CoachA fundamentalist agent trades toward a value it believes the asset is worth: it buys when the price is below that value and sells when it is above, more often the larger the gap. A chartist agent trades on the price’s own recent history, typically in the direction of its recent trend.
Population, on independent Poisson clocks; the chartists belong to it too, but are new in this chapter; the market maker and the execution agents are separate agents with their own sessions and a 20-microsecond latency.