com\/en\/insight\/three-major-institutional-investors-position-based-trading-strategy-for-taiex-futures\/#Instrument_and_Backtest_Period\" >Instrument and Backtest Period<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tejwin.com\/en\/insight\/three-major-institutional-investors-position-based-trading-strategy-for-taiex-futures\/#Trading_Logic\" >Trading Logic<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tejwin.com\/en\/insight\/three-major-institutional-investors-position-based-trading-strategy-for-taiex-futures\/#Trading_Strategy\" >Trading Strategy<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tejwin.com\/en\/insight\/three-major-institutional-investors-position-based-trading-strategy-for-taiex-futures\/#Trade_Entry_Criteria\" >Trade Entry Criteria<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tejwin.com\/en\/insight\/three-major-institutional-investors-position-based-trading-strategy-for-taiex-futures\/#Roll-Over_Logic\" >Roll-Over Logic<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tejwin.com\/en\/insight\/three-major-institutional-investors-position-based-trading-strategy-for-taiex-futures\/#%E2%AD%90_Begin_your_journey_into_quantitative_investing_and_strengthen_your_financial_decision-making_skills\" >\u2b50&nbsp;Begin your journey into quantitative investing and strengthen your financial decision-making skills!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tejwin.com\/en\/insight\/three-major-institutional-investors-position-based-trading-strategy-for-taiex-futures\/#GitHub_Source_Code\" >GitHub Source Code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tejwin.com\/en\/insight\/three-major-institutional-investors-position-based-trading-strategy-for-taiex-futures\/#Further_Reading\" >Further Reading<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tejwin.com\/en\/insight\/three-major-institutional-investors-position-based-trading-strategy-for-taiex-futures\/#Related_Links\" >Related Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Summary\"><\/span><strong>Summary<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This strategy is based on tracking the flow of so-called &#8220;smart money&#8221; in the market, referring to the positions of the three major institutional investors in Taiwan: foreign investors, investment trusts, and proprietary traders. The strategy assumes that when these three institutions hold a strong and consistent view of the market direction, following their lead has a higher probability of success.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Instrument_and_Backtest_Period\"><\/span><strong><strong>Instrument and Backtest Period<\/strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The strategy focuses exclusively on Taiwan Stock Index Futures (TX), using daily high, low, and close prices (for ATR volatility calculation), along with the net open interest (OI) data of the three institutional investor types to generate trading signals.Since the volatility filter requires historical data to warm up, with the longest window being&nbsp;<code>vol_window<\/code>&nbsp;(252 days), the backtest period is set from&nbsp;<strong>January 1, 2016, to October 1, 2025<\/strong>, to ensure reliable signal generation and strategy validity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Trading_Logic\"><\/span><strong>Trading Logic<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Net Open Interest of Institutional Investors:<\/strong><\/p>\n\n\n\n<p>This is the core signal of the strategy, representing the collective market view of the institutional investors.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Net Long (&gt; 0): Indicates a bullish outlook.<\/li>\n\n\n\n<li>Net Short (&lt; 0): Indicates a bearish outlook.<\/li>\n\n\n\n<li>A trade is only triggered when the absolute net OI exceeds a certain threshold, signaling sufficient conviction.<\/li>\n<\/ul>\n\n\n\n<p><strong>ATR(Average True Range)\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ATR is used to gauge market volatility as a risk filter.<\/li>\n\n\n\n<li>When the current ATR exceeds the 90th percentile of the past year&#8217;s values, the market is considered to be in an&nbsp;<strong>&#8220;abnormally high volatility&#8221;<\/strong>&nbsp;state.<\/li>\n\n\n\n<li>In such cases, all positions are closed and trading is paused to manage risk.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Trading_Strategy\"><\/span><strong>Trading Strategy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"%E9%80%B2%E5%A0%B4%E6%A2%9D%E4%BB%B6\"><span class=\"ez-toc-section\" id=\"Trade_Entry_Criteria\"><\/span><strong>Trade Entry Criteria<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No current position<\/li>\n\n\n\n<li>Market is not in an abnormally high volatility state<\/li>\n\n\n\n<li>Absolute value of net OI &gt; 5000<\/li>\n<\/ul>\n\n\n\n<p><strong>Position Sizing<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Go long if&nbsp;<code>net_oi<\/code>&nbsp;&gt; 0; go short if&nbsp;<code>net_oi<\/code>&nbsp;&lt; 0.<\/li>\n\n\n\n<li>Position size =&nbsp;<code>round(net_oi \/ 1000)<\/code>.<br>Example: If today\u2019s net OI = 10,000 \u2192 enter 10 contracts; if tomorrow = 11,000 \u2192 add 1 more contract.<\/li>\n<\/ul>\n\n\n\n<p><strong>Exit Conditions<\/strong><br>The strategy exits all positions if&nbsp;<strong>any<\/strong>&nbsp;of the following is true:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Market enters abnormally high volatility (ATR &gt; 90th percentile of the past year)<\/li>\n\n\n\n<li>Absolute value of net OI &lt; 1000<\/li>\n<\/ul>\n\n\n\n<p>This use of different thresholds for entry and exit is known as&nbsp;<strong>Hysteresis<\/strong>, intended to reduce whipsaws near threshold levels and improve trading stability.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Roll-Over_Logic\"><\/span><strong>Roll-Over Logic<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>On the day before a futures contract expires,\u00a0Zipline automatically closes any open positions\u00a0in the expiring contract. The strategy will then establish new positions in the\u00a0front-month contract of the next expiry, ensuring continuity in trading.<br>(<em>Note: If early roll-over is required, a custom\u00a0<code>roll_futures<\/code>\u00a0function must be implemented.<\/em>)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"271\" height=\"517\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.26.05.png\" alt=\"\" class=\"wp-image-41639\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.26.05.png 271w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.26.05-157x300.png 157w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.26.05-79x150.png 79w\" sizes=\"(max-width: 271px) 100vw, 271px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"296\" height=\"638\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.44.11.png\" alt=\"\" class=\"wp-image-41653\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.44.11.png 296w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.44.11-139x300.png 139w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.44.11-70x150.png 70w\" sizes=\"(max-width: 296px) 100vw, 296px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"721\" height=\"169\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.24.26.png\" alt=\"\" class=\"wp-image-41643\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.24.26.png 721w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.24.26-300x70.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.24.26-150x35.png 150w\" sizes=\"(max-width: 721px) 100vw, 721px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"911\" height=\"572\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.31.41.png\" alt=\"\" class=\"wp-image-41645\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.31.41.png 911w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.31.41-300x188.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.31.41-150x94.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.31.41-768x482.png 768w\" sizes=\"(max-width: 911px) 100vw, 911px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"944\" height=\"615\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.32.02.png\" alt=\"\" class=\"wp-image-41647\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.32.02.png 944w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.32.02-300x195.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.32.02-150x98.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.32.02-768x500.png 768w\" sizes=\"(max-width: 944px) 100vw, 944px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"920\" height=\"631\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.32.14.png\" alt=\"\" class=\"wp-image-41649\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.32.14.png 920w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.32.14-300x206.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.32.14-150x103.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/\u622a\u5716-2025-11-28-\u4e0b\u53485.32.14-768x527.png 768w\" sizes=\"(max-width: 920px) 100vw, 920px\" \/><\/figure>\n\n\n\n<p><br>We welcome all investors to refer to this strategy. We will continue to share how to construct various indicators using the&nbsp;<strong>TEJ database<\/strong>, and backtest their performance.<br>If you are interested in strategy backtesting, we invite you to explore the solutions offered by&nbsp;<strong>TQuant Lab<\/strong>, where high-quality data helps you build strategies tailored to your needs.<\/p>\n\n\n\n<p><strong>Disclaimer:<\/strong><br>This analysis is for informational purposes only and does not constitute any form of financial product recommendation or investment advice.<\/p>\n\n\n\n<div style=\"border: 1px black; border-style: solid none; text-align: center; border-color: #296580; padding: 24px; margin-top: 24px; margin-bottom: 24px;\">\n<p style=\"margin: 0px; font-size: 24px; font-weight: bold; line-height: 1.5;\">[TQuant Lab Backtesting System] \u2014 Solving Your Quantitative Finance Challenges<\/p>\n<div style=\"margin-top: 32px;\"><a style=\"border: none; border-radius: 4px; background-color: #296580; color: white; font-size: 20px; width: fit-content; text-decoration: none; padding: 12px 30px 12px 30px;\" href=\"https:\/\/tquant.tejwin.com\/\" target=\"_blank\" rel=\"noopener\"><strong data-start=\"85\" data-end=\"136\">\ud83d\udc49 Click here to sign up and start your free trial<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E2%AD%90_Begin_your_journey_into_quantitative_investing_and_strengthen_your_financial_decision-making_skills\"><\/span>\u2b50&nbsp;<strong>Begin your journey into quantitative investing and strengthen your financial decision-making skills!<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>TEJ Knowledge Finance Academy officially presents \u2014&nbsp;<strong>\u201c<\/strong><mark><strong>TQuantLab: Introduction to Quantitative Investing<\/strong><\/mark><strong>\u201d<\/strong>.<\/p>\n\n\n\n<p>This course integrates TEJ\u2019s empirical data with practical quantitative methods, guiding you from the fundamentals to the core concepts of quantitative investment. Whether you are a finance professional, an investment researcher, or someone looking to enhance your analytical thinking, this course helps you build systemized research and evaluation skills\u2014fast and effectively!<\/p>\n\n\n\n<div style=\"border: 1px black; border-style: solid none; text-align: center; border-color: #296580; padding: 24px; margin-top: 24px; margin-bottom: 24px;\"><br \/>\n<p style=\"margin: 0px; font-size: 24px; font-weight: bold; line-height: 1.5;\">TQuantLab \u2014 Your gateway to \u00a0effective quantitative investing.<\/p>\n<br \/>\n<div style=\"margin-top: 32px;\"><strong><a style=\"border: none; border-radius: 4px; background-color: #296580; color: white; font-size: 20px; width: fit-content; text-decoration: none; padding: 12px 30px 12px 30px;\" href=\"https:\/\/elearning.tejwin.com\/courses\/tquantlab?coupon=TEJ202511\" target=\"_blank\" rel=\"noopener\">\ud83d\udc49Limited-Time Offer! Click Here to Explore the Courses Now<em>\u203c\ufe0f<\/em><\/a><\/strong><\/div>\n<\/div>\n<div>\u00a0<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"GitHub_Source_Code\"><\/span>GitHub Source Code<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/github.com\/tejtw\/TQuant-Lab\/blob\/main\/example\/TQ-Future_\u4e09\u5927\u6cd5\u4eba\u7c4c\u78bc\u9762\u53f0\u6307\u671f\u8ca8\u4ea4\u6613\u7b56\u7565.ipynb\" target=\"_blank\" rel=\"noopener\">Click to View on GitHub<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Further_Reading\"><\/span>Further Reading<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.tejwin.com\/en\/insight\/golden-cross-futures-trading-strategy\/\"><strong>Golden Cross Futures Trading Strategy (MTX)<\/strong><\/a><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/www.tejwin.com\/en\/insight\/an-empirical-study-on-the-market-maker-and-retail-investor-performance-in-etf-premium-discount-arbitrage\/\">An Empirical Study on the Market-Maker and Retail Investor Performance in ETF Premium\u2013Discount Arbitrage<\/a><\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_Links\"><\/span>Related Links<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/tquant.tejwin.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>TQuant Lab \u9996\u9801<\/strong><\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/github.com\/tejtw\/TQuant-Lab\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>TQuant Lab Github<\/strong><\/a><a href=\"https:\/\/www.tejwin.com\/en\/insight\/implementing-peter-lynchs-stock-picking-philosophy-a-quantitative-strategy-combining-growth-and-value\/\">\u7b56\u7565<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This strategy is based on tracking the flow of so-called &#8220;smart money&#8221; in the market, referring to the positions of the three major institutional investors in Taiwan: foreign investors, investment trusts, and proprietary traders. The strategy assumes that when these three institutions hold a strong and consistent view of the market direction, following their lead has a higher probability of success.<\/p>\n","protected":false},"featured_media":41631,"template":"","tags":[3063,2962,3176,2371,2988,3166],"insight-category":[3509,1356],"class_list":["post-42119","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-backtesting-2","tag-market-data","tag-python-2","tag-python","tag-quantitative-analysis","tag-tquant-lab-2","insight-category-fintech-en","insight-category-tquant-lab-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/42119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight"}],"about":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/types\/insight"}],"version-history":[{"count":6,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/42119\/revisions"}],"predecessor-version":[{"id":42128,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/42119\/revisions\/42128"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media\/41631"}],"wp:attachment":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media?parent=42119"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/tags?post=42119"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight-category?post=42119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}