Fig. 2

Time series of the differences in pricing error between models. This figure depicts the time series of the difference of pricing errors between the models for EUR/USD with a 12-month maturity and 50 delta level (at the money) from 2004/1/1 to 2020/12/31. “CB–CAJ − CB–ISJ” indicates the value of the pricing error of the CB–CAJ model minus the CB–ISJ model, and “CB–CAJ − CB–CSJ” indicates the value of the pricing error of the CB–CAJ model minus the CB–CSJ model