Price volatility model in terms of trader´s conditional expected return

We proposed an expectation model to explain the observed price movements with active trader´s conditional expected return and trading strategies. Existing volatility models can be considered as a kind of price expectation with corresponding expectation model and disturbances distribution. These results questioned those intentions to reproduce stylized facts with artificial series, and call for a closer look at the trading rule and trader´s price expectation implied in both agent-based models and econometric researches.