The paper Shenhao Zhang, A Low-Frequency Quantitative Trading Strategy Based on Trend Filtering and Momentum Signals: Empirical Evidence from A-Share Banking Stocks, published at ICDEIT 2025, is a small, low-frequency technical-strategy study on two Chinese bank stocks. We wanted to check if it generalizes to a larger universe of Indian and US stocks.
tl;dr: it doesn’t (summary).
For Indian stocks, you may want to give this a wide berth. From 2016 through now, the model barely beat a fixed deposit.
However, by the virtue of it side-stepping the 2008 drawdown, it managed to put a decent number on the board for US stocks.
We tested this out because the premise seemed promising. Sadly, it turned out to be another one of those narrow, overfitted papers with an SEO friendly title.
Code, charts, findings are on github.