Figure 5
The vertical axis ranges from 0 to 1000 in increments of 200 units. The horizontal axis shows the time series ranging from 01 April 2013 to 01 January 2020 in increments of 2 months. The index line is characterized by frequent, sharp, and large spikes over the entire seven-year period, representing extreme day-to-day fluctuations. The index starts with a major peak in mid-2013, surpassing 900. After this initial surge, the index settles into a broad fluctuating band, generally staying between 100 and 400. Three other significant spikes break this general range: one in January 2015 reaching approximately 680, the highest point in the entire series occurring in early October 2016 near 950, and a final major spike at the very end of the series in early 2020, once again surpassing 900. Note: All numerical values are approximated.Scalping index. Source: Authors’ calculation