I am trying to use the Automatic ARIMA selection add-in to select the correct ARMA terms to use. I read that, since I have daily data, I should test for 8 maximum number of AR and MA terms (7 days +1). Also, i also want to test my data for SAR and SMA terms. Hence, I specified ARMA add-in as follows:
However, after Eviews ends the estimation I get the following message:
Too many ARMA terms
I believe that I can only use 25 ARMA terms but, since I'm testing for a max of 8 AR terms, 8 MA terms, 2 SAR terms and 2 SMA terms, making a total of 20 max ARMA terms, shouldn't it be allowed? Or am I counting my ARMA terms the wrong way?
I appreciate all the help in advance
Yours sincerely,
Afonso Rodrigues