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PII: S0957-4174(20)30585-6
DOI: https://doi.org/10.1016/j.eswa.2020.113761
Reference: ESWA 113761
Please cite this article as: Chakole, J.B., Kolhe, M.S., Mahapurush, G.D., Yadav, A., Kurhekar, M.P., A Q-
learning Agent for Automated Trading in Equity Stock Markets, Expert Systems with Applications (2020), doi:
https://doi.org/10.1016/j.eswa.2020.113761
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i?2 #2;BMMBM; M/ Bb mT/i2/ #b2/ QM `2r`/b `2+2Bp2/ 7`QK i?2 2MpB`QMK2MiX
Re8 aQ i?2 _G ;2MiǶb Q#D2+iBp2 Bb iQ Q#iBM M QTiBKH TQHB+vX h?2 TQHB+v r?B+?
;Bp2b KtBKmK iQiH ++mKmHi2/ `2r`/ KQM; HH TQHB+B2b i?i TQHB+v i2`K2/
b QTiBKH TQHB+vX h?2 ;2Mi b2H2+ib i?2 +?BM Q7 +iBQMb iQ `2+? i?2 /2bB`2/
bii2- bQ i?Bb Bb i?2 b2[m2MiBH /2+BbBQM@KFBM; T`Q#H2KX M J.S /2}M2b i?Bb
b2[m2MiBH /2+BbBQM@KFBM; T`Q#H2KX
r?2`2 α Bb i?2 H2`MBM; `i2 M/ γ ∈ [0, 1]X Q(st , at ) Bb i?2 +imH Z@pHm2
7Q` bii2@+iBQM TB` (st , at )X h?2 i`;2i Z@pHm2 7Q` bii2@+iBQM TB` (st , at ) Bb
Rt+1 + γ maxa Q(st+1 , a) BX2X BKK2/Bi2 `2r`/ THmb /Bb+QmMi2/ Z@pHm2 Q7 M2ti
bii2X h?2 i#H2 +QMp2`;2b mbBM; Bi2`iBp2 mT/i2b 7Q` 2+? bii2@+iBQM TB`X hQ
R3y 2{+B2MiHv +QMp2`;2 i?2 Z@i#H2 ǫ @ ;`22/v TT`Q+? Bb mb2/X
h?2 ǫ @ ;`22/v TT`Q+?, i i?2 bi`iBM; Q7 i?2 i`BMBM;- Z@pHm2b Q7 i?2 Z@
i#H2 BMBiBHBx2 iQ x2`Q2bX Ai K2Mb HH +iBQMb 7Q` bii2 ?p2 i?2 bK2 +?M+2
3
iQ #2 b2H2+i2/X aQ iQ +QMp2`;2 i?2 Z@i#H2 mbBM; Bi2`iBp2 mT/i2b- 2tTHQ`iBQM@
2tTHQBiiBQM i`/2@Qz Bb mb2/X h?2 2tTHQ`iBQM mT/i2 i?2 Z@pHm2 Q7 `M/QK
R38 bii2@+iBQM TB` (st , at ) Q7 i?2 Z@i#H2 #v `M/QKHv b2H2+iBM; i?2 +iBQMX h?2
2tTHQBiiBQM b2H2+ib ;`22/v +iBQM (at ) 7Q` i?2 bii2 (st ) 7`QK i?2 Z@i#H2 ?pBM;
KtBKmK `2r`/bX
aQ- iQ +QMp2`;2 Z@i#H2 7`QK M BMBiBH +QM/BiBQM U HH Z@pHm2b Q7 i?2 Z@i#H2
BMBiBHBx2 iQ x2`Q2bV- i i?2 BMBiBH H2p2H Q7 Bi2`iBp2 mT/i2 2tTHQ`iBQM Bb M22/2/
RNy M/ i Hi2` iBK2 Q7 i?2 Bi2`iBp2 mT/i2b- `2[mB`2b KQ`2 2tTHQBiiBQMX Ai +M
mb2 T`Q##BHBiv ǫ, BM r?B+? `M/QK +iBQM b2H2+i2/ mbBM; T`Q##BHBiv ǫ- M/
+iBQM Bb +?Qb2M 7`QK i?2 Z@i#H2 mbBM; T`Q##BHBiv 1 − ǫX i i?2 #2;BMMBM;-
i?2 pHm2 Q7 ǫ Bb QM2- M/ Bi `2/m+2b rBi? iBK2- M/ QM+2 i?2 i#H2 +QMp2`;2b- Bi
#2+QK2b M2`Hv x2`QX
jX S`QTQb2/ avbi2K
kRy h?Bb b2+iBQM /2b+`B#2b Qm` irQ T`QTQb2/ KQ/2Hb BM /2iBHX h?2 BMimBiBQM iQ
mb2 i?2 _G TT`Q+? iQ }M/ M QTiBKH /vMKB+ i`/BM; bi`i2;v Bb i?i i?2
N
J.S 7Q`KmHi2 a2[m2MiBH /2+BbBQM@KFBM; T`Q#H2K- M/ _G bQHp2b J.SX
aiQ+F K`F2i i`/BM; +M #2 i?Qm;?i Q7 b b2[m2MiBH /2+BbBQM@KFBM; T`Q#H2K
b i 2p2`v /m`iBQM Q7 i?2 biQ+F i`/BM; b2bbBQM i`/2` ?b iQ KF2 i`/BM;
kR8 /2+BbBQMX
Pm` i`;2i K`F2i Bb i?2 1[mBiv biQ+F K`F2iX q2 ?p2 T2`7Q`K2/ 2tT2`B@
K2MiiBQM QM i?2 AM/BM M/ i?2 K2`B+M 1[mBiv biQ+F K`F2ibX h?2 T`QTQb2/
KQ/2Hb 7QHHQr i?2 `mH2b Q7 i`/BM; BM i?2 1[mBiv biQ+F K`F2iX q2 +M iF2
b?Q`i TQbBiBQM U}`bi b2HH M/ #mv i?2MV Q` +M ?p2 HQM; TQbBiBQM U}`bi #mv
kky M/ Hi2` b2HH VX h?2 b?Q`i TQbBiBQM BM i?2 1[mBiv biQ+F K`F2i Bb TQbbB#H2 mbBM;
i?2 a2+m`BiB2b G2M/BM; "Q``QrBM; UaG"V K2+?MBbKX
q2 2tT2`BK2Mi2/ rBi? Qm` T`QTQb2/ KQ/2Hb QM /BHv /i Q7 i?2 biQ+F- M/
/BHv QMHv QM2 i`/BM; +iBQM Bb T2`KBii2/- 2Bi?2` "mv- a2HH- Q` >QH/ 7Q` bBKTHB+@
BivX AM Z@H2`MBM;- `2T`2b2MiiBQM Q7 i?2 bii2 Q7 i?2 2MpB`QMK2Mi ?b bB;MB}+Mi
kk8 BKTQ`iM+2X h?2 i`/BM; ;2Mi +M QMHv b2Mb2 i?2 2MpB`QMK2Mi Ui?2 biQ+F K`@
F2iV i?`Qm;? i?2 bii2X q2 ?p2 T`QTQb2/ irQ /Bz2`2Mi i`/BM; KQ/2Hb #b2/
QM i?2 irQ /Bz2`2Mi `2T`2b2MiiBQMb Q7 bii2 Q7 i?2 2MpB`QMK2MiX
AM i?Bb KQ/2H- r2 bbmK2 i?i ?BbiQ`v i2M/b iQ `2T2i Bib2H7X h?2 +m``2Mi
kjy i`/BM; b2bbBQM Tii2`M Q7 i?2 biQ+F K`F2i +M #2 bBKBH` iQ i?2 Tii2`M Q7
i`/BM; b2bbBQM BM i?2 TbiX Pm` Q#D2+iBp2 Bb iQ }M/ i?i Tbi i`/BM; b2bbBQM
M/ i?2 KQbi QTiBKH i`/BM; +iBQM i i?i iBK2 M/ TTHv i?i i`/BM; +iBQM
iQ i?2 +m``2Mi i`/BM; b2bbBQMX
h?2 +QKKQM i?`22 Tii2`Mb Q` i`2M/b QM Mv i`/BM; b2bbBQM +M #2 M
kj8 mTi`2M/- /QrMi`2M/ Q` bB/2rvb i`2M/X h?2`2 `2 bQK2 bm#@Tii2`Mb BMbB/2
i?2b2 i?`22 +QKKQM Tii2`MbX aQ r2 +M /BpB/2 i?2 ?BbiQ`B+H i`/BM; b2bbBQMǶb
/i BMiQ n ;`QmTb Q` +Hmbi2`bX hrQ i`/BM; b2bbBQMb BM +Hmbi2` ?p2 bQK2
+QKKQM 72im`2bX aBKBH`Hv- irQ i`/BM; b2bbBQMb BM /Bz2`2Mi +Hmbi2`b /Bz2` BM
bQK2 72im`2bX
Ry
6B;m`2 k, *Hmbi2`b 7Q`KiBQM 7`QK ?BbiQ`B+H biQ+F K`F2i /i
h?2 n ;`QmTb Q` +Hmbi2`b `2 7Q`K2/ 7`QK ?BbiQ`B+H i`/BM; b2bbBQMbǶ /i
mbBM; i?2 F@J2Mb +Hmbi2`BM; H;Q`Bi?KX b b?QrM BM 6B;m`2 k- i?2 i`/BM;
b2bbBQM /i T`2@T`Q+2bb2/ #27Q`2 7Q`KBM; +Hmbi2`bX h?2 T`2@T`Q+2bbBM; 2ti`+i
/2bB`2/ BM7Q`KiBQM 7`QK `r /iX h?2 biQ+F K`F2i /i Bb pBH#H2 BM i?2
[Open, High, Low, Close, V olume] 7Q`K 7Q` i?2 /BHv i`/BM; b2bbBQMX q2 T`2@
T`Q+2bb2/ i?Bb /BHv i`/BM; b2bbBQM /i iQ `2T`2b2Mi i?2 bii2 Q7 i?2 2MpB`QM@
K2Mi- b imTH2 K2MiBQM2/ #2HQrX
State = [O, H, L, C, V ]
k9y r?2`2
S2`+2Mi;2 +?M;2 BM QT2M
Opent − Closet−1
RX P 4 T`B+2 b +QKT`2 iQ T`2pBQmb 4( ) ∗ 100
Closet−1
/v +HQb2 T`B+2
S2`+2Mi;2 +?M;2 BM ?B;?
Hight − Opent
kX > 4 T`B+2 b +QKT`2 iQ bK2 4( ) ∗ 100
Opent
/v QT2M T`B+2
S2`+2Mi;2 +?M;2 BM HQr
Lowt − Opent
jX G 4 T`B+2 b +QKT`2 iQ bK2 4( ) ∗ 100
Opent
/v QT2M T`B+2
RR
S2`+2Mi;2 +?M;2 BM +HQb2
Closet − Opent
9X * 4 T`B+2 b +QKT`2 iQ bK2 4( ) ∗ 100
Opent
/v QT2M T`B+2
S2`+2Mi;2 +?M;2 BM pQHmK2
V olumet − V olumet−1
k98 8X o 4 b +QKT`2 iQ T`2pBQmb 4( ) ∗ 100
V olumet−1
/v pQHmK2
h?2 T`2@T`Q+2bb2/ ?BbiQ`B+H i`/BM; b2bbBQMb /i BM i?2 [O, H, L, C, V ] Bb T`Q@
pB/2/ iQ i?2 F@J2Mb +Hmbi2`BM; K2i?Q/ iQ 7Q`K n +Hmbi2`b Q` ;`QmTbX
Rk
BM 6B;m`2 jX h?2 Z@pHm2 7Q` 2+? bii2@+iBQM TB` Q7 Z@i#H2 Bb mT/i2/ mbBM;
1[miBQM UeV #b2/ QM `2r`/b `2+2Bp2/ 7Q` i`/BM; +iBQMX Ai2`iBp2 mT/i2b
key Q#iBM QTiBKH Z@i#H2 pHm2bX h?2 QTiBKH i`/BM; +iBQM 7Q` bii2 Bb b2H2+i2/
mbBM; i?2 ǫ@;`22/v TT`Q+? /Bb+mbb2/ BM a2+iBQM kXjX h?2 QTiBKH Z@i#H2
Q#iBM2/ 7`QK ?BbiQ`B+H Uh`BMBM;V /iX
h?2 i`/BM; ;2Mi b2H2+ib i`/BM; +iBQM #b2/ QM i?2 bii2 Q7 i?2 2MpB`QM@
K2Mi 7`QK Z@i#H2 7Q` 2+? i`/BM; b2bbBQMX AM i?Bb KQ/2H- i?2 bii2 /2T2M/b
ke8 QM i?2 /BHv pHm2b Q7 [Open, High, Low, Close, V olume]- bii2 +?M;2b b i?2
i`/BM; b2bbBQM Ui?2 /vV +?M;2bX AM T`QTQb2/ KQ/2H R- i?2 i`/BM; ;2Mi i
i`/BM; b2bbBQM t iF2b i`/BM; +iBQM i i?2 #2;BMMBM; Q7 i?2 b2bbBQM t Ui QT2M
T`B+2V /2T2M/ QM i?2 bii2 Q7 i?2 2MpB`QMK2Mi i T`2pBQmb i`/BM; b2bbBQM t − 1X
kdy AM i?Bb T`QTQb2/ KQ/2H- r2 mb2 +M/H2biB+F iQ 7Q`K i?2 bii2 Q7 i?2 2MpB`QM@
K2MiX h?2 +M/H2biB+F `2T`2b2Mib biQ+F T`B+2 BM7Q`KiBQM 7Q` i?2 i`/BM; b2bbBQM
bm+? b PT2M- >B;?- GQr- M/ *HQb2 T`B+2- b b?QrM BM 6B;m`2 9X
6B;m`2 9, +M/H2biB+F iQ `2T`2b2Mi p`BiBQM BM i?2 biQ+F T`B+2 /m`BM; i`/BM; b2bbBQM
h?2 i`/BM; b2bbBQM H2M;i? p`B2b 7`QK QM2 KBMmi2 iQ QM2 KQMi?- M/ bQ QMX
Rj
AM i?Bb T`QTQb2/ KQ/2H +M/H2biB+F H2M;i? Bb QM2 /vX h`/BiBQMHHv i`/2`b BM
kd8 i?2 biQ+F K`F2i mb2 +M/H2biB+F Tii2`Mb iQ ;m2bb i?2 7mim`2 biQ+F T`B+2 i`2M/X
hvTB+HHv +M/H2biB+F ?b i?`22 T`ib i?i `2 #Q/v- mTT2` b?/Qr- M/
HQr2` b?/QrX h?2 #Q/v Bb i?2 /Bz2`2M+2 #2ir22M i?2 +HQb2 M/ QT2M T`B+2 Q7
i?2 biQ+F 7Q` i?2 i`/BM; b2bbBQMX A7 i?2 QT2M T`B+2 Bb bKHH i?M i?2 +HQb2 T`B+2-
Bi BM/B+i2b M BM+`2b2 BM i?2 T`B+2- M/ bm+? +M/H2 Bb +HH2/ "mHHBb? +M/H2X
k3y :2M2`HHv- i?2 :`22M +QHQm` `2T`2b2Mib i?2 "mHHBb? +M/H2X q?2`2b B7 i?2 QT2M
T`B+2 Bb ?B;?2` i?M i?2 +HQb2 T`B+2- Bi BM/B+i2b /2+`2b2 BM i?2 T`B+2- M/
bm+? +M/H2 Bb +HH2/ "2`Bb? +M/H2c ;2M2`HHv- i?2 _2/ +QHQm` `2T`2b2Mib
i?2 "2`Bb? +M/H2X
h?2 mTT2` b?/Qr Bb i?2 /Bz2`2M+2 #2ir22M i?2 ?B;? T`B+2 M/ i?2 +HQb2 T`B+2
k38 BM #mHHBb? +M/H2biB+F M/ i?2 /Bz2`2M+2 #2ir22M i?2 ?B;? T`B+2 M/ i?2 QT2M
T`B+2 BM #2`Bb? +M/H2biB+FX aBKBH`Hv- i?2 HQr2` b?/Qr Bb i?2 /Bz2`2M+2 #2@
ir22M i?2 HQr2` T`B+2 M/ i?2 QT2M T`B+2 BM #mHHBb? +M/H2biB+F M/ i?2 /Bz2`2M+2
#2ir22M i?2 HQr2` T`B+2 M/ i?2 +HQb2 T`B+2 BM #2`Bb? +M/H2biB+FX
h?2 T`B+2 i`2M/ Q7 i?2 +m``2Mi i`/BM; b2bbBQM Q7 biQ+F Bb `2Hi2/ iQ i?2
kNy T`B+2 i`2M/ Q7 i?2 T`2pBQmb i`/BM; b2bbBQM- M/ bQ QMX h?2 #Q/v TQ`iBQM Q7 i?2
+M/H2biB+F `2T`2b2Mib i?2 `2HiBQM #2ir22M i?2 +HQb2 T`B+2 M/ i?2 QT2M T`B+2X
Ai Bb +T#H2 Q7 2M+TbmHiBM; i?2 T`B+2 i`2M/ Q7 i?2 biQ+Fc BM i?Bb KQ/2H- i?2
bii2 Q7 i?2 2MpB`QMK2Mi 7Q`K2/ 7`QK i?2 #Q/v TQ`iBQM Q7 i?2 +M/H2biB+FX
q2 ?p2 7Q`K2/ bBt /Bz2`2Mi +i2;Q`B2b 7`QK /v i`/BM; b2bbBQM #b2/ QM
kN8 i?2 T2`+2Mi;2 +?M;2 #2ir22M i?2 QT2M M/ +HQb2 T`B+2 Q7 i?2 biQ+FX h?2b2
bBt +i2;Q`B2b `2 i?2 bBt bii2b Q7 i?Bb KQ/2H- b b?QrM BM h#H2 RX A7 i?2 +HQb2
T`B+2 Bb ?B;?2` i?M i?2 QT2M T`B+2- Bi Bb TQbBiBp2 T`B+2 KQp2K2Mi- M/ r2 +HH
Bi lS- B7 ;`2i2` i?M 1% Bi Bb +HH2/ >lS- M/ B7 ;`2i2` i?M 2% Bi Bb +HH2/
o>lSX aBKBH`Hv- B7 i?2 +HQb2 T`B+2 Bb /QrM #v QT2M T`B+2- Bi Bb M /p2`b2 T`B+2
jyy KQp2K2Mi- M/ r2 +HH Bi .PqL- B7 H2bb i?M 1%- Bi Bb +HH2/ >.PqL- M/ B7
H2bb i?M 2% Bi Bb +HH2/ o>.PqLX
R9
W(U*HQb2@PT2MVfPT2M) aii2
Uy-RV lS
UR-kV >lS
U> 2V o>lS
U@R-yV .PqL
U@k-@RV >.PqL
U< −2V o>.PqL
h?2 T`QTQb2/ KQ/2H k KBMiBMb M/ +QMp2`;2b i?2 Z@i#H2 b bBKBH` iQ i?2
T`QTQb2/ KQ/2H R- b b?QrM BM 6B;m`2 8X h?2 KBM /Bz2`2M+2 #2ir22M i?2b2
irQ KQ/2Hb Bb BM i?2 7Q`KiBQM Q7 bii2 Q7 i?2 2MpB`QMK2MiX h?Bb KQ/2H mb2b
jy8 +M/H2biB+FǶb #Q/v TQ`iBQM iQ 7Q`K bii2X h?2 MmK#2` Q7 bii2b Bb bBt b b?QrM
BM h#H2 RX
AM i?Bb T`QTQb2/ KQ/2H k- i?2 i`/BM; ;2Mi b2H2+ib i`/BM; +iBQM #b2/ QM
i?2 bii2 Q7 i?2 2MpB`QMK2Mi 7`QK Z@i#H2 7Q` 2+? i`/BM; b2bbBQM- b b?QrM BM
R8
6B;m`2 8X b bii2 #b2/ QM /BHv +M/H2biB+F- bii2 +?M;2b b i?2 i`/BM;
jRy b2bbBQM Ui?2 /vV +?M;2X h?2 i`/BM; ;2Mi i i`/BM; b2bbBQM t iF2b i`/BM;
+iBQM i i?2 2M/ Q7 i?2 /BHv i`/BM; b2bbBQM t Ui +HQb2 T`B+2V #b2/ QM i?2 bii2
Q7 i?2 2MpB`QMK2Mi i i`/BM; b2bbBQM tX h?2 i`/BM; +iBQM Bb iF2M 8 KBMmi2b
#27Q`2 i?2 2M/ Q7 i?2 i`/BM; b2bbBQM #b2/ QM bii2 7Q`K2/ 7`QK i?2 #2;BMMBM;
Q7 i?2 i`/BM; b2bbBQM iQ TT`QtBKi2 i?2 2M/ Q7 i?2 bK2 i`/BM; b2bbBQM UQm`
jR8 +HQb2 T`B+2 rBHH #2 biQ+F T`B+2 8 KBMmi2b #27Q`2 i?2 2M/ Q7 i?2 i`/BM; /vVX
h?Bb b2+iBQM T`QpB/2b i?2 /2iBHb Q7 2tT2`BK2Mib +QM/m+i2/ rBi? i?2 irQ
T`QTQb2/ KQ/2Hb- BM+Hm/BM; /ib2i- T2`7Q`KM+2 2pHmiBQM K2i`B+b- M/ 2t@
T2`BK2MiH `2bmHibX
q2 2tT2`BK2Mi2/ rBi? i?2 irQ T`QTQb2/ KQ/2Hb QM i?2 /BHv /i Q7 i?2
BM/BpB/mH biQ+Fb M/ i?2 BM/2t biQ+Fb b?QrM BM h#H2 k- M/ h#H2 j `2bT2+@
iBp2HvX 6B;m`2 e M/ 6B;m`2 d `2 i?2 THQib Q7 i?2 AM/BM M/ i?2 K2`B+M
2tT2`BK2MiH BM/2t biQ+FbX 6B;m`2 3 b?Qrb 2tT2`BK2MiH /ib2i Q7 bBt AM/BM
jk8 BM/BpB/mH biQ+FbX
h?2 BM/2t biQ+Fb La.Z M/ .CA `2 7`QK i?2 K2`B+M biQ+F 2t@
+?M;2b- M/ i?2 BM/2t biQ+Fb a1La1s M/ LA6hu `2 7`QK i?2 AM/BM biQ+F
2t+?M;2bX h?2 2tT2`BK2MiH /ib2i Q#iBM2/ 7`QK u?QQ }MM+2X Pm` +Q/2
M/ 2tT2`BK2MiH /ib2i `2 pBH#H2 i i?2 l_G, ?iiTb,ffbBi2bX;QQ;H2X+QKfpB2rfD;/Bb?+?FQH2fX
jjy q2 mb2/ Svi?QM T`Q;`KKBM; iQ /2p2HQT i?2 T`QTQb2/ KQ/2HbX
Re
LK2 Q7 aiQ+F S2`BQ/ hQiH S2`BQ/ h`BMBM; S2`BQ/ h2biBM; S2`BQ/
Rd
6B;m`2 e, 1tT2`BK2MiH /ib2i Q7 i?2 AM/BM AM/2t biQ+Fb
R3
h?2 i`Mb+iBQM +?`;2 Bb yXRyW Q7 i?2 i`/BM; KQmMi QM #Qi? bB/2b- b2HH
Q` #mvX b `BbF KM;2K2Mi Bb M2+2bb`v 7Q` i`/BM; BM i?2 biQ+F K`F2i- QM2
b?QmH/ MQi /2T2M/ QM QMHv QM2 K2i?Q/ Q` HQ;B+ 7Q` i`/BM;X q2 ?p2 mb2/
jj8 irQ `BbF KM;2K2Mi iQQHb pBx biQT HQbb M/ h`2M/ 6QHHQrBM;X h?2 biQT HQbb Q7
RyW mb2/X A7 i?2 +m``2Mi i`/BM; TQbBiBQMǶb HQbb Bb KQ`2 i?M RyW- i?2M i?i
i`/BM; TQbBiBQM b?QmH/ #2 +HQb2/X h?2 biQT HQbb pHm2 /2T2M/b QM i`/2` /QKBM
FMQrH2/;2X
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