Markov switching multifractal

Markov switching multifractal (MSM) is a type of mathematical modeling that helps to better understand how certain systems have different behaviors over time. It combines two concepts- Markov Chains (which look at how one event changes the future) and multifractals (which look at how multiple events are related). MSM is used in a wide variety of fields, from finance and economics to physical sciences such as astronomy and Earth science. In simple terms, it looks at how systems change over time and how different factors interact with each other. For example, it can be used to understand how the stock market behaves differently at different times.