Plots of observed volatility process |$\hat{\zeta }$| (light) and simulated volatility processes |$\hat{\zeta }_{s}$| (dark) for Paris for averaging windows |$Q$| equals 5 (left) and 12 (right). The function |$\sigma ^{2}$| is in light, while the estimated functions for |$Q=5$| and |$Q=12$| are in dark.