看期貨論文

we found that in most countries, volatility tends to be lower in periods when open interest in stock index futures is high. The only two cases where we found the opposite results are the United States and

Japan, reinforcing our previous results. 

越多人開倉，越少波幅。

In some cases, volatility is higher in periods when futures volume is high, but this is driven by the unexpected component of volume, not the expected component.

所以有大鱷或私無基金出現，而控制權(傾)則在有錢人身上(基金對於客戶的身分是採取保密的態度)。

http://www.krannert.purdue.edu/faculty/hgulen/futures.pdf

Stock Trading Theory
http://rfs.oxfordjournals.org/content/4/1/17.short