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.