“…It indicates the presence of persistent or nonrandom correlations, which have predictive potential for the period of the data analyzed. Previous studies have shown similar α value characteristics (Febriani et al, 2022;Nenovski et al, 2013;Peng et al, 1995;Simanjuntak et al, 2013;Skordas et al, 2020). In addition, nine anomalies were found with a range of α values that qualify as outlier data, namely α ≤ 0.36 or α ≥ 0.87, as shown in Figure 3 -Figure 11.…”