Технический анализ и тестирование эффективности рынка
Testing Market Efficiency by Technical Analysis

Summary/Abstract: The paper deals with the efficiency of money markets, focusing on weak forms and using a technical analysis. An automated system aimed at currency trading was created in the MQL4 application. The system used the technical analysis in its classical form allowing the possibility to use market timing. Risk management was included in the system as well. Using these elements the system is supposed to approximate current business practice. The business strategy was compared to the strategy of „buy and hold“. This strategy defines the return on the market. Inefficient market is defined when profitability is achieved by using an active strategy

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