本文主要普及了分形市场理论与Hurst指数概念，分析对比了现有的Hurst指数算法，找到表现较好的GM2与FD4方法，发现Hurst指数对预测股市闪电崩盘有较好效果，并利用该方法计算所得局部Hurst指数，构建了较为基础的择时交易策略，回测效果表现较佳。本文最后为后续研究提供了Hurst指数算法改进与策略改进两方面的思路。
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In this paper, I popularized the concept of fractal market and Hurst Index, analyzed and compared the methods of calculating Hurst Index, and found two good methods, GM2 and FD4, which have a good performance of predicting the flash crash of stock market. I used Local Hurst Index calculated by this method to build a basic timing strategy and got good results. Last, I provided some ideas about the improvement of both the methods of calculation of Hurst Index and timing strategy for further study.

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