Time-Variable and Nonlinear Phenomenon of Stock Market

This paper started from moving average method. After finding that the physical meaning of moving average is somehow not clear, this paper modified the moving average and proposed a new model called volume weighted moving average (VWMA).The VWMA model has been applied to mainland China's stock market. After following the market for ten years, it is tentatively concluded that the stock market is a time-variable and nonlinear system. The relation between the whole market average and the daily average is time-variable and nonlinear