Figure 10

EWSs and unstable periods of China’s stock market indicated by changepoints of MRN indicators. The red dots represent the changepoints of the indicators that are considered as EWSs, while the blue dots indicate the dates of actual financial extreme events. The color-coded rectangular blocks represent the different unstable periods predicted by different EWSs. The ellipse on the graph zooms in on the trend of an indicator at a certain time, serving as a schematic illustration of how the indicator can be used as an EWS in practical applications. The three colors of the triangle indicate the levels at which the average mutual information of the latest date may be located, and only the case corresponding to the red triangle indicates that the average mutual information of the previous day can be considered as a changepoint. Accordingly, the latest date and a period thereafter will be considered an unstable period with the possibility of extreme events