Stock Market Prediction Using Machine Learning

Algorithms
Ifeoluwa Rahmon
Information Technology
University of Bouremouth
Bournemouth, United Kingdom
s5554831@bournemouth.ac.uk
Eze Samson
Information Technology
University of Bouremouth
Bournemouth, United Kingdom
s5502402@bournemouth.ac.uk

Abstract— The stock market is the central element of
modern capitalism, requiring shrewd decision-making in the
face of its unpredictability. Machine learning (ML) has become
a potential technique for addressing the complexities of stock
market prediction, surpassing conventional approaches such as
fundamental and technical analysis. This literature review
examines the ML approaches used for predicting stock market
movements. This study examines existing approaches, datasets,
and ML algorithms in this field, with the goal of providing a
helpful resource for researchers, financial professionals, and
investors who want to improve their knowledge of financial
markets. The paper examines the limits of traditional
methodologies and explores many ML methods, including
Neural Networks, Support Vector Machines (SVM), Naive
Bayes (NB), Convolutional Neural Networks (CNN), and Deep
Learning (DL). It demonstrates the effectiveness and
drawbacks of these methods in forecasting stock market
patterns. This thorough examination reveals deficiencies in
current research, emphasising the need for stronger and more
practical solutions, thereby directing future research efforts
towards more reliable prediction models.
movements is very appealing due to its capacity to analyze
extensive datasets, detect nuanced patterns, and adapt to
dynamic market conditions [5], [6]. The convergence of
finance and ML presents both innovative investment
opportunities and intriguing challenges for scholars in the
field.
The aim of this study is to provide a comprehensive
literature review on the use of ML techniques in predicting
stock market trends. This study examines the many
methodologies, datasets, and ML techniques used within
this particular domain. The objective of our endeavor is to
provide a valuable repository for scholars, experts in the
sector, and investors who possess an inclination towards
using ML techniques to enhance their understanding and
proficiency in comprehending and maneuvering the
intricacies of financial markets. This will be achieved by a
systematic analysis and amalgamation of the extant
scholarly works.

Keywords—Stock Market, Machine Learning, Prediction, II. LITERATURE REVIEW

Artificial Neural Network
I. INTRODUCTION
The stock market is a multifaceted and intricate financial
framework that has been often referred to be the "epicenter
of contemporary capitalism." The primary aim of investors
and traders worldwide is to capitalize on the ever-changing
market conditions. Efficient decision-making in the stock
market necessitates the use of sophisticated resources and
methodologies, owing to the inherent volatility and
unpredictability of this financial domain. The field of
machine learning (ML), which falls under the umbrella of
artificial intelligence, is shown significant potential in
addressing these challenges [1], [2]. Throughout history, the
prediction of stock market performance has garnered
significant attention from scholars, economists, and those
involved in financial investments. Extensive study has been
conducted on the predicting of stock prices, market trends,
and financial indicators, resulting in a wide range of
methodologies being explored. Over the years, investors
have always depended on fundamental and technical
research, alongside macroeconomic information, to guide
their decision-making processes [3], [4]. Nevertheless, these
methodologies possess some limitations, particularly in the
context of handling extensive and diverse datasets, adapting
to market fluctuations, and dealing with unorganized and
noisy data. Due to these limitations, there has been an
increase in the inclination towards using ML techniques for
the purpose of predicting stock market trends. The use of
ML models for the purpose of forecasting stock market
Stock market prediction (SMP), a subject that has been
widely studied, has traditionally depended on conventional
approaches, namely fundamental and technical analysis [7].
Originating from the work of Fraser [8], fundamental
analysis focuses on assessing a company's true worth by
carefully scrutinising its financial statements, the calibre of
its management, and the trends within its industry.
Technical analysis, as proposed by Vesela [9], utilises
historical market data and chart patterns to predict short-
term price fluctuations by identifying trends and market
psychology. However, the introduction of ML methods has
caused a significant change in the field, leading to a rise in
alternative approaches for predicting stock market trends.
Recent research has utilised regression models [10], time-
series analysis using ARIMA and long short-term memory
networks (LSTM) [11]–[13], classification models like
decision trees and support vector machine (SVM) [14], and
DL methods involving neural networks and CNNs [15].
These approaches have shown encouraging outcomes,
exhibiting improved prediction ability. Nevertheless, upon
closer examination, there are ongoing research gaps and
concerns that continue despite these developments. It is
crucial to thoroughly examine these gaps and unsolved
difficulties in the current literature in order to guide future
research efforts towards more reliable and practical
solutions in predicting stock market trends. Hence, this
section of this review paper intends to critically examine
existing literatures on both traditional and ML approach of
SMP.

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A. Traditional Approaches to Stock Market Prediction
1) Fundamental Analysis
An essential part of stock market research, fundamental
analysis looks at a number of different aspects of a
company's core operations to determine its true worth [16].
This approach takes a holistic look at a wide range of
quantitative and qualitative aspects:
Company Financials: A basic analysis is a comprehensive
examination of a corporation's financial statements, which
includes scrutinising its income statement, balance sheet,
and statement of cash flows. An extensive understanding of
a company's financial well-being and effectiveness may be
gained by examining its sales, expenditure, debt ratios, and
profitability statistics.
Management and Corporate Governance: Assessing the
proficiency and authenticity of the management team is
essential. Gaining insight into the company's long-term
prospects and sustainability may be achieved by
comprehending its strategic choices, leadership style, and
corporate governance practises.
Industry Trends and Market Position: Placing a firm in
the context of its industrial landscape allows for an
assessment of its competitive position. Market share,
industry growth, technical improvements, and regulatory
dynamics are key factors that provide valuable insights into
prospective possibilities and hazards.
Economic Indicators: It is essential to take into account
wider economic variables such as interest rates, inflation,
GDP growth, and geopolitical developments. The success of
a firm may be greatly affected by these macroeconomic
variables, which have the power to influence its income,
costs, and market demand.
Figure 1.0: Flowchart of the traditional approach analysis
The primary objective of fundamental analysis is to
ascertain the inherent worth of a company, so assessing
whether it is undervalued, overpriced, or appropriately
priced in the market [17]. Through evaluating both
qualitative and quantitative criteria, investors get a thorough
comprehension of a company's genuine value, enabling
them to make well-informed choices that match with their
long-term investment goals. Investors use fundamental
research to identify firms with robust fundamentals and
growth prospects, with the goal of constructing portfolios
that can withstand short-term market volatility [18].
Although fundamental analysis offers useful insights, it does
not include market attitudes or short-term market
movements. Its effectiveness depends on precise data
interpretation and accurate projections [19].
2) Technical Analysis
Technical analysis is based on the premise that past market
data, namely price fluctuations and trade volumes, exhibit
discernible patterns that may be used to predict future price
trends [20]. Considering existing literature on technical
indicator analysis of stock market, a number of articles
disregarded the index's components and other big size firms
in favour of using alternative market indexes. In their S&P
500 forecasting model, Lohrmann et al. [21] used this
strategy, along with fundamental technical parameters and
returns from six main markets for stocks (DAX, Nikkei 225,
HSI, FTSE 100, Euro STOXX 50, Russell 2000), two
exchange-traded funds (ETFs)—Vanguard Total World
Stock and iShares MSCI Emerging Markets—and the
volatility index (VIX). Additionally, the S&P 500 may be
forecasted by Rosillo et al. [22] using three VIX-based
factors. Using the return data of ten main stock market
indices, including the projected ones,
Hoseinzade and Haratizadeh [23] forecast five of these
indices. In order to forecast the daily movement of the
IBOVESPA index, the Bayesian Network of Malagrino et
al. [24] incorporates a comparable number of key stock
market indexes. They used a collection of twelve different
stock markets to make their forecasts. In their 2011
publication, Na and Sohn [25] forecast the KOSPI by
analysing the trend data of eight international stock market
indexes: the FTSE 100, the DJIA, the SSE, the HSI, and the
DAX. The projections made by Huang et al. [26], on the
other hand, are limited to only one stock market. This group
of writers specifically incorporates the S&P 500 index into
their methodology for Nikkei 225 forecasting. Tsai and
Hsiao [27] do the exact opposite; they forecast equities
exchanged on the Taiwan Stock Exchange using data from
the TAIEX.
Hence, this approach uses a diverse range of tools and
strategies to analyse and make sense of market data:
Charts and Patterns: Technical analysts use many types of
price charts, including line charts, graphs of bars, and candle
charts, to visually represent past price fluctuations as shown
in figure 2.0. Recognising repetitive patterns like as head
and shoulders, triangles, double tops/bottoms, and
support/resistance levels assists in forecasting probable
future price fluctuations.
Figure 2.0: Stock market charts, patter and candlesticks
Trend Analysis: Evaluating trends is essential in technical
analysis. Trends, classified as upward trends, downward
trends, or horizontal movements, provide valuable
information about the future direction of price movements.
Trendlines and moving averages are used to ascertain and
confirm the orientations of trends.
Indicators and Oscillators: Technical analysts use many
indicators such as the Relative Strength Index (RSI), and
Stochastic Oscillator to assess market momentum,
overbought/oversold circumstances, and probable trend
reversals.
Volume Analysis: Trading volume, which represents the
quantity of shares exchanged within a certain timeframe,
complements price research. Volume patterns often indicate
the robustness or fragility of price fluctuations, supporting
trend analysis. The main objective of technical analysis is to
develop short-term trading techniques and accurately time
the market, enabling traders to determine the optimal
moments to enter and leave positions. It focuses on the
psychology of individuals participating in the market and
how their combined actions influence changes in prices.
Although technical analysis offers useful insights into price
movements and market emotion, it is not without
restrictions. The use of historical data presupposes the
recurrence of market behaviour, a premise that may not
always be valid. In addition, technical analysis may fail to
take into account fundamental variables that influence the
value of a company, so possibly disregarding important
market-moving events or changes in investor mood.
Therefore, it is often used in combination with other
analytical techniques to create a holistic investing plan.
 Table 1.0: Previous works on Traditional Approach
Author Used Indicators Data Time frame Period Market Index
Source
Luo et al. [28] SMA, MV, MVR, Stock Daily January 2007–July SSE
EMA, 10 2008
Disparity,

Agrawal et al. [29] RSI, SMA, MFI, Stock Daily 2007–2008 NASDAQ
MACD

Boyacioglu and Avci Republic gold selling Stock Daily January 1990– ISE
[30] price, December
exchange rates 2008
Treasury bill, etc.
Esfahanipour and MA and BIAS Stock 6 days July 18, 2003– TSE and TEPIX
Aghamiri [31] December
31, 2005

Kara et al. [32] SMA, RSI, MACD and Stock Daily January 1997– ISE
Momentum December
31, 2007.

Atsalakis et al. [33] SOP, SCP and SMA Stock Daily April 2007– NBG
November 2008,

Shen et al. [34] Not mentioned Stock Next-day January 2000– NASDAQ,
October 2012 S&P500 and
DJIA

Wei et al. [35] SMA, RSI volume Stock Daily 2000–2005 TAIEX
Ratio,
psychology line (PSY),
V

Anthony et al. [36] U.S. treasury bonds Stock Daily U.S. treasury
and bonds and
treasury bills treasury bills

Olaniyi et al. [37] SMA Stock Monthly January 2007 and NSE
June 2008

Guresen et al. [38] Not mentioned Stock Daily October 7, 2008– NASDAQ
June 26,
2009

Shom and Padhy [39] EMA and difference in Stock Not January 2007– INSE
the mentioned December
percentage of the price 2010
(RDP)

Enke et al. [40] Money Supply, T-bill- Stock Daily January 1, 1980– S&P 500
rate, Proof of January
Deposit rate 1, 2009

Sureshkumar and SCP, high price, SOP, Stock Intraday October 2007– NSE
Elango [41] and low October 2011
Price
Thanh et al. Vietnamese stock market Stock Daily January 2010–April EXP, and CPI
[42] index 2016
Chong et al. Not mentioned Stock Daily January 2010– Korea KOSPI
[43] December
2014
Zhou et al. EMA, SOP, RSI, SCP, Stock Not mentioned January–December China Stock Market
[44] SMA, MACD 2016
Chen and Hao Ratio (VR), SMA, MTM, Stock Intraday [5, 10, October 31st 2008– SSE & SZSE
[45] EMA, 15, 20, Dec 31st COMP SUB
RSI, OBV and 30] days 2014 IND
MACD Volume

Thanh et al. Vietnamese stock market Stock Daily January 2010–April EXP, and CPI
[42] index 2016

B. Machine Learning (ML) Approach for Stock Market

Prediction
This section provides a comparative analysis of
several methods used for forecasting the trajectory of
the stock market. The two primary categories of SMP
tools consist of prediction-based approaches and
clustering-based techniques. Prediction-based
approaches encompass various techniques, including
artificial neural networks (ANN), convolutional neural
networks (CNN), and naive bayes (NB). While
clustering-based approaches include several
techniques, including filtering, k-means, and fuzzy.
1) Analysis based on clustering techniques
In this part, the analysis is conducted using ring approaches
that have been established in the existing literature. The
description of the study is provided as follows.
a) Fuzzy based prediction techniques
In the realm of fuzzy logic, the variables' truth values are
not limited to conventional binary values, but rather include
a broader range of positive and negative real integers. This
paper provides an overview of many research that use
fuzzy-based methodologies for stock market forecasting.
Esfahanipour and Aghamiri [31] created a Neuro-Fuzzy
Inference System with the objective of predicting stock
prices. The technical indices were inputted into the fuzzy
model, resulting in an output that was a linear combination
of the inputs. The ruleset was separated by the use of a
customized variant of fuzzy C-Means (FCM) clustering. The
membership function was represented by a Gaussian
function in the model. ANFIS tries to predict the future
trajectory of stock prices by considering many elements
such as political influences, macroeconomic shifts, technical
indicators, and fundamental study. The primary objective of
the first phase of Enke, et al.'s [40] three-stage approach for
predicting stock market trends is to use multiple regression
analysis in order to identify the relevant financial factors. In
a study conducted by Wang [46], the author explored the
challenges associated with using a substantial amount of
stock data and the unpredictability of discrepancies between
two continuous time series while making predictions about
the stock market. In order to address these problems, the
author devised a system that reduced the storage needs of
the stock price data in terms of size (e.g., MB) and using
fuzzification techniques in conjunction with Grey theory.
The approach they developed is known as the fuzzy Grey
system, which has the ability to rapidly forecast the stock
price at a certain moment. In their study, Lai et al. [47] used
an innovative approach that integrated k-means clustering, a
genetic algorithm (GA), and a fuzzy decision tree (FDT) to
predict the stock price of the Taiwan Stock Exchange. The
GAFDT framework first used k-means clustering to derive
sub-clusters of stocks inside the Taiwan Stock Exchange
Corporation (TSEC). Subsequently, the GA was utilised to
identify the most optimum fuzzy word for each input index
in the FDT. The FDT was used to generate decision rules,
with the prediction being carried out as the last step. In their
study, Anbalagan and Maheswari [48] examined the
efficacy of a fuzzy meta graph (FM) in predicting stock
market trends and addressing challenges related to the non-
stationarity and non-linearity of time-series data. Efendi et
al. [49] contended that current SMP models remain
inadequate in addressing the inherent unpredictability,
volatility, and uncertainty associated with stock prices
during data processing. Using this as inspiration, they
created an innovative forecasting technique known as the
fuzzy random auto-regression (FR-AR) model. Within the
FR-AR, the low-high and stock price data are managed,
while the auto-regressive component addresses the issue of
data stationarity.
b) Filtering based prediction techniques
The process of filtering has generated significant attention
and has the potential to be used in many predictive
scenarios. This section provides an overview of many
studies that have used filtering techniques for the purpose of
predicting stock market trends. The establishment of trading
regulations was undertaken by Arévalo, et al. [50], who
derived them from the recognition of flag patterns, including
significant insights from previous research endeavors. A
dynamic window system is first developed to regularly
execute the stop loss and compute the profit. In addition, the
flag pattern adheres to prevailing market trends, prompting
the inclusion of an indicator known as Exponential Moving
Average (EMA) to enhance trade filtering capabilities. The
calculation of technical indicators is conducted on two
different time periods, namely 15-minute and 1-day
intervals. This approach enables the incorporation of both
short-term and medium-term viewpoints. While the model
did provide specific trading rules, its effectiveness in
mitigating data snooping was limited. Ariyo, et al. [51]
developed an ARIMA model for the specific objective of
stock market forecasting.
c) K-means based clustering technique
K-means clustering is a popular vector quantization
method used in the field of data mining for doing cluster
analysis. This section describes the research study that
used the K-means based stock market forecast system:
Data mining was used by Nanda, et al. [52] to create
groups of equities with similar characteristics. Following
completion of the categorization, stocks were selected
from the groupings to be included in the portfolio.
Diversifying one's holdings meets the need for lower risk.
The stock market is segmented into groups according to
clustering criteria. The BSE dataset's valuation ratios are
employed with the stock returns. Portfolio managers and
investors may now use the clustering approach to choose
companies that will help them reach effective frontier.
2) Analysis based on prediction techniques
This section presents an analysis of prediction
methodologies like SVM, ANN, NB, and CNN with
more reviews on previous works done with them in
predicting stock markets as mentioned in table 2.0.
Figure 3.0: SVM framework structure
a) Support Vector Machine (SVM)
Given the numerous challenges associated with ANNs,
including the presence of locally optimal solutions, over-
fitting, and time complexity, as pointed out by various
authors [53]–[55], it is not surprising that researchers in the
field of stock market forecasting have also explored
alternative prediction models. SVMs are extensively used
for classification, while SVR is often utilised for regression.
As SVMs are grounded on the idea of structural risk
minimization, they have the ability to decrease the
generalisation error with pattern of margin, support vectors,
and hyperplane as shown in figure 3.0 [56], [57].
Consequently, several studies have been published on
financial market forecasting using SVM- and SVR-based
models. These publications will be further elaborated on in
the following paragraphs.
Lu [58] introduced an innovative method for predicting
stock index values by integrating nonlinear independent
component analysis (NLICA), SVR, and particle swarm
optimisation (PSO). In this study, the NLICA technique was
used to extract the pertinent features related to non-linearity
characteristics. Additionally, the PSO algorithm was utilised
to optimise the parameters in the SVR model. Rustam and
Kintandani [59] conducted a study where they used a SVR
with PSO to forecast the values of Indonesian stocks.
Nevertheless, the hybrid approach developed by Das and
Padhy [55], which integrates SVM with teaching-learning-
based optimisation (TLBO), demonstrated superior
performance compared to the PSO+SVR model in
forecasting the closing price of the COMDEX commodities
futures index.
Yeh et al. [54] proposed a novel methodology called
MKSVR, which combines SVR with a multiple-kernel
(MK) learning algorithm. This method addresses the issue
of manually adjusting the hyper-parameters of the kernel
functions in SVR. In 2019, Gowthul and Baulkani [60]
suggested an amalgamated MK-SVM technique. Factor
analysis was used in this model to exclude unnecessary
characteristics from the stock index data, while fruit fly
optimisation (FFO) was utilised to fine-tune the parameters.
The suggested technique exhibited favourable outcomes
when compared to the MKSVM, and GA+MKSVM models
in forecasting the daily price movements of equities from
the NYSE, DJIA, and S&P 500.
The authors Yu et al. [61] introduced a forecasting model
called the evolving least squares support vector machine
(LSSVM) learning paradigm with a mixed kernel. This
model was designed to anticipate stock market movements.
This approach included the use of GA on two occasions.
Firstly, GA was employed to identify the crucial
characteristics from the dataset. Secondly, GA was utilised
to optimise the parameters of the LSSVM. The developing
LSSVM model has superior efficiency and robustness when
compared to other LSSVM models. This is particularly
evident when using various individual kernels, such as
polynomial, radial basis kernel (RBF), sigmoid kernel, and
mixed kernel. In addition, Chai et al. [56] suggested using
the LSSVM technique together with empirical mode
decomposition (EMD) for predicting the CSI 300 index. The
EMD-LSSVM approach included testing four-parameter
optimisation techniques, namely simplex, grid search (GS),
PSO, and GA. The findings demonstrated that the GS-based
EMD-LSSVM method beat other methods in accurately
predicting stock price changes.
The research conducted by Kao et al. [62] had the objective
of identifying an appropriate wavelet sub-series for a
predictive model that would enhance the accuracy of
predictions. They introduced a new prediction model named
Wavelet-MARS-SVR. This approach used a wavelet
transform to breakdown the financial time-series data,
multivariate adaptive regression splines (MARS) to identify
relevant variables derived from the wavelet transformation,
and SVR to conduct the prediction.
b) ANN-based prediction techniques
When compared to other statistical approaches, ANN is
superior at capturing the structural link between stock
Figure 4.0: ANN framework structure [63]
performance and its determining variables considering its
layers as shown in figure 4.0 [69]. Stock returns may be
predicted using a number of different sets of input factors,
as discussed in the literature. Before feeding data into an
ANN for prediction, some scientists transformed the raw
input variables. This section describes the several studies
that used ANNs to anticipate stock market trends, including:
For the purpose of forecasting the stock market's behavior,
Ticknor, [63] developed a model called Bayesian
regularized ANN. Each stock's future value is estimated
using current market conditions and technical indicators.
The best way to help investors maximize their stock profits
is to provide them with accurate price predictions. Here, the
network's ability to handle complex models is given some
consideration by the Bayesian regularized network.
c) NB based prediction technique
Classification using the Nave Bayes algorithm generates
Bayesian Networks for a given dataset using Bayes theorem.
A feature in a class is assumed to be independent of all other
features in the provided dataset. The NB algorithm beats
more complicated classification methods while also being
simple to implement. The following is a discussion of the
study done using NB for predicting the stock market. In
addition, the Neuro-linguistic programming (NLP)
technique was utilized by More et al. [64] to collect data on
stocks and generate stock charts that investors may use to
zero in on the most lucrative opportunities. Accessing
massive amounts of stock data in parallel using the Hadoop
architecture, and then using the NB algorithm to make
choices in the face of probability interference and the
knowledge for anticipating future trends, was possible.
 d) Convolutional Neural Network (CNN) based
prediction techniques

The CNN is an example of a feed-forward neural

network. A traditional neural network does not have as
many hidden layers as a CNN does. The famous deep
learning method used for stock market forecasting is
CNN. This section addresses the studies that use CNN to
anticipate the stock market, and they are as follows:
Employing the Standard & Poor's 500 index and
technical signals, Vargas, et al. [65] used a DL technique
to make directional predictions. The complex patterns in
the data are identified and analyzed using DL
technologies, which speeds up the trading process. The
approach did not modify reinforcement learning
algorithms for use in market simulation training. By
customizing the LSTM and CNN for training to
anticipate regular stock market patterns, Zhou, et al. [66]
created a general framework.
e) Deep Learning (DL)
In their study, Cao and Wang [67] showcased the
capability of a CNN to handle both categorical and
continuous variables in the context of financial
forecasting. They successfully achieved accurate
prediction outcomes with this approach. The
researchers built two models, a CNN and a CNN-
SVM, to forecast stock index values. The empirical
findings demonstrated the effectiveness of both
models. In addition, Wen et al. [68] proposed a new
method for reconstructing time-series data using
common patterns, namely motifs. They then used a
CNN model to identify and learn the fundamental
patterns, ultimately reconstructing the time-series
sequences. This strategy was effective in predicting the
direction of stock prices. The network was trained
using the stochastic optimisation algorithm (Adam) in
this suggested technique. The LSTM network is a
sophisticated DL technique. Fischer and Krauss [69]
conducted the first investigation on the efficacy of the
LSTM model in predicting stock market trends, as
documented in the literature. Chung and Shin [70]
later combined it with a GA to enhance the LSTM
network's performance in predicting financial market
trends. This integration aimed to optimise the LSTM
architecture and establish the appropriate time window
size. In a study conducted by Baek and Kim [71], they
focused on addressing the issue of over-fitting. They
proposed a new forecasting method that utilises a
LSTM network. The ModAugNet consists of two
modules: (1) an LSTM module for preventing over-
fitting and (2) an LSTM module for forecasting.
In addition, Borovkova and Tsiamas [72] created a
collective structure of LSTM networks to forecast the
intra-day directional changes in stock prices. The
suggested framework used a randomised process for
feature selection and employed RMSProp as the
training algorithm.
 Table 2.0: Previous research work with the use of ML
Authors Technique Accuracy Evaluation Output
Metrics type
MLA Software Feature Data
selection reduction
Chen and FWSVM Not Not Not MAPE, Cat
Hao [45] FWSVM- mentioned mentioned mentioned RMSE
FWKNN
SVM KNN
Chong et al. Deep NN Not PCA, Not Not MAE, Con
[43] mentioned autoencoder, mentioned mentioned NMSE, MI,
and and RMSE
restricted
Boltzmann
Machine
Pimprikar et LR, SVM, NB, Not LR = 82% RMSE Not
al. and mentioned SMV = mentioned
[73] LSTM-NN 60%
Kraus and RNN, NB, Python, bag-of- Not Not Accuracy, Cat: Up
Feuerriegel and LSTM Scikit- words mentioned mentioned MSE, AUC and down
[74] Learn RMSE, and
TensorFlow MAE
and Theano
Thanh et al. Multiple Not PCA PCA Not % absolute Con
[42] regression mentioned mentioned error, R2
Adjusted R2
Adebayo et Takagi- R Not Not Not RMSE, Cat: buy,
al. [75] Sugueno- mentioned mentioned mentioned SMAPE , and sell, or
Kang -Fuzzy MSE hold
Rule-Based
System
Maknickiene RNN Not Not Not 73% Accuracy Cat
et al. [76] mentioned mentioned mentioned
Coyne et al. NB, MLP Python and bag-of- Not 65% Not Not
[77] Scikit- words, LR mentioned mentioned mentioned
Learn
Nayak et al. SVM and Not Not Not Not MAPE, Cat
[78] KNN mentioned mentioned mentioned mentioned RMSE,
MSFE
Boachie et LR STATA Not Not Not R2 p value
al. version 11 mentioned mentioned mentioned
[79]
Wanjawa ANN C# Not Not Not RMSE, and Con
[80] mentioned mentioned mentioned MAPE
Sun et al. Sparse matrix MATLAB Not Not Not Precision Cat
[81] Factorization mentioned mentioned mentioned Recall
Yoosin et al. Natural Not Bag-of- Not Not F1-score, Cat: buy,
[82] Language mentioned words mentioned mentioned Recall, and sell, hold
Processing Precision,

Li, et al. [83] SVR Not Not Not Not RMSEs Con
mentioned mentioned mentioned mentioned
Ballings et RF, LR , SVM Not Not Not Not The portion Cat
al. , NN, Kernel mentioned mentioned mentioned mentioned under the
[84] Factory, K- receiver
NN, and Ada- operating
Boost characteristic
curve (AUC)
Bhagwant et ANN C# Not Not Not MSE Con
al. [85] mentioned mentioned mentioned
Ming et al. Autoregressive Not Bag-of-word Not Not Not Not
[86] (AR) mentioned mentioned mentioned mentioned mentioned
Models
Xi et al. [87] RBF NN MATLAB Not Not Not RMSE Con
mentioned mentioned mentioned
Yetis et al. ANN MATLAB Not Not Not MSE Not
[88] mentioned mentioned mentioned mentioned
 III. RESEARCH GAPS AND ISSUES table 3.0. Typically, a few key measures are often
Despite the availability of a wide variety of approaches used.
to SMP, there are still several hurdles that must be Mean Squared Error (MSE): MSE provides an
overcome before accurate stock market forecasting understanding of the model's overall accuracy by measuring
may be achieved. In this discussion, we will examine the average squared difference between projected values and
the various SMP systems and discuss the areas where actual values. It gives greater weights to bigger mistakes;
more study is needed. however, all errors are measured.
SMP presents the NN with the following difficulties: Mean Absolute Error (MAE): MAE is a simpler metric
However, the neural models cannot tolerate high for prediction errors than MSE as it computes the average
computational cost because of the huge neurons absolute differences between actual and anticipated values.
included in the hidden layer and proper weight Root Mean Squared Error (RMSE): RMSE, which is
adaptation [89], therefore the developed ANN was not measured in the same units as the predicted variable, offers
certified as a successful scheme for forecasting the a statistic that is easily understandable. It exhibits sensitivity
stock market. The prediction performance was to outliers due to its tendency to penalise larger errors more
negatively impacted by the fact that NN, constructed severely than smaller ones.
in [90], took longer to complete both testing and R-squared (R²) or Coefficient of Determination: R² is a
training. Overfitting, being stuck in local minima, and metric that quantifies the degree to which the model
the black box approach are all pitfalls that may be accurately represents the data. It indicates the proportion of
overcome with the help of NN. Due to the impact of the variability in the dependent variable (such as stock
misclassification of the similar patterns and the fact prices) that can be accounted for by the independent
that the network parameters used were not adjusted, variables (such as the predictors in the model).
the results generated by the NN based SMP system Accuracy, Precision, and Recall: The accuracy of models
developed in Pang et al., [91] findings were of poor in making predictions about categories is evaluated using
accuracy. The problem with the study into the CNN- these metrics developed for that purpose. Precision
based stock prediction technique is that the created measures the proportion of accurate positive predictions to
CNN using the DL framework was not well suited for real positives and recall measures the proportion of right
the very broad applications. CNN's recognition predicted positives to all actual positives, whilst accuracy
accuracy was lower than that of other state-of-the-art evaluates the total correctness of forecasts.
prediction systems for stock prediction [92]. The
developed decision support system did not apply the
practical information and skills gained, for creating a
suitable stock expert system, in stock investing [93].
ANN suffers from a lack of explanation for how the
solution is formed, necessitating a lengthy training
procedure for building an ideal model [94]. The
formulation of splitting techniques is quite intricate,
which leads to a complex computing process, and the
fuzzy time series model needed more time and the
accuracy calculated by the fuzzy time series model for
the prediction is continually impacted due to length
[95]. For the purpose of forecasting the direction of
stock markets, SVM implemented a feature selection
strategy. The system's accuracy suffered greatly since
the feature selection approach could not identify the
necessary minimum number of optimum features.
Depending on the feature's correlation value, a SVM
or NN based prediction system is developed [96].
IV. EVALUATION METRICS AND PERFORMANCE ASSESSMENT
Assessing the predictive efficacy of ML techniques
has been an essential component of all the papers in
our review collection. These measurements serve as
the basis for evaluating and comparing the
performance of each algorithm. The measurements
were categorised into four groups: "Accuracy-based",
"Error-based", "Return-driven", and "Statistic tests".
A. Metrics for Evaluating Prediction Models
For assessing the effectiveness and accuracy of
algorithms used for predicting stock market trends, it
is essential to establish assessment criteria as listed in
 Table 3.0: Formualas of Evaluation Metrics
Metric
MSE
MAE
RMSE
R-squared (R2)
1-
Accuracy
Precision
Recall
B. Backtesting and Cross-validation Techniques
Backtesting: According to Beaudan [97], a trading or
investing strategy may be "backtested" by simulating its
prior performance using historical data. It is useful for
testing trading rules or prediction models in a simulated
market before releasing them to the public.
Cross-validation Techniques: The purpose of cross-
validation is to evaluate the model's performance across
various subsets of the dataset by repeatedly dividing the
dataset into training and testing subsets [98]. Some popular
approaches that test a model on different data partitions to
determine the model's generality and robustness consist of
k-fold and leave-one-out cross-validation.
The quantification of accuracy, robustness, and
universality of stock market forecasting models may
be achieved by using these evaluation methods and
methodologies. To ensure the reliability and
effectiveness of models prior to their use in real-world
financial decision-making, it is essential to employ
appropriate metrics and validation techniques.
This table presents the formulas for various evaluation
metrics used in assessing prediction models in a more
structured and readable form.
V. CONCLUSION
This study provides a comprehensive overview of the
many prediction and clustering approaches used to
accurately anticipate the stock market. Using 50
studies, this study aims to categorize current methods
according to when they were published, the
Formula
methodology they used, the datasets they utilized, their
performance measures, and the implementation tools
they relied on. ANN, fuzzy-based approaches (K-
means), and so on are all used for SMP. For effective
future scope, the research gaps and concerns with
stock market forecasting are further explored. The
generally utilized strategy for getting good SMP is
ANN and the fuzzy-based technique. The whole stock
market may be successfully monitored and controlled
using these methods. Because of the influence of
external variables such as government policy choices,
market mood, and so on, most current strategies for
predicting stock prices cannot be discovered by
analyzing past stock data. Decisions cannot be made
without information from a variety of sources, and
data pre-processing is a challenging aspect of data
mining. These are substantial constraints that will have
to be overcome in the future by modifying established
methods for predicting the stock market. We plan to
work on perfecting a system of stock market
forecasting in the near future.
ACKNOWLEDGMENT
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