## 4 Empirical Results and Analyses
### Results for Exits after Holding a Fixed Period Viewed by a Heatmap Matrix  
In contrast to exiting the market in response to a selling signal, we evaluate the performance of exiting the market after holding for a specified period, such as 60 days in this section, by applying the wisdom of VMA and FMA used for the MA trading rule. As such, a process is implemented to establish a fixed holding period, as opposed to a variable holding period that is determined by existing markets as selling signals are emitted (i.e., closing the position upon reaching upper BBs using the BBTS). \begin{table}
\begin{tabular}{c c c c c c c c c c c} \hline
**60** & 48.52\% & 57.67\% & 44.53\% & 77.03\% & 3.80\% & 7.20\% & 197.31\% & 0.60\% & **400.02\%** & **656.28\%** \\ \hline
**55** & 39.23\% & **196.84\%** & 57.97\% & 65.10\% & 50.92\% & **83.93\%** & **264.16\%** & **248.52\%** & **460.36\%** & **615.39\%** \\ \hline
**50** & 33.49\% & 41.41\% & 51.51\% & 42.97\% & 62.28\% & **140.13\%** & 70.95\% & **272.99\%** & **490.51\%** & **614.45\%** \\ \hline
**45** & **78.73\%** & 52.97\% & 48.44\% & 59.64\% & **164.94\%** & 45.16\% & **81.89\%** & **97.08\%** & **681.80\%** & **482.87\%** \\ \hline
**40** & \(-\)6.26\% & 49.89\% & **89.70\%** & **89.07\%** & 46.07\% & 40.59\% & **88.32\%** & **97.66\%** & **228.88\%** & **313.26\%** \\ \hline
**35** & \(-\)13.20\% & \(-\)12.48\% & \(-\)4.38\% & 42.84\% & 48.60\% & 35.60\% & 4.19\% & **132.51\%** & **132.89\%** & **165.49\%** \\ \hline
**30** & 29.88\% & 37.35\% & **167.14\%** & 38.50\% & 0.18\% & **110.56\%** & 50.20\% & **89.98\%** & **115.26\%** & **127.43\%** \\ \hline
**25** & 18.12\% & \(-\)7.13\% & 1.99\% & 35.66\% & 36.54\% & 48.69\% & 42.99\% & **265.66\%** & 8.39\% & **121.88\%** \\ \hline
**20** & 9.91\% & 29.40\% & \(-\)0.14\% & 0.03\% & 2.09\% & 2.42\% & 37.37\% & 50.52\% & 3.64\% & **161.84\%** \\ \hline
**15** & 1.37\% & 8.01\% & 8.31\% & 12.06\% & 26.24\% & 19.50\% & 1.66\% & 59.26\% & **80.64\%** & **605.42\%** \\ \hline
**10** & 4.37\% & 5.05\% & 5.47\% & 5.86\% & 8.20\% & 23.02\% & 14.33\% & 25.39\% & **74.65\%** & **367.47\%** \\ \hline
**5** & 44.99\% & 46.11\% & 46.11\% & 3.83\% & 3.68\% & 7.90\% & **82.83\%** & 0.00\% & 0.00\% & 0.00\% \\ \hline
**n1/n2** & **0.25** & **0.5** & **0.75** & **1** & **1.25** & **1.5** & **1.75** & **2** & **2.25** & **2.5** \\ \hline \end{tabular} Note: The first column refers to n1 from the 5-day MA at the bottom to the 60-day MA at the top, and the last row refers to n2 from 0.25 SD at the leftmost to 2.5 SDs at the rightmost. AHPs in red are all higher than the highest AHP shown in Panel B of Table 2.  
\end{table} 
Table 4: Heatmap Matrix results of trading an ETH spot based on the BBTS. This table shows the AHR results using BBTS (n1, n2), where n1 (moving average lengths) ranges from 5 to 60 days with a 5-day interval and n2 (standard deviations) ranges from 0.25 SD to 2.5 SDs with a 0.25 SD interval. Additionally, each cell in the heatmap matrix presents AHR derived using one of the BBTS (n1, n2). The red cells display AHRs greater than 77.03%, the highest AHR in the conventional design. \begin{table}
\begin{tabular}{c c c c c c c c c c c} \hline
**20** & 4.76\% & 4.40\% & 4.50\% & 9.25\% & 11.52\% & 13.43\% & 11.57\% & 19.98\% & 23.82\% & 31.06\% \\ \hline
**15** & 3.98\% & 2.86\% & 3.97\% & 4.90\% & 9.18\% & 10.58\% & 12.39\% & 14.73\% & 21.19\% & 35.89\% \\ \hline
**10** & 2.04\% & 2.62\% & 3.19\% & 2.37\% & 3.01\% & 3.23\% & 7.86\% & 13.51\% & 24.85\% & **91.12\%** \\ \hline
**5** & 1.08\% & 1.71\% & 2.27\% & 3.52\% & 1.14\% & 2.75\% & 29.34\% & 0.00\% & 0.00\% & 0.00\% \\ \hline
**n1/n2** & **0.25** & **0.5** & **0.75** & **1** & **1.25** & **1.5** & **1.75** & **2** & **2.25** & **2.5** \\ \hline \end{tabular} Note: The first column refers to n1 from the 5-day MA at the bottom to the 60-day MA at the top, and the last row refers to n2 from 0.25 SD at the leftmost to 2.5 SDs at the rightmost. AHPs in red are all higher than the highest AHP shown in Panel A of Table 2.  
\end{table}