台灣加權股價指數期貨（簡稱台指期貨或台指期）是台灣期貨交易所所發行的股價指數期貨，主要追蹤台灣加權指數，期貨商品的功能在於提供現貨部位持有者與投機者進行部位的避險與價格發現。
本研究採用台灣加權指數期貨日盤（regular trading session）與夜盤（after-hours trading session）的開盤價、收盤價，作為本研究的標的資料。再將這些每日的資料進行處理，統計日紅黑（當日開盤價與收盤價相比較，上漲為紅、下跌為黑）、發生週幾（週一~週五）、連續收紅天數與連續收黑天數並進行分析與實證。
實證發現，透過卡方列聯表的分析法檢定與迴歸分析後，連續收紅天數與連續收黑天數對於預測明天台指期的漲跌有關聯性存在。今天收紅收黑發生在週間（週一~週五）對於預測明天台指期的漲跌亦有關聯性存在。再以紅黑機率差作為閥值（Threshold）當成下注的依據。當紅黑機率差值大於臨界值時，才進行交易便可讓勝率大於 50%，且獲利點數總額大於虧損點數總額。換言之，此中存在有利投資者的交易資訊，可以提供投資人作為未來投資判斷的依據。

Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) Futures are
stock index futures issued by the Taiwan Futures Exchange that mainly track on
Taiwan Weighted Index. The function of futures is to provide spot position holder and
investors hedging their positions with price discovery.
This study uses the opening price and closing price of Taiwan Stock Exchange
Capitalization Weighted Stock Index Futures in the regular trading session and
after-hours trading session as the subject data of this study. Then process these daily
data, count the red and black days (comparing the opening price and closing price of
the day, price up is red, price down is black), the day of the week (Monday to Friday),
the number of consecutive red days and the number of consecutive black days, and
analyze and demonstrate.
Empirical analysis shows that after the analysis of regression and the Chi-square
test with contingency table, the number of consecutive days closed by red or black has
a correlation for predicting the rise and fall of the index futures. The red or black
closing price occurred during the week (Monday to Friday) is also related to the
prediction of the rise and fall of the index futures the day after.
Furthermore, we demonstrate the use of the difference between probability of red
and black as the threshold for betting. When the difference between the probability of
red and black is greater than the critical value, the winning rate could reach greater
than 50% and make the total profit greater than the loss. In other words, this is the
information that benefits investors, providing investors some reference for future
investment decisions.

中文部分
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