For your analysis, liquidation refers to the behavior of futures investors to buy or sell stock index futures contracts with the same variety, quantity and delivery month, but in the opposite direction, thus liquidating stock index futures trading. It can also be understood as: liquidation refers to the trading behavior of traders, and the way of liquidation is to hedge the position direction.

Closing a position in futures trading is equivalent to selling in stock trading. Because futures trading has a two-way trading mechanism, there are two kinds of closing positions: buying and closing positions (corresponding to selling and opening positions) and selling and closing positions (corresponding to buying and opening positions).