{"id":616,"date":"2025-10-16T14:00:00","date_gmt":"2025-10-16T14:00:00","guid":{"rendered":"https:\/\/www.tejwin.com\/en\/insights\/panic-or-opportunity-spotting-market-turning-points-through-margin-maintenance-ratios\/"},"modified":"2026-09-23T18:19:52","modified_gmt":"2026-09-23T18:19:52","slug":"panic-or-opportunity-spotting-market-turning-points-through-margin-maintenance-ratios","status":"publish","type":"insight","link":"https:\/\/www.tejwin.com\/en\/insights\/panic-or-opportunity-spotting-market-turning-points-through-margin-maintenance-ratios\/","title":{"rendered":"Panic or Opportunity? Spotting Market Turning Points Through Margin Maintenance Ratios"},"content":{"rendered":"<figure class=\"wp-block-image aligncenter size-large is-style-default\"><img loading=\"lazy\" decoding=\"async\" alt=\"\u878d\u8cc7\u7dad\u6301\u7387\" class=\"wp-image-34976\" height=\"684\" src=\"https:\/\/www.tejwin.com\/en\/wp-content\/uploads\/2026\/08\/rc-xyz-nft-gallery-o-MyHqEEHoM-unsplash-1024x684-1.jpg\" width=\"1024\"\/><figcaption class=\"wp-element-caption\">Photo by <a href=\"https:\/\/unsplash.com\/@moneyphotos?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash\" rel=\"noopener\" target=\"_blank\">rc.xyz NFT gallery<\/a> on <a href=\"https:\/\/unsplash.com\/photos\/a-pile-of-money-sitting-on-top-of-a-wooden-floor-o-MyHqEEHoM?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash\" rel=\"noopener\" target=\"_blank\">Unsplash<\/a><\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">Preface\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"wp-block-paragraph\">In the Taiwan stock market, credit trading (margin buying and short selling) serves as a critical mechanism for\u00a0observing\u00a0market leverage and investor sentiment. Unlike institutional investors with ample capital, retail investors often face\u00a0capital\u00a0constraints\u00a0and\u00a0therefore resort\u00a0to margin buying to\u00a0\u00a0increase their purchasing power. Consequently, margin data serves as a key barometer for retail trading heat.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">Key indicators for monitoring credit trading include daily margin\/short volume, balance, margin\u00a0utilization\u00a0rates, and\u2014most crucially\u2014the\u00a0<strong>Margin Maintenance Ratio (MMR)<\/strong>.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">The MMR is a core metric used to assess the risk status of margin accounts and\u00a0determine\u00a0how close investors are to a margin call.\u00a0Brokers set specific MMR thresholds to mitigate default risks during periods of high market volatility.\u00a0<\/p>\n<div class=\"wp-block-buttons has-custom-font-size has-medium-font-size is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100\"><a class=\"wp-block-button__link has-vivid-cyan-blue-to-vivid-purple-gradient-background has-background has-medium-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/www.tejwin.com\/en\/news\/margin-trade-taiwan\/\" rel=\"noreferrer noopener nofollow\" target=\"_blank\">\u2b50What is margin trade in Taiwan, get deeply to the definition<strong>\u2b50<\/strong><\/a><\/div>\n<\/div>\n<h2 class=\"wp-block-heading\">Taiwan\u2019s Credit Trading Mechanism and MMR Definition\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"wp-block-paragraph\">In Taiwan, credit trading allows investors to\u00a0leverage\u00a0their positions by borrowing\u00a0funds or securities from brokers based on personal credit or collateral.\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Margin Buying<\/strong>: Borrowing funds to\u00a0purchase\u00a0stocks. The margin\u00a0financing ratio\u00a0is typically\u00a0<strong>60%<\/strong>\u00a0for listed companies and\u00a0<strong>50%<\/strong>\u00a0for OTC companies.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Short Selling<\/strong>:\u00a0Borrowing\u00a0shares\u00a0to sell in the market, aiming to buy them back at a lower price. The current margin requirement for short selling is\u00a0<strong>90%<\/strong>.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Account Eligibility<\/strong>: To ensure data reflects experienced participants, investors must meet specific criteria: the account must be open for at least 3 months, with 10+ trades in the past year, and meet specific turnover and financial proof requirements.\u00a0<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\">Defining the Margin Maintenance Ratio (MMR)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 class=\"wp-block-heading\">The MMR is defined as:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-44302\" height=\"71\" src=\"https:\/\/www.tejwin.com\/en\/wp-content\/uploads\/2026\/08\/image-802.png\" width=\"507\"\/><\/figure>\n<p class=\"wp-block-paragraph\"><strong>Margin Multiplier:<\/strong> <strong>60%<\/strong> for Listed companies; <strong>50%<\/strong> for OTC companies.<\/p>\n<p class=\"wp-block-paragraph\">In the Taiwan market, several quantitative thresholds are critical:<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>166%<\/strong>: The initial maintenance ratio for listed companies (calculated at 60% margin).<\/li>\n<li><strong>130%\u2013160% (Safe Buffer Zone)<\/strong>: While paper losses exist, there is no immediate pressure to add capital; this is considered the psychological defense line for margin holders.<\/li>\n<li><strong>130% (Margin Call Threshold)<\/strong>: If the MMR falls below 130%, brokers issue a margin call. Investors must provide collateral within <strong>T+2<\/strong> business days, or the broker may execute a <strong>forced liquidation<\/strong> on the third day.<\/li>\n<li><strong>80%\u201390% (Systemic Sell-off Zone)<\/strong>: Since retail investors often enter at market peaks and fail to stop losses, the MMR can plummet to 80%\u201390% during rapid downturns, triggering massive systemic selling pressure due to collective liquidations.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\">\u2b50Case Study: The April 2025 Market Margin Meltdown<strong>\u2b50<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"wp-block-paragraph\">To understand the link between MMR and market risk, we look back at the extreme volatility in early April 2025. The<a href=\"https:\/\/www.google.com\/search?q=Taiwan+Stock+Exchange+Index&amp;rlz=1C1GCEA_enTW1166TW1166&amp;oq=%E5%8F%B0%E7%81%A3%E8%82%A1%E5%B8%82%E5%A4%A7%E7%9B%A4+%E8%8B%B1%E6%96%87&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOdIBCDU2MThqMGo5qAIAsAIB&amp;sourceid=chrome&amp;ie=UTF-8&amp;ved=2ahUKEwjm5t7Ok5eTAxWHklYBHTyGOTYQgK4QegQIARAD\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Taiwan Stock Exchange Index(\u00a0<\/strong><\/a>TAIEX)\u00a0plunged 2,065 points (-9.6%) in a single day, the third-largest drop in history.\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Systemic Liquidation Pressure<\/strong>: Average market MMR dropped to <strong>133.8%<\/strong>, with 589 stocks falling below the 130% threshold. This triggered market-wide margin calls and a downward spiral of forced liquidations.<\/li>\n<li><strong>Data on Popular Stocks<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>Wistron (3231)<\/strong>: According to TEJ data, its MMR hit <strong>117.31%<\/strong>, placing most margin accounts well below the legal threshold and into liquidation.<\/li>\n<li><strong>Gigabyte (2376)<\/strong>: TEJ data showed MMR touching <strong>113.40%<\/strong>, leading to several days of intense forced selling pressure.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\"><strong>MMR Strategy\u00a0Backtesting<\/strong>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 class=\"wp-block-heading\">1. Strategy Concept and Logic\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p class=\"wp-block-paragraph\">Beyond its role as a lagging risk indicator, MMR can serve as a\u00a0<strong>leading signal<\/strong>\u00a0for market sentiment shifts. This study tests whether stocks\u00a0exhibit\u00a0mean-reversion behavior when the MMR falls significantly below its moving average.\u00a0<\/p>\n<p class=\"wp-block-paragraph\"><strong>Entry Conditions &amp; Filters:<\/strong>\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>MMR Anomaly Identification<\/strong>: Daily MMR &lt; 10-day moving average (MMR_10),\u00a0identifying\u00a0an extreme margin pressure zone.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Volume Exhaustion Filter<\/strong>: Daily volume &lt; 10-day average volume, suggesting retail selling pressure has subsided.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Price Stabilization<\/strong>: Daily close &gt; open (a bullish candlestick) to capture technical reversal timing.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Structural Resilience<\/strong>: Margin balance must stay above 95% of its 5-day average,\u00a0indicating\u00a0holders have not completely surrendered.\u00a0<\/li>\n<\/ul>\n<p class=\"wp-block-paragraph\"><strong>Execution &amp; Risk Control:<\/strong>\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Mechanism<\/strong>: Enter at the opening price on the day the signal appears.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Exit<\/strong>: Hold for\u00a0<strong>15 trading\u00a0days<\/strong>, or\u00a0exit at\u00a0<strong>+40% Take-Profit<\/strong>\u00a0or\u00a0<strong>-10% Stop-Loss<\/strong>.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Signal Extension<\/strong>: If a new signal appears during the holding period, the 15-day window resets to capture continued momentum.\u00a0<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">2.\u00a0Data Source and Performance Metrics\u00a0\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul class=\"wp-block-list\">\n<li><strong>Data Source<\/strong>:\u00a0<a href=\"https:\/\/www.tejwin.com\/en\/news\/margin-trade-taiwan\/\" rel=\"noreferrer noopener\" target=\"_blank\">Margin Trading Database<\/a>\u00a0and the\u00a0<strong>TEJ Pro Database<\/strong>.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Backtest\u00a0Period<\/strong>: From\u00a0<strong>2020 to 2025<\/strong>,\u00a0utilizing\u00a0a\u00a0<strong>Daily Rolling Check<\/strong>\u00a0to\u00a0identify\u00a0entry signals.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Evaluation Metrics<\/strong>: A multi-dimensional assessment focusing on\u00a0<strong>Annualized Return<\/strong>,\u00a0<strong>Sharpe Ratio<\/strong>,\u00a0<strong>Maximum\u00a0Drawdown (MDD)<\/strong>, and\u00a0<strong>Calmar\u00a0Ratio<\/strong><strong>\u00a0<\/strong>,etc.\u00a0<\/li>\n<\/ul>\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>Figure1:Margin\u00a0Maintenance\u00a0Ratio\u00a0(MMR)\u00a0<\/strong><\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-44306\" height=\"456\" src=\"https:\/\/www.tejwin.com\/en\/wp-content\/uploads\/2026\/08\/image-803.png\" width=\"831\"\/><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Performance Comparison and Multi-Dimensional Metric Analysis<\/strong>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>Figure 2: Cumulative Returns\u00a0<\/strong><\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-44308\" height=\"534\" src=\"https:\/\/www.tejwin.com\/en\/wp-content\/uploads\/2026\/08\/image-804.png\" width=\"831\"\/><\/figure>\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>Table 1: Performance Metrics<\/strong>\u00a0<\/p>\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Performance Metric<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Benchmark<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>MMR Investment Strategy<\/strong>\u00a0<\/td><\/tr><tr><td><strong>Annualized Return<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>18.39%<\/strong><strong>\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>19.04%<\/strong><strong>\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><\/tr><tr><td><strong>Cumulative Return<\/strong><strong>\u202f<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>110.51%<\/strong><strong>\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>115.6%<\/strong><strong>\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><\/tr><tr><td><strong>Annualized Volatility<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>17.67%<\/strong><strong>\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>16.897%<\/strong><strong>\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><\/tr><tr><td><strong>Sharpe Ratio<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1.04<\/strong><strong>\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1.12<\/strong><strong>\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><\/tr><tr><td><strong>Calmar Ratio<\/strong><strong>\u00a0\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>0.65<\/strong><strong>\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1.14<\/strong><strong>\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><\/tr><tr><td><strong>Max Drawdown<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>-28.47%<\/strong><strong>\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>-16.68%<\/strong><strong>\u202f<\/strong><strong>\u202f<\/strong>\u00a0<\/td><\/tr><\/tbody><\/table><\/figure>\n<p class=\"wp-block-paragraph\">According to Table 1, the Margin Maintenance Ratio (MMR) strategy\u00a0demonstrates\u00a0superior stability compared to the market benchmark across all core performance metrics:\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Superior Risk-Adjusted Returns<\/strong>: The Sharpe Ratio (1.12) outperformed the benchmark (1.04), providing higher excess returns per unit of risk.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Resilience Against Drawdowns<\/strong>: The strategy\u2019s strongest suit is its Calmar Ratio (1.14 vs. 0.65), reflecting robust defense during extreme volatility like April 2025.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Downside Protection<\/strong>: Max drawdown was limited to\u00a0<strong>-16.68%<\/strong>\u00a0(compared to -28.47% for the market), effectively preserving capital while reducing investor psychological stress.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><strong>Long-Term Capital Appreciation<\/strong>: The MMR strategy (115.6%) consistently outperformed the benchmark (110.51%). This\u00a0demonstrates\u00a0its statistical significance and practical profitability in real-world trading.\u00a0<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"wp-block-paragraph\">This strategy uses the\u00a0<strong>Margin Maintenance Ratio (MMR)<\/strong>\u00a0as a core indicator to capture mean-reversion opportunities following extreme market pessimism and\u00a0the exhaustion of leveraged liquidations. Empirical results\u00a0demonstrate\u00a0that the strategy consistently outperforms the market benchmark in both annualized and cumulative returns, proving its potential for long-term alpha generation in dynamic environments. Despite moderate volatility, the strategy\u2019s risk-adjusted performance\u2014evidenced\u00a0by significantly higher\u00a0<strong>Sharpe<\/strong>\u00a0and\u00a0<strong>Calmar Ratios<\/strong>\u2014confirms robust profit stability. Exceptional drawdown control (<strong>-16.68% Max Drawdown<\/strong>) further\u00a0validates\u00a0the MMR factor\u2019s ability to resist market turbulence and protect portfolio value during systemic crashes, such as the\u00a0<strong>April 2025 market meltdown<\/strong>. Overall, the strategy successfully quantifies market sentiment to capture excess returns during technical rebounds, making it ideal for investors seeking steady growth through reliable risk management and a proven ability to consistently beat the benchmark<strong>.<\/strong>\u00a0<\/p>\n<p class=\"wp-block-paragraph\">\ud83d\udcd8\u00a0<em>Disclaimer: The analysis provided in this article is for informational purposes only and does not constitute investment advice or recommendations for any specific financial product.<\/em><\/p>\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-tej-en wp-block-embed-tej-en\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"kJyFnd3k0h\"><a href=\"https:\/\/www.tejwin.com\/en\/insights\/long-short-equity\/\">Understanding Long-Short Equity Hedge Funds Strategies<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cUnderstanding Long-Short Equity Hedge Funds Strategies\u201d \u2014 TEJ\" src=\"https:\/\/www.tejwin.com\/en\/insights\/long-short-equity\/embed\/#?secret=k18nxkoGVN#?secret=kJyFnd3k0h\" data-secret=\"kJyFnd3k0h\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100\"><a class=\"wp-block-button__link has-vivid-cyan-blue-to-vivid-purple-gradient-background has-background has-medium-font-size has-text-align-center has-custom-font-size wp-element-button\" href=\"https:\/\/www.tejwin.com\/en\/solution\/market-data\/\" rel=\"noreferrer noopener nofollow\" target=\"_blank\">Backtest\u00a0your strategies with Taiwan\u2019s most comprehensive datasets.\u00a0                                   \ud83d\udc49\u00a0Explore Taiwan\u00a0Market Data<\/a><\/div>\n<\/div>\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-tej wp-block-embed-tej\"><div class=\"wp-block-embed__wrapper\">\n<\/div><\/figure>","protected":false},"excerpt":{"rendered":"<p>In the Taiwan stock market, credit trading (margin buying and short selling) serves as a critical mechanism for\u00a0observing\u00a0market leverage and investor sentiment. Unlike institutional investors with ample capital, retail investors often face\u00a0capital\u00a0constraints\u00a0and\u00a0therefore resort\u00a0to margin buying to\u00a0\u00a0increase their purchasing power. Consequently, margin data serves as a key barometer for retail trading heat.\u00a0<br \/>\nKey indicators for monitoring credit trading include daily margin\/short volume, balance, margin\u00a0utilization\u00a0rates, and\u2014most crucially\u2014the\u00a0Margin Maintenance Ratio (MMR).\u00a0<br \/>\nThe MMR is a core metric used to assess the risk status of margin accounts and\u00a0determine\u00a0how close investors are to a margin call.\u00a0Brokers set specific MMR thresholds to mitigate default risks during periods of high market volatility.<\/p>\n","protected":false},"featured_media":615,"template":"","tags":[52,59,66],"insight_category":[88],"class_list":["post-616","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-quantitative-analysis","tag-backtesting","tag-margin-trade","insight_category-market-knowledge-data-guides"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/616","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"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media\/615"}],"wp:attachment":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media?parent=616"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/tags?post=616"},{"taxonomy":"insight_category","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight_category?post=616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}