Before revision:  This  enables us to capture market dynamics at various timescalesand shed light on mechanisms underlying certain market behaviors  such as transitions between bull- and bear markets and the self-similar behavior of price changes.
After revision:  This enables us to capture dynamics at multiple timescales, expanding the model's applications and improving precision. We study the heterogeneous model theoretically and empirically to highlight essential mechanisms underlying certain market behaviors such as transitions between bull- and bear markets and the self-similar behavior of price changes.