本研究旨在探討由Michael Joe Huddleston提出的Inner Circle Trader (ICT) 概念在黃金（XAUUSD）差價合約中的應用及其績效。雖然基於技術指標的交易策略已在學術界廣泛研究，但以ICT概念和價格行為的交易策略在學術研究卻相對較少，特別是缺乏程式交易並回測相結合的研究。本文基於ICT概念的框架，構建出做多和做空交易策略，選擇斐波那契比率作為交易執行的參數，並在不同的時間框架進行觀察。
回測結果顯示，基於ICT概念構建的交易策略能在黃金差價合約市場中實現正向回報，證明ICT概念和基於價格行為分析的交易策略在現代金融市場中的應用價值和有效性。此研究不僅填補了學術領域中相關研究的空白，也為差價合約市場的投資者對相關的交易策略提供了一種新的參考依據，幫助他們更好地捕捉市場機會並優化交易決策。

This study explores the application and performance of the Inner Circle Trader (ICT) concept proposed by Michael Joe Huddleston in the gold (XAUUSD) Contract For Difference (CFD) market. While trading strategies based on technical indicators have been extensively studied in academia, there is relatively little academic research on ICT concepts and price action trading strategies, especially those combined with algorithmic trading back testing. This paper constructs long and short trading strategies based on the ICT concepts, selecting Fibonacci ratios as the parameters for executing trades, and observing across various time frames.
The back testing results show that the ICT trading strategy, through its interpretation of market price actions, can generate positive returns in the Gold CFD market. This confirms the applicability and effectiveness of price action-based trading strategies in the financial market. This study not only fills a research gap, but it also provides investors in the CFD market with a new reference point for related trading strategies, potentially enabling them to better capture market opportunities and optimize trading decisions.

目錄
第一章	緒論	1
1.1.	研究背景	1
1.2.	研究目的	2
第二章	保證金交易市場概述	4
2.1.	差價合約	4
2.2.	優勢和特點	5
2.3.	歷史背景	6
2.4.	交易成本	6
2.5.	市場參與者	9
第三章	理論探討	12
3.1.	技術指標分析	12
3.2.	價格行為分析	13
3.3.	INNER CIRCLE TRADER理論	13
3.3.1.	蠟燭圖	16
3.3.2.	Swing Points	17
3.3.3.	市場結構轉變	18
3.3.4.	Fair Value Gap	19
3.3.5.	Order Block	21
3.3.6.	斐波那契	22
3.4.	小結	23
第四章	交易績效分析	24
4.1.	資料與工具	24
4.2.	買賣策略框架	24
4.3.	交易策略回測分析	25
第五章	總結與展望	33
5.1.	總結	33
5.2.	展望	33
參考文獻	35

圖 目錄
圖 1外匯交易中領取隔夜利息示意圖  8
圖 2 外匯交易中支付隔夜利息示意圖  8
圖 3 農業生產者差價合約對沖策略之盈虧分析  9
圖 4 市場資金流動關係  14
圖 5 INTERBANK PRICE DELIVERY ALGORITHM, IPDA  15
圖 6 蠟燭圖  16
圖 7 SWING HIGH 示意圖  17
圖 8 SWING LOW 示意圖  18
圖 9 MARKET STRUCTURE SHIFT示意圖  19
圖 10 買方FAIR VALUE GAP示意圖  19 
圖 11 賣方FAIR VALUE GAP示意圖 20
圖 12 FVG價格行為影響示意圖 20
圖 13 ORDER BLOCK的價格行為影響示意圖  21 
圖 14 OB & FVG & MSS交易策略的資產淨值走勢圖（短時間段區間，時間框架M5）  28 
圖 15 OB & FVG & MSS交易策略的資產淨值走勢圖（長時間段區間，時間框架M5） 28 
圖 16 OB & FVG & MSS交易策略的資產淨值走勢圖（短時間段區間，時間框架M15）  29 
圖 17 OB & FVG & MSS交易策略的資產淨值走勢圖（長時間段區間，時間框架M15） 29 
圖 18 OB & FVG & MSS交易策略的資產淨值走勢圖（短時間段區間，時間框架M30） 30 
圖 19 OB & FVG & MSS交易策略的資產淨值走勢圖（長時間段區間，時間框架M30） 30 
圖 20 OB & FVG & MSS交易策略的資產淨值走勢圖（短時間段區間，時間框架H1） 30 
圖 21 OB & FVG & MSS交易策略的資產淨值走勢圖（長時間段區間，時間框架H1） 31 
圖 22 OB & FVG & MSS交易策略的資產淨值走勢圖（混合時間框架）  31

表 目錄 
表格 1 XAUUSD XIRR年化報酬基準  26 
表格 2 各時間框架下ICT中各種概念之出現次數 （短時間段區間）  27 
表格 3 各時間框架下ICT中各種概念之出現次數 （長時間段區間）  27 
表格 4 OB & FVG & MSS交易策略參數設定和回測結果（時間框架M5）  28 
表格 5 OB & FVG & MSS交易策略參數設定和回測結果（時間框架M15）  29 
表格 6 OB & FVG & MSS交易策略參數設定和回測結果（時間框架M30）  29 
表格 7 OB & FVG & MSS交易策略參數設定和回測結果（時間框架H1）  30 
表格 8 OB & FVG & MSS交易策略參數設定和回測結果（混合時間框架）  31

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