Figure 5.

Cluster entropy results for horizon $M=12$ on ARFIMA series with different combinations of the differencing parameter d, autoregressive parameter $\varphi$ and moving average parameter $\theta$. The differencing parameter takes values $d=0.05$, $d=0.15$ and $d=0.25$ with a different combination of autoregressive and moving average parameters. The full set of analysed values of d, $\varphi$ and $\theta$ is reported in Table 2.