[2022年02月]更新のCMT Association CMT-Level-II問題集合格率を上げるならCMT-Level-II試験問題集
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質問 120
How can one identify the existence of a cycle?
- A. Switch time frames
- B. Use n period extremes
- C. Remove volume trend
- D. Remove price trend
正解: D
質問 121
_______moving average uses reverse linear weights:
- A. The simple
- B. The exponential
- C. The pivot-point
- D. The weighted
正解: C
質問 122
Which of the following is NOT a proper interpretation of volume and trend in the futures markets?
- A. Volume falling and open interest falling = congestion phase
- B. Volume rising and open interest falling = position liquidation
- C. Volume rising and open interest rising = trend reversal
- D. Volume falling and open interest rising = slow accumulation
正解: C
質問 123
Which of the following factors would be a CORRECT interpretation of the morning star pattern?
- A. It is considered a bullish reversal pattern
- B. The real bodies of the first and second candles generally overlap
- C. It is considered a bearish reversal pattern
- D. The pattern contains two candles
正解: A
質問 124
Which of the following is NOT true of chart patterns?
- A. Speculators' habits have recurring impacts on markets and knowledge of this fact can be used to interpret chart patterns
- B. Trading techniques found in trading literature may be a cause of repeated patterns
- C. A price chart is a representation of human behavior
- D. Quantitative studies have shown a direct relationship between market psychology of behavior and chart formations
正解: C
質問 125
What steps must analysts take in introducing new methods of technical analysis under the MTA Code of Ethics?
- A. New procedures must be supported by adequate back testing confirmed by at least technician
- B. New procedures must be documented as to procedure and rationale
- C. New methods need not be consistent with the accumulated knowledge of the field of technical analysis
- D. All new techniques must be fully documented even if proprietary methods must be disclosed to do so
正解: B
質問 126
Which of the following best helps quantify the risk of a trading system?
- A. Maximum Cumulative Drawdown
- B. Length of Average Winning Trade
- C. Longest Flat Time
- D. Maximum Favorable Excursions
正解: A
質問 127
Beta measures:
- A. the relation between a portfolio's volatility and market volatility.
- B. how much an individual stock's volatility is related to the market volatility.
- C. the relation between a portfolio's return and market return.
- D. how much an individual stock's return is related to the market return.
正解: D
質問 128
In 3-box point and figure charts,
- A. Neither can be continuation patterns. They do not exist in Point and Figur
- B. A double-bottom and double top can be continuation patterns
- C. Only a double-top can be a continuation pattern
- D. Only a double-bottom can be a continuation pattern
正解: B
質問 129
Which of the following BEST characterizes the Theory of Contrary Opinion?
- A. The future can be extrapolated based on present trends
- B. Always trade against the prevailing trend
- C. When virtually everyone takes the position that the market is headed in a certain direction, there is no one left to push the trend any further
- D. Fundamental analysis is always wrong
正解: C
質問 130
Which of the following would not be a violation of the Code of Ethics in a published research report or statement?
- A. Statements which disparage the work of other analysts
- B. Statements inconsistent with the accumulated knowledge of technical analysis
- C. Inaccurate information
- D. Estimates which are subject to change
正解: D
質問 131
Steve Smith, CFA, is an equity research analyst for a long-term investment fund. His annual bonus is linked to annual trading profits. Under a new policy, the assessment period is switched to a monthly assessment period. According to the Code and Standards, best practices dictate:
- A. requiring Smith to obtain permission from each client prior to implementation of the new policy.
- B. keeping the policy change within the firm and existing clients.
- C. updating disclosures when the policy change is implemented.
- D. keeping the policy change within the firm.
正解: C
質問 132
Which of the following BEST describes equity market performance during the presidential election cycle:
- A. Market has an above average year during first year of president's term, posts negative returns during the pre-election year and its strongest returns in election years
- B. Market has its strongest year during first year of president's term, posts its worst returns during the pre-election year and slightly negative returns in election years
- C. Market has a below average year during first year of president's term, posts its strongest returns in the second year and reasonably strong returns during the pre-election and election years
- D. Market has a below average year during first year of president's term, posts its strongest returns during the pre-election year or in the election year
正解: D
質問 133
The Efficient Market Hypothesis assumes that:
I. Most investors will act rationally
II. Most investors will act irrationally
III. Prices typically reflect all available information
IV. Prices typically do not reflect all available information
- A. II & IV
- B. I & IV
- C. II & III
- D. I & III
正解: D
質問 134
Which of the following is an INCORRECT interpretation of the candlestick piercing pattern?
- A. It is a bullish reversal pattern
- B. It is preceded by a market uptrend
- C. It is the opposite of the dark cloud cover
- D. The greater the penetration into the price levels of the prior day's real body, the greater predictive power
正解: B
質問 135
How would a technician utilize a support line which has been broken?
- A. The support line now becomes a resistance line
- B. A broken support line no longer has a valid technical interpretation
- C. The break in the support line would be a buy signal
- D. The break in the support line is of no technical importance
正解: A
質問 136
Which of the following is the best combination which results in respect to the volume and pullback in Diamond Top pattern?
- A. The best mix is when there is a downward breakout on less than normal breakout rate and with few pullbacks
- B. The best combination is when a downward breakout happens on an under-average amount of breakout with no pullback
- C. The best combination is when there is an upward breakout on less than normal breakout volume with no pullback
- D. The best combination is when there is a downward breakout at an above-average breakout rate with few pullbacks
正解: B
質問 137
Which of the following statement states the correct percentage of the percentage gain on a loss of 50 percent?
- A. It requires a 100% gain to break even
- B. It requires an 80% gain to break even
- C. It requires a 90% gain to break even
- D. It requires a 70% gain to break even
正解: C
質問 138
Can stock prices be normally distributed and are stock returns normally distributed?
- A. Yes, you can not afford negative prices and with any usual distribution, any number is possible. Yes, stock returns are normally distributed
- B. Yes, you can not afford negative prices and with any usual distribution, any number is possible. No, stock returns are normally distributed
- C. No, you can not have negative prices and every number is possible with any normal distribution. Yes, stock returns are normally distributed
- D. No, you can not have negative prices and every number is possible with any normal distribution. No, stock returns are normally distributed
正解: C
質問 139
Which of the following is a diversification technique in trading?
- A. Balance risk across multiple markets and trading systems
- B. Stick to a single trading system
- C. All of the above
- D. Trade multiple securities in markets with high correlation
正解: A
質問 140
Which of the following is a general rule for trading futures?
- A. Due to the fact that markets only trend 30% of the time, 100% of capital should be invested at all times
- B. At least 50% of total equity should be dedicated to the market group with the strongest trend
- C. Total amount risked on any single trade should not exceed 5% of equity
- D. The majority of capital should be committed to the strongest market since it is rare that more than two or more markets will experience a major move simultaneously
正解: C
質問 141
In point and figure theory, triple-tops and triple-bottoms, when breached:
- A. Will lead to a stronger directional move
- B. Lead to smaller continuation patterns
- C. Suggest a failure in the longer term pattern
- D. Frequently leads to a consolidation phase
正解: A
質問 142
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