Fig. 5From: Weighted-indexed semi-Markov model: calibration and application to financial modelingComparison of the GMM index discretization given a 3-state GMM Returns discretization. Returns at 1-s interval. 3-state index (top-left), 4-state index (top-right), 5-state index (bottom-left), 9-state index (bottom-right)Back to article page