1. A weighted prediction module for use in a video encoder that processes a video signal including a sequence of pictures, the weighted prediction module comprising: a weighted prediction parameter generation module configured to generate a plurality of initial weighted prediction parameters, to analyze the plurality of initial weighted prediction parameters, and to generate a refinement flag that indicates one of: enable parameter refinement and disable parameter refinement; a weighted prediction parameter refinement module, coupled to the weighted prediction parameter generation module, that, when the refinement flag indicates that the parameter refinement is enabled, is configured to generate a plurality of refined weighted prediction parameters by refining the plurality of initial weighted prediction parameters; and a weighted prediction flag generation module, coupled to the weighted predication parameter generation module and the weighted prediction parameter refinement module configured to generate a weighted prediction flag that indicates one of: enable weighted prediction and disable weighted prediction, based on the refinement flag.