Review

Stock Market Prediction Using Machine Learning and Deep

Learning Techniques: A Review
Mohammadreza Saberironaghi, Jing Ren and Alireza Saberironaghi *

Department of Electrical, Computer and Software Engineering, Ontario Tech University,

Oshawa, ON L1G 0C5, Canada; mohammadreza.saberironaghi@ontariotechu.net (M.S.);
jing.ren@ontariotechu.net (J.R.)
* Correspondence: alireza.saberironaghi@ontariotechu.net

Abstract
The rapid advancement of machine learning and deep learning techniques has revolution-
ized stock market prediction, providing innovative methods to analyze financial trends and
market behavior. This review paper presents a comprehensive analysis of various machine
learning and deep learning approaches utilized in stock market prediction, focusing on
their methodologies, evaluation metrics, and datasets. Popular models such as LSTM, CNN,
and SVM are examined, highlighting their strengths and limitations in predicting stock
prices, volatility, and trends. Additionally, we address persistent challenges, including data
quality and model interpretability, and explore emerging research directions to overcome
these obstacles. This study aims to summarize the current state of research, provide insights
into the effectiveness of predictive models.

Keywords: stock market prediction; stock price prediction; stock market forecast; stock
prediction; deep learning; machine learning

1. Introduction
In recent years, stock market prediction has gained significant attention due to the
Academic Editor: Libor Pekař rapid advancements in machine learning and deep learning technologies. These tech-
Received: 21 March 2025
niques have transformed traditional forecasting methods by providing more sophisticated,
Revised: 12 May 2025 data-driven approaches that can analyze vast amounts of financial data [1]. Stock mar-
Accepted: 20 May 2025 ket prediction aims to forecast stock prices, market trends, and volatility by leveraging
Published: 24 June 2025 historical data, economic indicators, and sentiment analysis, among other factors. Accu-
Citation: Saberironaghi, M.; Ren, J.; rate predictions can be highly beneficial for traders, investors, and financial institutions,
Saberironaghi, A. Stock Market influencing investment strategies, risk management, and decision-making processes [2].
Prediction Using Machine Learning
Historically, stock market analysis relied on statistical methods and human expertise,
and Deep Learning Techniques: A
which face several limitations:
Review. AppliedMath 2025, 5, 76.
https://doi.org/10.3390/ • Human biases and emotional factors can lead to incorrect predictions and suboptimal
appliedmath5030076 trading decisions.
Copyright: © 2025 by the authors. • Traditional methods often struggle to handle the complexities and non-linear patterns
Licensee MDPI, Basel, Switzerland. of financial data [3].
This article is an open access article • Real-time analysis and response to dynamic market changes are challenging to achieve
distributed under the terms and with purely manual approaches.
conditions of the Creative Commons
Attribution (CC BY) license
This review provides a comprehensive survey of ML and DL approaches in stock
(https://creativecommons.org/ market prediction and distinguishes itself from previous studies ([4–6]) through several
licenses/by/4.0/). key contributions. First, it covers a broader range of financial datasets (18 in total), offering

AppliedMath 2025, 5, 76 https://doi.org/10.3390/appliedmath5030076

AppliedMath 2025, 5, 76 2 of 36

a more holistic view of model performance across diverse data sources. Second, it evaluates
models using an expanded set of 12 different metrics, enabling a more nuanced performance
comparison. Third, it systematically categorizes ML and DL models based on their learning
strategies, data dependencies, and market application contexts—offering a novel taxonomy
to aid future research.
Furthermore, unlike earlier surveys that tend to focus solely on either ML or DL
models, this review jointly analyzes both types under consistent evaluation criteria. It also
discusses critical challenges in the field, such as data quality, model interpretability, and
the difficulty of real-time market adaptation—thereby offering practical insights alongside
theoretical analysis.
Table 1 highlights the comparative advantages of our work relative to related surveys.

Table 1. Comparison of related surveys and our approach for stock market prediction (SMP).

Content [4] [5] [6] Ours

Deep learning models  ×  
Machine learning models ×  × 
Datasets Used in SMP × × × 18
Evaluation Metrics × × 11 12

2. Contributions
The main contributions of this survey can be summarized as follows:
• Comprehensive Review of ML and DL Models: We provide an in-depth review of
machine learning and deep learning models used for stock market prediction, consid-
ering various algorithmic designs, including recurrent neural networks, convolutional
models, and ensemble methods, along with different learning strategies (supervised,
unsupervised, and hybrid).
• Analysis of Real-World Applicability: This survey offers a detailed evaluation of the
models’ performance under different market conditions, timeframes, and datasets,
bridging the gap between academic research and real-world financial applications.
The analysis considers diverse financial datasets and evaluation metrics to provide a
practical perspective on model effectiveness.
• Identification of Key Challenges and Future Directions: We summarize the main chal-
lenges and potential limitations faced by ML and DL models in stock market prediction,
such as data quality, model interpretability, and real-time prediction. Additionally,
we outline future research directions that could enhance the real-time adaptability,
robustness, and generalization of prediction models in financial markets.
• Broad Dataset and Metric Utilization: We employ a wider range of financial datasets
and performance metrics than previous reviews, offering a more extensive analysis
of predictive accuracy, volatility forecasting, and trend identification, with a focus on
both short-term and long-term forecasting capabilities.
The rest of this paper is depicted in Figure 1 and structured as follows: Section 2
introduces the foundational concepts and a general overview of advancements in stock
market prediction. Section 3 examines various approaches, including fundamental, techni-
cal, sentiment, and mixed analysis, highlighting their theoretical and practical implications.
Section 4 focuses on traditional techniques such as regression models and time-series
analysis, discussing their applications and limitations. Section 5 delves into machine learn-
ing techniques, categorized into supervised and unsupervised learning strategies, such
as Support Vector Machines, Naïve Bayes classifiers, and Genetic Algorithms. Section 6
provides an extensive review of deep learning techniques, including Artificial Neural
AppliedMath 2025, 5, 76 3 of 36

Networks, Recurrent Neural Networks, and hybrid architectures, emphasizing their role
in enhancing prediction accuracy and scalability. Section 7 reviews datasets used in stock
market prediction, including financial market data and unstructured data sources, and
highlights their relevance and challenges. Section 8 outlines evaluation metrics, such as
accuracy, precision, and financial-specific metrics like ROI and the Sharpe ratio, providing a
framework for assessing prediction performance. Finally, Section 9 discusses the challenges
and open issues, proposing future research directions to address existing limitations and
improve the reliability and robustness of stock market prediction systems.

Figure 1. Framework of this paper.

3. Approaches to Stock Price Prediction

Predicting stock prices is widely regarded as a complex and demanding task, attracting
significant interest from both researchers and market participants. To anticipate fluctuations
in stock prices, four primary methodologies are commonly employed: sentiment analysis,
technical analysis, fundamental analysis, and hybrid approaches that combine these tech-
niques. This paper provides a detailed review of existing studies on stock price prediction,
analyzing various strategies and evaluating their effectiveness. Table 2 summarizes the key
features, notable studies, and challenges associated with these methodologies, offering a
concise overview of the primary approaches to stock price prediction.

3.1. Fundamental Analysis

Fundamental analysis seeks to determine a company’s intrinsic value by evaluating
factors at the economic, industry-specific, and company levels. As outlined by [7], this
approach encompasses three main components. First, macroeconomic analysis examines
indicators like GDP and CPI to gauge how broader economic conditions influence a com-
pany’s future performance. Second, industry analysis situates the company’s value within
its specific sector, taking into account market trends and competitive dynamics. Lastly,
company analysis delves into the organization’s internal operations and financial health to
estimate its true worth. Together, these elements provide a comprehensive framework for
understanding a company’s fundamental value. Fundamental analysis involves employing
various valuation techniques to assess stocks. One such method is the average growth
approximation technique, which focuses on comparing stocks within the same category
AppliedMath 2025, 5, 76 4 of 36

by analyzing the Price-to-Earnings ratio. For example, stocks with similar growth rates
are often compared based on their P/E ratios, with a lower P/E generally being more
desirable [8]. Another widely used approach is Gordon’s growth model [9], which assumes
dividends grow at a constant rate indefinitely, provided this growth rate remains below
the discount rate. Fundamental analysis also incorporates broader economic indicators
such as interest rates, inflation, and market capitalization. These factors are combined with
financial metrics like Return on Equity and Earnings Per Share to forecast a company’s
performance and identify investment opportunities. Studies such as [10,11] have explored
the integration of macroeconomic indicators to enhance prediction accuracy, emphasiz-
ing the analytical power of this approach. Research has highlighted the effectiveness of
fundamental analysis. For example, ref. [12] demonstrated how financial ratios could
distinguish high-performing stocks from underperformers. Their study achieved a 74.6%
accuracy rate in one-year returns compared to benchmarks like Nifty, emphasizing the
utility of company-specific metrics for investment decision-making. With advancements
in machine learning and artificial intelligence, their application in fundamental analysis
has become increasingly important. For example, ref. [13] utilized a Genetic Algorithm
to optimise feature selection in combination with an LSTM-based neural network to fore-
cast stock prices. Their study focused on data from China Construction Bank and the
CSI 300 index. The GA-LSTM model demonstrated superior performance compared to
traditional approaches, effectively addressing the nonlinear characteristics of stock market
data. Other advancements include hybrid approaches combining traditional methods
with machine learning techniques. Ref. [14] developed a portfolio construction method
for the Shanghai Stock Exchange by integrating the MV model with XGBoost. The hybrid
framework addressed both stock prediction and portfolio selection, resulting in improved
decision-making. Similarly, ref. [15] proposed a model using data from Yahoo! Finance,
public sentiment, and political events. They incorporated features extracted from the data
into ten machine learning algorithms, achieving higher prediction accuracy than existing
models. While fundamental analysis is a powerful tool, it is not without limitations. One
drawback is the lack of explicit knowledge about the rules governing market systems,
which can lead to inaccuracies in predictions. Furthermore, the non-linearity inherent in
financial systems poses challenges to traditional methods [16]. Despite these limitations,
fundamental analysis remains a cornerstone of stock price prediction due to its ability to
provide deep insights into financial health and market dynamics.

3.2. Technical Analysis

Technical analysis is a widely utilized approach for predicting stock prices by utiliz-
ing historical data on prices and volumes to uncover significant patterns and trends. By
studying past market behavior, this method aims to forecast future price movements. A sys-
tematic review by [17] highlighted the effectiveness of technical analysis in predicting stock
market trends, emphasizing its potential for high accuracy in forecasting price movements.
Recent advancements in AI have significantly enhanced technical analysis by automating
trend identification and improving prediction accuracy. For instance, ref. [18] introduced a
hybrid deep learning model that integrates CNNs and GRUs to address challenges such as
temporal dependencies, market volatility, and complex relationships inherent in stock price
forecasting. Similarly, ref. [19] utilized BI-LSTM and LSTM models to capture intricate
temporal patterns in stock data. Ref. [20] introduced a deep learning-based method for
predicting stock market liquidity in the Vietnamese market. Their model, tested with MLP,
MDL, and LR, achieved the MSE using MDL. However, its applicability was limited to the
Vietnamese stock market, showcasing the challenge of adapting technical analysis models
across different markets. In another development, ref. [21] proposed an ensemble model
AppliedMath 2025, 5, 76 5 of 36

combining deep learning techniques with traditional technical analysis methods. This
model effectively captured both short-term and long-term stock price trends. It utilized
CNNs for identifying short-term signals, LSTMs for analyzing long-term trends, and an
Attention Mechanism to highlight key features in extensive stock price datasets. This
approach demonstrated significant improvements in forecasting accuracy.
Technical analysis employs price charts, mathematical formulas, and pattern recogni-
tion to predict stock prices, often focusing on short-term investment strategies. Analysts
examine key price points—such as daily, weekly, or monthly highs, lows, opens, and
closes—along with broader market trends. Dow Theory forms the cornerstone of tech-
nical analysis, emphasizing three key principles: market prices incorporate all available
information, prices follow discernible trends, and historical patterns are likely to recur [22].

3.3. Sentiment Analysis

Sentiment analysis, a multidisciplinary field, evaluates emotions and attitudes ex-
pressed by individuals toward specific entities, such as products, services, or companies. It
determines whether sentiments are positive, negative, or neutral, and often quantifies their
intensity. This process involves collecting large volumes of textual data, often in real-time,
from diverse sources like social media platforms, news articles, and blogs. NLP techniques
are then applied to analyze and interpret this data. In the financial domain, sentiment anal-
ysis is employed to capture market sentiment by interpreting investor opinions and news,
which can influence stock price movements. For instance, ref. [23] proposed a hybrid model
combining deep learning and sentiment analysis to predict stock prices more accurately.
This model integrates stock market technical indicators with sentiment data derived from a
major stock forum. A CNN processes textual data to classify hidden investor sentiments,
while a LSTM neural network analyzes the combined sentiment and technical indicators.
Applied to 30 stocks from six different industries listed on the Shanghai Stock Exchange, the
model showed superior predictive accuracy compared to methods that did not incorporate
sentiment analysis. Ref. [24] proposed a hybrid model combining sentiment analysis with
machine learning classifiers and deep learning techniques, utilizing news, social media,
and historical stock data. The approach demonstrated the influence of news sentiment po-
larity on stock price trends and highlighted the potential for improved prediction accuracy
using updated data and advanced methodologies. Ref. [25] explored sentiment analysis
in the context of the Chinese stock market. They collected sentiment data from official
news outlets and the Sina Weibo blogging platform during the COVID-19 pandemic, from
17 December 2019, to 13 March 2020. Their study evaluated stock returns and turnover rates,
revealing significant correlations between sentiments and market performance during this
period. In another innovative approach, ref. [26] applied the dimensional valence-arousal
concept to stock market prediction using sentiment data. They developed a deep learning
model called HAHTKN, which outperformed both SDVA-specific and hierarchical attention
network (HAN)-based models. This highlights the value of advanced sentiment analysis
techniques in understanding market dynamics and improving forecasting accuracy.
Sentiment analysis, by incorporating unstructured data from various sources, provides
a unique perspective on market behavior. Although challenges like data noise, misinfor-
mation, and variability in sentiment intensity persist, integrating sentiment analysis with
machine learning and deep learning techniques has proven to significantly enhance stock
market predictions.

3.4. Mixed Approach

The mixed approach combines various prediction techniques, including technical
analysis, fundamental analysis, and sentiment analysis, to improve the accuracy of stock
AppliedMath 2025, 5, 76 6 of 36

price predictions. This approach aims to harness the advantages of each method while ad-
dressing their individual shortcomings. In 2021, ref. [27] designed an integrated framework
for accurate stock price prediction by leveraging data from news articles, social media,
and technical company information. Their approach utilized advanced contextual feature
engineering alongside various machine learning estimators, achieving an impressive aver-
age mean absolute percentage error of 0.93, marking a notable enhancement in predictive
accuracy. Ref. [28] introduced another significant mixed approach by analyzing stock
index data and investors’ comments related to the Hang Seng Index from January 2002 to
December 2020. Their research employed a hybrid model combining sentiment analysis,
a denoising autoencoder, and Long Short-Term Memory. This model not only surpassed
other methods in prediction accuracy but also excelled in evaluating returns and risks,
providing valuable insights for investors aiming to make informed, data-driven decisions.
Ref. [29] introduced GAN-HPA, a generative adversarial network-based hybrid predictive
algorithm, for stock price forecasting. Their approach achieved superior results compared
to Stock-GAN and MM-HPA, demonstrating the potential of GANs in stock market predic-
tions. Feature engineering and selection methods have been integrated into hybrid models
to improve prediction accuracy. For instance, ref. [30] developed a model that combined
Genetic Algorithm (GA) with XGBoost to forecast the next-day price movements of the
Korea Composite Stock Price Index 200. By incorporating feature selection alongside ma-
chine learning techniques, the model achieved enhanced predictive performance. In 2021,
ref. [31] proposed a hybrid model designed to generate trading signals. Their approach inte-
grated technical indicators, including MACD and TEMA with machine learning classifiers
such as Linear Models, Support Vector Regression, and Random Forest. This combination
resulted in improved accuracy for stock price predictions. The mixed approach effectively
addresses the complexities of stock market forecasting by combining diverse data sources
and analytical techniques. By leveraging the strengths of multiple methods, these hybrid
models demonstrate significant improvements in prediction accuracy and offer practical
insights for market participants.

Table 2. Summary of stock price prediction approaches.

Methodology Key Features Notable Studies Challenges

- Integration of Genetic
- Evaluates intrinsic value Algorithm (GA) with LSTM
based on [13]. - Lack of explicit market
macroeconomic, - Hybrid frameworks like system rules.
Fundamental Analysis industry-specific, and XGBoost for portfolio - Struggles with nonlinear
company-level factors. construction [14]. financial systems [16].
- Uses financial metrics - Analysis incorporating public
like ROE and EPS. sentiment and political events
[15].

- CNN-GRU hybrid models for

addressing temporal
- Uses historical price and dependencies [18]. - Limited generalizability
volume data to predict - BI-LSTM for capturing across markets.
future trends. intricate temporal patterns
Technical Analysis - Sensitive to data noise
- Employs Dow Theory [19]. and external market
principles and - Ensemble models combining shocks.
mathematical models. CNNs, LSTMs, and Attention
Mechanisms for improved
accuracy [21].
AppliedMath 2025, 5, 76 7 of 36

Table 2. Cont.

Methodology Key Features Notable Studies Challenges

- Hybrid models integrating

- Analyzes unstructured sentiment with technical
textual data from social indicators [23]. - Data noise and
media, news, and blogs. - Use of public sentiment misinformation.
- Captures emotions and during events like COVID-19 - Difficulty quantifying
Sentiment Analysis
market sentiment to [25]. variability in sentiment
predict price - Deep learning advancements intensity.
movements. like HAHTKN model for
dimensional valence-arousal
analysis [26].

- Combines techniques
from fundamental, - GAN-HPA hybrid models for - Complexity in
technical, and sentiment superior accuracy [29]. integrating
analysis. - Integration of technical heterogeneous data.
Mixed Approach - Leverages diverse data indicators (e.g., MACD, - Computationally
sources and machine TEMA) with machine learning intensive models may
learning methods for classifiers (e.g., SVR, RF) for lack real-time usability.
holistic predictions. trading signals [31].

4. Statistical and Traditional Techniques

Statistical and traditional techniques play a vital role in stock market prediction by
leveraging historical data and identifying patterns. Two prominent approaches under this
category are Regression Models and Time Series Analysis. A detailed comparison of these
techniques, including their key features, advancements, and limitations, is provided in
Table 3.

4.1. Regression Models

Regression models are widely used in stock market prediction due to their simplicity
and effectiveness in identifying relationships between variables. They analyze historical
data and use independent variables to forecast stock prices or classify stocks into perfor-
mance categories. Ref. [32] explored multiple regression techniques to forecast the stock
price of Tata Consultancy Services, leveraging features like open, high, low, close prices, and
trading volume. They evaluated linear, polynomial, and Radial Basis Function regression
models, concluding that the linear regression model delivered the best performance with
a confidence value of 0.97. This study emphasized the effectiveness of linear regression
in identifying relationships within financial datasets. In 2019, ref. [33] proposed a hybrid
model combining a Wavelet Adaptive Neuro-Fuzzy Inference System and Discrete Wavelet
Transform to predict stock closing prices. The financial time series data were decomposed
into approximation and detail coefficients using DWT, which were then used as inputs for
the ANFIS model. The WANFIS approach showed higher prediction accuracy compared
to traditional models, highlighting the benefits of integrating regression with advanced
preprocessing techniques.
Regression models remain an essential tool in stock market prediction, offering
straightforward yet effective methodologies for understanding market dynamics. Their
versatility and ability to integrate with other approaches make them a valuable asset for
financial forecasting.
AppliedMath 2025, 5, 76 8 of 36

4.2. Time Series Analysis

Time series analysis is a crucial approach in stock market prediction, leveraging
historical data to identify trends and forecast future stock prices. Pattern recognition
techniques play a significant role by matching historical patterns to predict upcoming
market behaviors. Ref. [34] conducted an in-depth exploration of ARIMA models for stock
price prediction. They identified optimal models by considering criteria such as standard
error, adjusted R-square, and Bayesian Information Criterion. Their study concluded
that ARIMA models performed competitively for short-term stock price prediction, as
demonstrated with Nokia and Zenith Bank stocks. The research reinforced the relevance of
ARIMA models even amidst emerging forecasting technologies. Ref. [35] tackled specific
challenges in stock analysis, including dimensionality reduction and catering to the needs
of novice investors. They utilized historical data from four Indian midcap companies to
train an ARIMA model and evaluated its accuracy using the Akaike Information Criterion
test. Their results indicated that broader indices, such as the Nifty 50, offered lower
volatility and greater reliability, making them a better choice for inexperienced investors.
Ref. [36] introduced a novel approach for detecting patterns in time series data by utilizing
Perceptually Important Points. Unlike conventional template matching techniques, the
PIP method focuses on reducing data dimensionality, allowing for the earlier identification
of trends. This is accomplished through a subsequence pattern matching technique that
segments time series data using a sliding window mechanism. Experimental results
showed that this approach significantly improves both the efficiency and accuracy of trend
detection. In 2020, ref. [37] introduced a novel method for predicting stock price trends
using feature selection algorithms combined with machine learning models. Their study
utilized eight years of data from the Chinese A-share market. The data were processed
using time-sliding window cross-validation, a technique that ensures robust training and
testing across time-series datasets. Feature selection and trend prediction were performed
using the Random Forest algorithm, which effectively identified key variables influencing
stock prices. The proposed model showed promise not only in predicting stock price trends
but also in constructing and validating optimal investment portfolios.
Time series analysis, with its ability to model temporal dependencies, continues to
be a fundamental approach in stock market forecasting. Techniques like PIP and machine
learning integrations enhance its capability to detect complex patterns, making it a valuable
tool for investors and analysts.
While regression and time series models are foundational and easy to implement, their
predictive power is often limited by assumptions of linearity and stationarity. Regression
models perform well in stable market conditions but may fail to capture complex, nonlinear
relationships without hybridization. Time series models like ARIMA are effective for
short-term forecasting but are sensitive to parameter tuning and may not adapt well to
sudden market changes or outlier events. Integrating these traditional methods with feature
selection or preprocessing techniques can improve robustness, but their effectiveness is still
largely dependent on data quality and the specific financial context.
AppliedMath 2025, 5, 76 9 of 36

Table 3. Summary of Statistical and Traditional Techniques in Stock Market Prediction.

Technique Key Features Notable Studies Challenges

- Identifies relationships - Linear regression for TCS stock price

prediction with 0.97 confidence [32]. - Limited effectiveness for
between variables using
- Regression combined with candlestick nonlinear data.
historical data.
Regression Models patterns for “Buy/Sell” - Performance may degrade
- Commonly used for
- WANFIS hybrid model integrating with high-dimensional or
forecasting prices and
DWT for enhanced prediction noisy datasets.
classifying performance.
accuracy [33].

- ARIMA models for Nokia and Zenith

Bank, optimized using Bayesian - Requires accurate
- Models temporal
Information Criterion [34]. parameter tuning for
dependencies in stock
- ARIMA with dimensionality ARIMA models.
prices.
Time Series Analysis reduction for midcap stocks, - Time-series techniques may
- Focuses on pattern
highlighting benefits for novice struggle with sudden
recognition and trend
investors [35]. market shocks or rare
forecasting.
- PIP method for efficient trend events.
detection using sliding window [36].

5. Machine Learning Techniques

Machine learning techniques are crucial for stock market prediction, leveraging ad-
vanced algorithms to handle complex data and improve accuracy. Supervised methods
like SVM, Naïve Bayes, and regression algorithms use labeled data for prediction and are
often combined in hybrid models for better performance. Unsupervised techniques like
Genetic and Fuzzy Algorithms focus on optimizing parameters and managing uncertainty,
excelling when integrated with other models. A detailed comparison of these techniques is
provided in Table 4.

5.1. Supervised Learning

5.1.1. Support Vector Machine (SVM)
SVM are highly adaptable algorithms commonly employed for both classification
and regression tasks. Their core strength lies in identifying the optimal hyperplane that
maximizes the margin between two classes of data. Utilizing the kernel trick, SVM can
effectively handle higher-dimensional feature spaces, allowing it to separate non-linear
data. With minimal reliance on parameters and consistently robust performance, SVM
is a popular choice, frequently rivaling or surpassing more complex algorithms across
a range of applications. In 2019, ref. [38] presented a multi-level classifier model that
integrated machine learning techniques, including logistic regression, decision trees, SVM,
and recurrent neural networks. This model was designed to enhance the accuracy of stock
price predictions by leveraging the complementary strengths of these methods. Their eval-
uation revealed a 10–12% improvement in performance over existing models, highlighting
the effectiveness of SVM when utilized as part of a combined approach. Another study
by [39] developed daily and monthly stock market prediction models focusing on the
banking, mining, and oil sectors. Using historical prices from Yahoo Finance along with
sentiment data from news and tweets, the authors employed Principal Component Analysis
to address data sparsity. They compared SVM with Decision-Boosted Trees and Logistic
Regression. While Decision-Boosted Trees outperformed other models, SVM demonstrated
lower accuracy levels. The study highlighted that incorporating intra-day price move-
ments could significantly improve prediction accuracy. Ref. [40] examined stock market
prediction using ML algorithms, focusing on technical and fundamental analyses. Linear
regression showed low error in predicting closing prices, while SVM achieved 76% accu-
racy for sentiment analysis. Despite these results, the models lack precision for long-term
AppliedMath 2025, 5, 76 10 of 36

investments or reliable decision-making. Hybrid approaches combining both analyses

show potential for improved accuracy, offering a promising area for future research. In
2021, ref. [41] introduced a comprehensive stock market prediction model consisting of
three main phases: feature extraction, optimal feature selection, and prediction. Using data
from the Saudi stock market, the model extracted statistical and technical indicator-based
features. Recursive Differential Adaptive Weighted Algorithm was applied to select the
most relevant features. For prediction, the model utilized an ensemble of classifiers, includ-
ing SVM, Random Forest (RF1 and RF2), and an optimized neural network. The results
showed minimal prediction errors, demonstrating the robustness of SVM when combined
with advanced techniques.
SVM remains a powerful and efficient tool for stock market prediction. Although
its standalone performance can be limited in complex scenarios, combining it with other
algorithms and techniques enhances its effectiveness, making it a key component in hybrid
predictive models.

5.1.2. Naïve Bayes (NB)

NB is a probabilistic classification algorithm based on Bayes’ Theorem. It operates
under the assumption of independence between features, which simplifies computations
and allows it to scale efficiently across large datasets. Due to its speed and simplicity, NB
has been widely adopted for stock market prediction tasks, especially in scenarios involving
textual or sentiment data [42–44]. In [45], the Naïve Bayes algorithm was utilized for senti-
ment analysis based on textual data from multiple sources. The study examined the effects
of traditional media and social media on stock price prediction across various companies.
By exploring the relationships between these data sources, the authors highlighted the
algorithm’s effectiveness in uncovering the impact of sentiment on stock market trends.
Naïve Bayes remains a practical choice for SMP, particularly when working with
large-scale textual datasets. Its efficiency and effectiveness in handling classification tasks
make it a valuable tool for analyzing sentiment and other qualitative data relevant to
market prediction.

5.1.3. Regression Algorithms (RA)

RA are widely used in predictive modeling to establish and quantify relationships
between a dependent variable and one or more independent variables [46]. In stock market
prediction, regression approaches enable the analysis of complex financial datasets and the
forecasting of stock prices based on historical trends and various influencing factors. A
range of regression techniques has been applied in previous research, ref. [47] investigated
stock market prediction by comparing Linear Regression and Support Vector Machines.
Using Coca-Cola stock data from January 2017 to January 2018, the study plotted closing
prices and applied a linear model to observe trends. Evaluation metrics such as MSE, MAE,
MAPE, and R indicated that while LR provides a basic trend analysis, SVM offers higher
accuracy and predictability. This comparison highlights the potential of advanced ML
techniques in improving forecasting models. Ref. [48] developed a stock market prediction
model using multiple regression with three variables, achieving 89% accuracy, surpassing
linear regression. The study highlights the potential of neural networks to further improve
prediction accuracy in future research. Ref. [49] explored stock market prediction using a
C5.0 decision tree model based on high-frequency SPIF data, including price, volume, and
open interest. The study achieved 70% accuracy, highlighting the greater significance of
moving average price over volume and interest for short-term predictions. The authors
emphasized the need for further research with improved variables to refine prediction
accuracy. Ref. [50] proposed a stock price prediction model combining windowing functions
AppliedMath 2025, 5, 76 11 of 36

with a (SVR) algorithm. Using rectangular and flatten window operators, the model
demonstrated acceptable error rates (MAPE) for 1, 5, and 22-day predictions. The authors
suggest future work could involve testing additional windowing functions and datasets to
enhance performance and compare results with other data mining techniques.
Regression algorithms provide a flexible and powerful framework for stock price
prediction, capable of handling both linear and nonlinear relationships. By integrating
them with advanced techniques and additional data sources, researchers can significantly
improve the accuracy and reliability of stock market predictions.

5.2. Unsupervised Learning

5.2.1. Genetic Algorithms (GA)
GA are inspired by the principles of natural evolution and are designed to find optimal
solutions to complex problems. These algorithms iteratively combine, mutate, and alter
candidate solutions, selecting the best-performing solutions for subsequent iterations. By
simulating the process of natural selection, GAs aim to maximize model accuracy and
optimize performance. Starting with a randomly generated population, the algorithm
evolves toward an optimal solution by applying fitness or objective functions to evaluate
and refine the solutions. In 2020, ref. [51] introduced MM-HPA with SMPPF, a hybrid
model for precise stock market price prediction. This approach combined GA with linear
and nonlinear models. Linear regression was used to model straightforward relationships,
while a recurrent neural network captured nonlinear data patterns. GA was employed to
optimally tune the parameters within this hybrid framework, effectively addressing the
challenges of detecting complex, nonlinear patterns in stock data. GAs are extensively
utilized in stock market prediction for fine-tuning parameters and generating optimal
trading rules. For example, ref. [52] proposed an intelligent decision support system
combining rough sets and GA to analyze nonlinear and complex stock data. This system
identified key features for generating effective buy and sell strategies, showcasing the
ability of GAs to enhance trading decisions. Ref. [53] proposed a stock market prediction
model incorporating Technical Indicators, feature engineering, and prediction modules.
A novel DWT-CSO component was introduced, combining Discrete Wavelet Transform
for data decomposition and Chicken Swarm Optimization for optimal feature selection.
Applied to Indian and US stock indices, the model improved prediction accuracy by up to
19.59% (S&P500), with statistical validation using the Wilcoxon rank-sum test.
Genetic Algorithms provide a powerful heuristic approach for solving stock market
prediction problems. Their ability to adaptively optimize parameters and identify patterns
in complex datasets makes them invaluable for enhancing predictive models. By integrating
GAs with other techniques, researchers have achieved significant improvements in stock
trading strategies and market forecasting accuracy.

5.2.2. Fuzzy Algorithms (FA)

Fuzzy algorithms leverage fuzzy logic, which aims to replicate human reasoning
by accommodating the intermediate values between binary extremes (0 and 1). Unlike
traditional methods, fuzzy logic employs flexible “if-then” rules using linguistic categories
rather than fixed numerical thresholds, making it particularly useful in scenarios where
uncertainty and ambiguity are prevalent. The Adaptive Neuro-Fuzzy Inference System
is one of the most commonly used fuzzy algorithms, combining neural networks and
fuzzy logic to learn and apply rules derived from data. This approach is widely applied
in fields such as system control and prediction tasks, including stock market forecasting.
In 2020, ref. [54] introduced a novel Fuzzy Twin Support Vector Machine to predict stock
market trends using emotional data extracted from news articles. This model demonstrated
AppliedMath 2025, 5, 76 12 of 36

robust performance in handling outliers and provided improved insights with higher
confidence levels, showcasing its ability to process sentiment-laden data effectively. Fuzzy
logic’s versatility has been widely adopted in stock market prediction. Studies such as [55]
have used fuzzy logic to analyze sentiments from social media platforms for predictive
purposes. Fuzzy algorithms are particularly valuable when combined with other techniques
to form hybrid approaches. For example, ref. [56] proposed a hybrid model combining
Artificial Bee Colony, SVM, and ANFIS. Using data from 50 U.S. companies (2008–2018)
and incorporating 20 technical indicators, the model demonstrated superior forecasting
accuracy and performance quality compared to standalone methods. Another innovative
hybrid approach, proposed by [57], introduced a Fuzzy-Based Local Metric Learning model
that integrates fuzzy clustering with Support Vector Machines. The hybrid FuzzyML-SVM
model outperformed traditional SVM, illustrating the potential of combining fuzzy logic
with machine learning techniques to enhance prediction accuracy. Fuzzy logic remains a
powerful tool in stock market prediction due to its ability to handle uncertainties and mimic
human decision-making. By combining it with other algorithms like SVM and ANFIS,
researchers have demonstrated significant improvements in accuracy and robustness,
making fuzzy algorithms an integral part of modern predictive models.
While each machine learning technique has its strengths, their effectiveness varies
depending on factors such as data complexity, market volatility, and the prediction horizon.
For example, SVM offers high accuracy for structured data but is computationally intensive
and less interpretable. Naïve Bayes excels in sentiment analysis due to its simplicity but
may struggle with feature dependencies. Regression models are useful for identifying
trends but require careful feature selection. In contrast, Genetic and Fuzzy Algorithms
handle uncertainty and non-linearity well, though they often demand high computational
resources. These trade-offs highlight the need to select models based on specific prediction
goals, data characteristics, and resource constraints.

Table 4. Summary of Machine Learning Techniques in Stock Market Prediction.

Level Technique Key Features Notable Studies Challenges

- Identifies optimal - Multi-level classifier combining

hyperplane for SVM, RNN, and others improved - Limited accuracy in
classification and accuracy by 10–12% [38]. complex,
regression tasks. - PCA for dimensionality reduction multi-dimensional
Support Vector - Kernel trick enables datasets without
Machine (SVM) combined with sentiment data to
handling non-linear improve accuracy [39]. hybrid approaches.
data. - Used in hybrid models with - Computationally
- Robust performance statistical and technical indicators intensive.
across domains. [41].

- Probabilistic - Simplistic
classifier based on assumptions may not
- Applied for sentiment analysis
Bayes’ Theorem. capture complex
Supervised across textual data from traditional
- Assumes relationships between
Naïve Bayes (NB) and social media sources,
independence features.
uncovering sentiment’s impact on
between features. - Performance may
market trends [45].
- Fast and scalable for degrade with sparse
large datasets. data.

- Analyzes - Multiple regression with three - Limited in capturing

relationships variables achieved 89% accuracy, non-linear
between dependent outperforming linear regression relationships without
Regression and independent [48].
Algorithms (RA) enhancements.
variables. - Hybrid models like SVR with - Accuracy depends on
- Used for both linear windowing functions enhanced selecting relevant
and non-linear data. multi-day predictions [50]. features.
AppliedMath 2025, 5, 76 13 of 36

Table 4. Cont.

Level Technique Key Features Notable Studies Challenges

- Optimizes
parameters using
- Hybrid GA models combined with - Requires significant
principles of natural
RNN improved prediction computational
selection.
Genetic Algorithms accuracy [51]. resources.
- Generates adaptive
(GA) - GA integrated with technical - Risk of converging to
trading rules.
indicators increased S&P500 local optima in
- Handles complex,
accuracy by 19.59% [53]. complex problems.
non-linear data
effectively.

Unsupervised
- Leverages fuzzy
logic to handle
- FTSVM model combined with - Fuzzy logic models
uncertainty and
sentiment data demonstrated can become complex
mimic human
robustness and improved with increasing
Fuzzy Algorithms reasoning.
confidence levels [54]. variables.
(FA) - Uses linguistic rules
- Hybrid models combining ANFIS, - Highly dependent on
instead of numerical
SVM, and fuzzy logic improved rule-based
thresholds.
accuracy for predictive tasks [56]. configurations.
- Suitable for
ambiguous data.

6. Deep Learning Techniques

Deep learning techniques, such as ANN, CNN, RNN, LSTM, and GRU, have signifi-
cantly advanced stock market prediction by modeling complex relationships and capturing
temporal dependencies. Hybrid models further enhance accuracy by combining multiple
methods. A detailed overview of these techniques is provided in Table 5.

6.1. Artificial Neural Networks (ANN)

ANN are a cornerstone in stock market prediction due to their ability to model
complex nonlinear relationships. These networks mimic the structure of the human brain,
processing data through layers of interconnected neurons to uncover patterns and trends in
financial datasets. In 2020, ref. [58] combined Random Forest and ANN to predict the next
day’s stock closing price. Using financial data such as open, high, low, and close prices,
they generated new variables to enhance prediction accuracy. The model demonstrated
improved performance, showcasing the synergy between machine learning techniques and
ANNs. In [59], the authors utilized ANNs to predict daily trends of the S&P 500 index. To
optimize datasets, they incorporated dimensionality reduction techniques, including Fuzzy
Robust PCA, Kernel-based PCA, and PCA. The study demonstrated that integrating ANNs
with PCA enhanced prediction efficiency, with the choice of kernel function significantly
influencing the performance of KPCA. Ref. [60] utilized Generalized Feed Forward and
Multi-Layer Perceptron models to forecast the Istanbul Stock Exchange index. The study
found that varying the number of hidden layers significantly impacted accuracy, with
the optimal results obtained using a single hidden layer. Predictions were assessed using
the coefficient of determination. In [61], the authors employed a Radial Basis Function
neural network to forecast the Shanghai and NASDAQ indices. They improved feature
selection by utilizing a refined version of Locality Preserving Projection, known as two-
dimensional LPP, which substantially enhanced the model’s predictive accuracy for both
indices. Ref. [62] proposed a hybrid model combining PCA with a Deep Neural Network
for predicting Google stock prices. Compared to the Radial Basis Function Neural Network,
their model demonstrated a 4.8% improvement in accuracy, emphasizing the advantage of
integrating dimensionality reduction with deep learning techniques. Ref. [63] compared a
AppliedMath 2025, 5, 76 14 of 36

Feed-forward Neural Network and a CNN for stock market prediction. While the ANN
achieved 97.66% accuracy but required extensive training, the CNN utilized 2D histograms
for time-series data, reaching 98.92% accuracy with less training time. Both models show
potential for accurate stock market forecasting. Ref. [64] focused on predicting stock price
movements using financial disclosures. Their model, trained on a corpus of 139 million
words, demonstrated superior performance compared to traditional techniques, further
showcasing the power of deep learning in financial analysis.
ANNs continue to play a vital role in stock market prediction, offering flexibility
and precision in handling complex, nonlinear financial data. By integrating advanced
preprocessing techniques and hybrid models, ANNs provide a robust framework for
improving forecasting accuracy and market insight.

6.2. Vision-Inspired Neural Networks

6.2.1. Convolutional Neural Networks (CNN)
DNNs offer the significant advantage of automatic feature selection, reducing the
limitations associated with manual methods. Successful feature selection relies on un-
derstanding the target environment and the relevance of features, as these factors greatly
impact the network’s performance. For specific data types, such as time-series or grid-like
image data, convolutional neural networks are designed to enhance feature extraction,
providing optimized results. A typical CNN architecture is shown in Figure 2. Ref. [65]
designed a hybrid deep learning framework combining CNN and bidirectional LSTM units.
The model outperformed traditional algorithms, achieving a 9% improvement over a single-
pipeline deep learning model and demonstrating significantly better results compared
to an SVM regressor when tested on the S&P 500 dataset. A generalized CNN structure
typically consists of an input layer, multiple hidden layers (such as convolutional, pooling,
and fully connected layers), and an output layer. As illustrated by [66], CNN neurons
are organized in three dimensions: width, height, and depth. The core mathematical
operation, convolution, combines the input and kernel to create a feature map, making
CNNs highly effective for capturing complex patterns in non-linear stock market data.
The three primary characteristics of CNNs—sparse interactions, parameter sharing, and
equivariant representations—enhance their performance in tasks like stock price prediction.
Their ability to automatically identify relevant features from vast, complex datasets has led
to the development of various CNN-based models tailored for financial market forecasting.
Ref. [67] proposed two advanced CNN architectures: 2D-CNN and 3D-CNN. By leveraging
82 technical indicators, these models achieved a 3–11% improvement in predictive accuracy
over baseline algorithms. Their approach highlighted the potential of multi-dimensional
CNN structures in processing extensive financial data for improved forecasting. In 2021,
ref. [68] introduced a hybrid framework named IKN-ConvLSTM, which combined CNN
and LSTM architectures. The feature selection process involved CNNs and a random
search algorithm, while a stacked LSTM was utilized for prediction. The proposed model
achieved an impressive accuracy of 98.31%, showcasing its effectiveness in stock price
prediction. Ref. [69] introduced a convolutional neural network model that combined
stock price data with sentiment analysis as input. The model was benchmarked against
traditional methods like linear regression and support vector machines (SVMs). Their
findings indicated that while global significant events do not consistently influence stock
market predictions, localized events may significantly impact algorithmic performance in
forecasting stock trends. Limit order data, a critical aspect of financial markets, was also
analyzed using CNNs. Ref. [70] utilized this data to predict mid-price movements of future
stocks, demonstrating CNN’s suitability for handling complex financial metrics like limit
orders. Ref. [71] developed an innovative approach by integrating graph theory with CNN
AppliedMath 2025, 5, 76 15 of 36

to capture spatiotemporal relationships between stocks. This model represented the stock
market as a complex network, utilizing stock indicators and financial news as inputs. The
proposed method demonstrated the effectiveness of modeling stock interactions to enhance
prediction capabilities. Ref. [72] further enhanced CNN’s application by proposing the
DeepLOB model. This model combined an inception module, a standard convolutional
layer, and an LSTM layer to analyze the historical data of limit order books (LOBs) along
with price and volume features. By employing max-pooling layers, leaky ReLU activation,
and temporal dependencies captured by LSTM units, the model dynamically predicted
short-term price movements across multiple time scales. The refined architecture, termed
DeepLOB5, utilized data from five levels on each side of the LOBs, resulting in improved
performance in forecasting short-term price changes. Ref. [73]. introduced a unique Wavelet
Denoised-ResNet CNN model for Forex exchange rate prediction. The approach began by
transforming technical indicators into image matrices, which were then denoised using the
wavelet method. The processed data was fed into a ResNet CNN, and LightGBM replaced
the traditional softmax layer for prediction output. This innovative technique demonstrated
promising accuracy, showcasing the adaptability of CNNs in financial forecasting.

Figure 2. A generalized CNN structure.

These applications demonstrate the adaptability and power of CNNs in tackling the
complexities of stock market prediction, offering robust tools for extracting meaningful
insights from highly dynamic and intricate datasets.

6.2.2. Deep Q-Network (DQN)

RL aims to build software agents capable of maximizing cumulative rewards by taking
optimal actions. Q-learning, a model-free RL algorithm, achieves this by learning a policy
that guides the agent to take appropriate actions under given circumstances. The agent
iteratively updates its action-value estimates using stochastic transitions and rewards.
However, when dealing with non-linear function approximators, such approaches can
become unstable or even diverge. To address this, DQN integrate CNNs with Q-learning,
enabling the handling of high-dimensional and complex data while mitigating instability
issues caused by non-linearities. DQN has shown promising results in stock market
predictions. In a study by [74], DQN was combined with CNNs, using stock chart images
as states. The CNN mapped these states to actions, producing decisions based on input
matrices representing W days of stock data. Rewards were calculated for the actions
taken, and techniques like experience replay and parameter freezing were employed to
address instability by reducing correlations and temporarily freezing target parameters
during training. The method demonstrated profitability by generating portfolios with
positive percentage returns, proving its effectiveness in predicting global stock market
trends. Ref. [75] expanded on these ideas by developing an ensemble of reinforcement
AppliedMath 2025, 5, 76 16 of 36

learning techniques aimed at improving the return function of stock prices over time.
Their approach involved training Q-learning agents repeatedly with the same dataset to
enhance prediction accuracy. Evaluations in intraday trading scenarios showed that this
method outperformed the conventional Buy-and-Hold strategy, offering a more dynamic
approach to stock trading. Ref. [76] proposed another advancement in the form of a
deep reinforcement learning model for training an intelligent automated trader. The
model incorporated both historical stock prices and market sentiment data for training,
demonstrating its applicability to Dow Jones companies. The evaluation results highlighted
its robustness and superior performance compared to baseline models, solidifying its utility
for stock market predictions.
These applications underscore the potential of DQN and reinforcement learning
frameworks in addressing the complexities of stock market forecasting. By effectively
combining RL principles with deep learning architectures, these models provide scalable
and adaptable solutions for financial market analysis.

6.3. Sequential Data Modeling Networks

6.3.1. Recurrent Neural Networks (RNN)
RNNs have become highly regarded for their ability to process temporal data and
recognize time-series patterns, making them a preferred method for stock market forecast-
ing. One notable model is the dual-stage attention-based RNN proposed by [77]. This
model uses an encoder-decoder architecture enhanced with input and temporal attention
mechanisms, which prioritize relevant driving series and encoder hidden states to boost
prediction accuracy. The training process incorporates mini-batch stochastic gradient de-
scent and the ADAM optimizer, showcasing the model’s efficiency in forecasting stock
market trends. Ref. [78] proposed an ARNN model for stock market prediction. The model
employed wavelet-denoised input data and combined ARNN predictions with forecasts
generated by the ARIMA method. This fusion of models demonstrated the potential
to improve prediction performance by integrating attention mechanisms with statistical
forecasting techniques.
Drawing inspiration from the discrete Fourier transform, ref. [79] introduced the state-
frequency memory RNN, designed to address both short- and long-term forecasting needs.
In this model, the states correspond to distinct trading patterns, with prediction frequencies
adjusted accordingly—short-term forecasts are driven by high-frequency patterns, while
long-term predictions rely on low-frequency trends. By incorporating frequency domain
analysis into the RNN architecture, this approach enhances the model’s flexibility and
effectiveness across different prediction horizons. Ref. [80] proposed a multi-task recurrent
neural network model combined with Markov Random Fields. This approach utilized
a multi-layer perceptron to automatically extract diverse and complementary features
from stock price sequences, eliminating the need for traditional technical indicators. These
extracted features were then integrated with a binary MRF, leveraging a weighted linear
envelope energy function to maintain higher-order consistency between stocks. The core
advantage of RNNs lies in their ability to incorporate internal memory, allowing them to
process sequential data effectively. These architectures can model temporal dependencies
using a directed graph representation, supporting either finite impulse (cyclic) or infinite
impulse (acyclic) behaviors. Enhancements such as LSTM networks and GRU provide
controlled memory mechanisms, making them more robust for handling long-term de-
pendencies. Variations of RNNs include fully recurrent networks, Elman networks [81],
Jordan networks [82], and Echo State Networks [83]. Ref. [84] demonstrated an example of
RNN application by using Echo State Networks to predict S&P 500 stock prices. The model
utilized features such as price, moving averages, and trading volume. It outperformed the
AppliedMath 2025, 5, 76 17 of 36

Kalman Filter, achieving an impressively low test error of 0.0027. Additional validation
across 50 other stocks further highlighted its robustness compared to other state-of-the-art
methods. Ref. [85] developed the RNN-Boost model, which incorporated technical indica-
tors, sentiment analysis features, and Latent Dirichlet Allocation features for stock price
prediction. This ensemble model outperformed the single RNN framework, highlighting
the advantages of combining diverse data inputs to enhance prediction accuracy. Ref. [86]
investigated the performance of three RNN variants—basic RNN, LSTM, and GRU—using
Google stock price data. Their findings showed that LSTM achieved the highest accuracy
(72%) for a five-day prediction horizon, offering valuable insights into the inner workings
of RNN architectures. Ref. [87] introduced a hybrid CRNN model designed for predicting
the prices of nine Forex currency pairs. The evaluation revealed that the CRNN signifi-
cantly outperformed standalone CNN and LSTM models, demonstrating its effectiveness
in capturing sequential and spatial patterns for Forex forecasting.
These studies illustrate the versatility and effectiveness of RNN-based models in
capturing the complexities of stock market data, making them a cornerstone in modern
predictive analytics.

6.3.2. Long Short-Term Memory (LSTM)

LSTM networks, a specialized type of recurrent neural network, have been widely
utilized for stock market prediction due to their ability to capture temporal dependen-
cies and long-term patterns. In 2021, ref. [88] integrated the Kalman filter with LSTM
for stock market forecasting. Data from Yahoo Finance and Twitter was preprocessed
to reduce errors using the Kalman filter. The Adaptive Gradient LSTM model showed
significant improvement in prediction accuracy when combined with this filtering tech-
nique. Ref. [89] compared LSTM and SVM models for analyzing stocks with different
levels of volatility. Their LSTM model consisted of a single input layer, two LSTM layers
with sigmoid activation functions, dropout layers for regularization, and a dense output
layer utilizing a softmax function. The study found that LSTM outperformed SVM with
a radial basis function kernel, particularly for low-volatility stocks. Ref. [90] developed
an improved attention-based LSTM model called MI-LSTM, which excelled in filtering
noise and extracting key information from input data. By assigning dynamic weights
to different input sequences, the model maintained the relevance of dominant features
while effectively utilizing auxiliary information. The MI-LSTM outperformed traditional
LSTM models in terms of accuracy and robustness. In another approach, ref. [91] utilized
natural language processing techniques to conceptualize stock vectors. They proposed
an Embedded LSTM model with an embedded layer that transformed high-dimensional
data into low-dimensional representations. A three-layer LSTM architecture then extracted
features to predict stock values. Backpropagation was used to update the parameters, re-
sulting in improved prediction accuracy. Ref. [92] applied LSTM networks to forecast stock
prices for major technology companies (AAPL, GOOG, MSFT, and AMZN) using historical
data from Yahoo Finance. The LSTM model, featuring two LSTM layers and dense layers,
was trained with the Adam optimizer and evaluated using RMSE. Results highlight the
capability of LSTM models to capture complex stock price patterns and deliver accurate
predictions. Ref. [93] proposed an attention-enhanced LSTM model that improved the
standard LSTM’s ability to predict stock movements. The study found that finance-related
tweets posted during non-market hours (from market closure to the next day’s market
open) had higher predictive power. Furthermore, using weighted sentiment data from
StockTwits, particularly from influential users, significantly boosted the model’s perfor-
mance. Ref. [94] used tree-based models and neural networks (ANN, RNN, and LSTM)
to forecast the values of four stock market groups as a regression problem. Among these,
AppliedMath 2025, 5, 76 18 of 36

LSTM achieved the best performance with the lowest error rates (MAPE: 0.60–1.52), though
it required significant runtime. Both tree-based and deep learning models demonstrated
strong potential, with future work suggested on other stock markets or hyperparameter tun-
ing. Ref. [95] introduced the cross-reference exchange-based stock trend prediction method,
which utilized the listing of a company on multiple exchanges. By examining discrepancies
in stock opening prices between exchanges within the same country, they successfully
predicted one-day-ahead stock prices. This approach was later expanded to international
exchanges through iCREST [96], incorporating currency conversion to analyze historical
stock data. Using LSTM, iCREST demonstrated effective one-day-ahead trend prediction.
For both intraday and interday stock predictions, ref. [97] proposed an RNN-based model
utilizing character-level sequence modeling. Their design, which incorporated leaky ReLU
activation and LSTM layers, achieved performance comparable to other established models.
Similarly, ref. [98] applied an LSTM model to predict the high and low prices of soybean
futures. They emphasized that the reduced noise in futures derivatives facilitated the
development of more effective trading strategies, achieving high trend prediction accuracy.
Ref. [99] introduced an LSTM model that incorporated external financial indicators, such
as crude oil prices, gold prices, and moving averages, as inputs. The inclusion of these
variables improved the model’s prediction accuracy compared to both a standalone LSTM
and an SVM model. The study also underscored the influence of commodity prices on
stock market trends. Ref. [100] developed a prototype trading platform that combined
Deep Neural Networks (DNNs) with LSTM to predict futures market movements. The
model incorporated data from four futures in the energy and metal sectors, utilizing both
bar and tick data from Interactive Brokers. Backtesting and paper trading evaluations
revealed performance improvements in the platform’s predictions. Ref. [101] evaluated
the performance of a LSTM model for predicting closing prices of iShares MSCI United
Kingdom. The study compared LSTM with other models, including ANN, SVR, and RF.
The results demonstrated that LSTM outperformed all the benchmark models, highlighting
its superior ability to capture temporal dependencies in stock price prediction. Ref. [102]
explored the effectiveness of various activation functions and optimization algorithms
for LSTM in stock market prediction. Their findings revealed that the combination of the
tanh activation function and the Adam optimizer yielded the highest accuracy, reaching
98.49%. This result highlights the importance of fine-tuning hyperparameters in enhancing
predictive performance.
These studies highlight the adaptability and effectiveness of LSTM-based approaches
in addressing the complexities of stock market prediction. By capturing both short-term
fluctuations and long-term trends, LSTM models continue to offer robust solutions for
forecasting financial data.

6.3.3. Gated Recurrent Unit (GRU)

Gated Recurrent Units (GRUs), a variant of RNNs, have shown promising results in
stock market prediction due to their ability to capture dependencies in sequential data while
simplifying the computational complexity compared to LSTMs. One notable approach,
GRU-2ATT, introduced enhancements to GRU models by leveraging attention mechanisms
to improve prediction performance. Building on this, ref. [103] proposed a bidirectional
GRU model for predicting stock price movements using a combination of online financial
news and historical stock data. The influence of financial news and public sentiment has
also been explored to enhance stock market forecasting. News articles often report on
significant events, and the public’s reactions to these articles can reflect broader market
sentiments. Ref. [104] analyzed the moods conveyed in posts from 100 verified accounts
to ensure authenticity and assessed the overall impact of daily news on the stock market.
AppliedMath 2025, 5, 76 19 of 36

Their proposed two-layer RNN-GRU model outperformed traditional methods like linear
regression and support vector regression by achieving smaller prediction errors.
These findings underscore the effectiveness of GRU-based models in processing both
financial news and historical stock data, capturing intricate patterns and sentiments that
influence stock price movements. By integrating techniques such as bidirectional process-
ing and sentiment analysis, GRU-based methods continue to advance the accuracy and
reliability of stock market predictions.

6.3.4. Echo State Networks (ESN)

ESNs, a type of RNN, have been explored for stock market prediction due to their
efficiency in processing temporal data. Unlike traditional RNNs, ESNs rely on a fixed,
sparsely connected reservoir of neurons, which reduces computational complexity. Re-
searchers have combined ESNs with various techniques to enhance prediction accuracy and
address challenges like overfitting and high-dimensional data. Ref. [105] studied trading
rules derived from technical analysis, which often depend on individual experience. Using
GA, they optimized trading rules and combined them with ESNs for further refinement.
Experiments demonstrated that this approach significantly improved average profits in
both bull and bear markets compared to the Buy and Hold strategy. Ref. [106] tackled the
challenge of high dimensionality in Echo State Network training by introducing phase
space reconstruction combined with an autocorrelation function to generate inter-irrelevant
model samples. They employed principal component analysis for dimensionality reduc-
tion before training the ESN. This method enabled the model to effectively identify and
analyze stock price trends, focusing on aspects such as strength, direction, momentum,
and duration. The approach demonstrated enhanced training efficiency and improved
predictive performance. Ref. [107] proposed a Multiobjective Diversified ESN to enhance
generalization and minimize overfitting. The key innovation was introducing a diversity
metric that encouraged neurons to encode distinct information. Genetic Algorithms were
employed to optimize the network’s diversity and prediction accuracy. Experimental
results showed that MODESN achieved superior performance in terms of both diversity
and predictive precision.
These studies highlight the adaptability of ESNs for stock market prediction. By
integrating advanced techniques like phase space reconstruction, PCA, and diversity
metrics, ESN-based models have demonstrated their potential to overcome challenges in
high-dimensional data and achieve reliable predictions in dynamic financial markets.

6.4. Hybrid Approaches

Hybrid Neural Networks
Hybrid stock prediction models combine the strengths of different architectures to
address the limitations of standalone methods, resulting in enhanced accuracy and per-
formance. These models often integrate diverse techniques like RNN variants, wavelet
transformations, or optimization algorithms to improve stock market forecasting. Ref. [108]
developed a hybrid model using data from the Colombo Stock Exchange for three selected
companies. The model used close, high, and low price data from the previous two days
to predict the next day’s closing price. They compared several architectures, including
LSTM, GRU, feed-forward MLP, and SRNN, with six input neurons and varying numbers
of hidden neurons. Performance was assessed using metrics such as MAD and MAPE,
identifying the most effective architecture for each company. Ref. [109] introduced a hybrid
RNN approach that employed Haar wavelet transformations to preprocess time-series data
by reducing noise. The denoised data was then used to generate input features for the RNN,
enhancing the accuracy of stock market predictions. In another study, ref. [110] optimized
AppliedMath 2025, 5, 76 20 of 36

RNN weights and biases using the Artificial Bee Colony algorithm. The ABC algorithm’s
efficiency in finding optimal solutions with moderate computational resources made it
a suitable choice for improving RNN performance [111]. This study [112] introduced a
stacking ensemble approach for stock market prediction, combining news headlines, mul-
tivariate time-series data, and multiple base models. By integrating diverse data sources
and predictors, the model outperformed traditional baselines in next-day trend prediction.
Portfolio analysis further demonstrated its potential for achieving gains and preserving
capital in trading decisions.
These hybrid models demonstrate the potential of integrating complementary tech-
niques to enhance stock prediction accuracy. By leveraging the strengths of various ar-
chitectures and preprocessing methods, hybrid approaches provide robust solutions for
tackling the complexities of financial market forecasting.

6.5. Other Deep Neural Networks

DNNs comprise input and output layers with multiple hidden layers in between, en-
abling them to learn both linear and non-linear data relationships. Given the complexity of
stock market data, DNNs have demonstrated their effectiveness in uncovering patterns and
predicting trends. Variants of DNNs, such as CNNs and RNNs, have shown exceptional
results in individual stock forecasting tasks. Challenges like overfitting and high compu-
tational costs associated with DNNs can often be addressed through parameter tuning
and optimization techniques. A generalized DNN structure typically consists of an input
layer, several dense hidden layers, and an output layer. Ref. [113] examined the impact of
unsupervised feature extraction methods, including principal component analysis, auto-
encoders, and restricted Boltzmann machines, on DNN performance. Results indicated that
DNNs could effectively extract meaningful insights from auto-regressive residuals, thereby
enhancing market behavior predictions. However, applying auto-regression directly to
the network’s residuals yielded less significant improvements. Ref. [114] explored seven
trading strategies for classifying stock fluctuations. The study utilized a deep feed-forward
neural network with a sliding window approach to predict rises or falls in the Shanghai
Composite Index, providing insights into effective strategies for fluctuation classification.
Ref. [115] developed a deep factor model alongside a shallow model, both based on DNN
architectures. The deep factor model demonstrated the nonlinear nature of relationships
between stock returns and influencing factors, outperforming linear models and other
machine learning approaches such as SVR and RF. While the shallow model showed
higher prediction accuracy, the deep model proved to be more profitable, highlighting the
trade-offs between accuracy and profitability. Ref. [116] This study introduced a hybrid
prediction model combining unsupervised learning and reinforcement learning to address
stock market complexity. Using the Growing Neural Gas algorithm, it captures stock trends
and constructs market states, while a redesigned reward function provides timely trading
feedback. The Triple Q-learning agent executes trading actions and improves predictions,
outperforming comparative models in experiments on stock datasets. Ref. [117] proposed a
DNN model that utilized the Boruta feature selection method to identify the most relevant
technical indicators for stock market prediction. By addressing the challenge of selecting
appropriate features, the model achieved superior performance compared to ANN and
SVM models, underscoring the effectiveness of feature selection in enhancing predictive
capabilities. DNNs also facilitate the identification of influential factors that affect stock
market dynamics, such as news, events, or circumstances that drive market movements.
Incorporating these aspects into predictive models enhances their accuracy. Ref. [118] pro-
posed a tensor-based predictive model that integrated event-specific news articles, financial
discussion forums, and firm-specific datasets. This framework was designed to analyze
AppliedMath 2025, 5, 76 21 of 36

motives and sentiments associated with influential factors, offering a structured approach
for stock movement prediction. Ref. [119] introduced a DNN model equipped with 715
novel input features derived from technical analysis. To enhance prediction accuracy, a
plunge filtering technique was employed to group stocks with similar characteristics. This
approach not only improved the model’s training process but also demonstrated high
profitability, emphasizing its potential for financial applications. Ref. [120] compared deep
neural networks with shallow neural networks and other machine learning models, finding
that DNNs consistently outperformed their shallower counterparts. The study reinforced
the notion that deeper architectures can capture complex patterns in financial data, making
them a valuable tool for stock market forecasting.
These studies illustrate the versatility of DNNs in handling complex stock market data.
By leveraging advanced architectures and incorporating diverse datasets, DNNs continue
to provide robust solutions for understanding and predicting financial market trends.

6.5.1. Restricted Boltzmann Machine (RBM)

RBMs are probabilistic generative models that rely on stochastic processes. They
are trained to maximize the product of probabilities for the given dataset, making them
effective for feature generation in predictive tasks. Ref. [121] applied RBMs to stock trend
prediction by generating features from financial data. The authors collected data from
Yahoo Finance, comprising two aggregate stock indices and one individual stock index,
alongside eleven technical indicators. These indicators were converted into binary values
to be used as input for the Restricted Boltzmann Machine. The model was trained using
k-step Contrastive Divergence, a commonly employed technique for optimizing RBMs.
To evaluate the predictive capability of the generated features, the study employed three
classifiers: SVM with a RBF kernel, RF, and Logistic Regression. Comparative results
demonstrated that the Bernoulli RBM achieved higher directional accuracy in predicting
stock trends, highlighting its effectiveness in capturing meaningful features from financial
data. Ref. [122] proposed Stock-GAN, a GAN-based architecture combining CNNs and
LSTM for stock market prediction, enhanced with Bayesian optimization and reinforcement
learning to address hyperparameter challenges. A new hybrid model, MMGAN-HPA, was
developed by merging MM-HPA and GAN-HPA, achieving superior performance over its
parent models in stock price prediction.
This approach underscores the utility of RBMs in stock market prediction by leveraging
their probabilistic and feature extraction capabilities, particularly when combined with
robust classifiers. The study contributes to improving accuracy in forecasting stock trends,
making RBMs a valuable tool in financial analytics.

6.5.2. Deep Belief Network (DBN)

DBNs are constructed by stacking multiple Restricted Boltzmann Machines, where the
output of one RBM serves as the input for the next. This layered structure allows DBNs to
extract hierarchical features from data, making them well-suited for stock market prediction.
Ref. [123] demonstrated the use of DBNs by combining two RBMs to extract features from 20
technical indicators. The bottom RBM generated outputs that were passed to the top RBM
for further feature extraction. The extracted features were then used to predict the next day’s
closing price with a SVM. This approach showed promise in utilizing DBNs for financial
forecasting. Ref. [124] introduced a CDBN integrated with fuzzy granulation for financial
applications. The model was evaluated using Euro/US Dollar and British Pound/US
Dollar exchange rate datasets. By incorporating the stop-loss concept—a widely used
financial strategy to minimize potential losses—the model effectively predicted fluctuation
ranges. This fusion of CDBN and FG demonstrated improved profitability in forecasting
AppliedMath 2025, 5, 76 22 of 36

strategies. In a subsequent study, ref. [125] introduced another CDBN-based approach for
exchange rate prediction, incorporating a conjugate gradient optimization method. The
model was evaluated on datasets for Indian Rupee/US Dollar, Brazilian Real/US Dollar,
and British Pound/US Dollar exchange rates. Compared to traditional feed-forward neural
networks, the CDBN method demonstrated superior performance in forecasting exchange
rate fluctuations. Ref. [126] presented a sentiment-based stock prediction framework
combining stock data and news sentiment analysis. Technical indicators like MACD
and RSI were extracted from stock data, while news sentiments were processed through
keyword extraction, holoentropy-based feature extraction, and classification using a deep
neural network trained with a self-improved whale optimization algorithm. An optimized
Deep Belief Network, fine-tuned with SIWOA, integrated stock and sentiment features for
final predictions, enhancing accuracy.
These studies highlight the potential of DBNs in financial forecasting tasks. By lever-
aging the hierarchical feature extraction capabilities of stacked RBMs and integrating
advanced techniques like fuzzy granulation and optimization methods, DBNs provide a
robust framework for predicting complex financial trends.
While deep learning techniques such as ANN, CNN, RNN, LSTM, and GRU have
shown strong predictive performance, each model comes with trade-offs. For example,
LSTM models excel at capturing long-term dependencies but often require more training
time and computational power than GRU, which is faster but may be less effective on
longer sequences. CNNs perform well in extracting features from structured inputs like 2D
financial matrices but need to be combined with sequential models to capture temporal
patterns. Echo State Networks offer faster training but are sensitive to reservoir configura-
tion. These differences highlight the importance of selecting models based on prediction
goals, data types, and computational constraints.

Table 5. Summary of Deep Learning Techniques in Stock Market Prediction.

Technique Key Features Notable Studies Challenges

- Combined with Random Forest for

- Models complex next-day closing price prediction, - Requires careful
nonlinear relationships. showing improved accuracy [58]. tuning of
- Processes data through - Integrated with PCA and
Artificial Neural hyperparameters.
interconnected neurons kernel-based methods for efficient
Networks (ANN) - Computationally
to identify patterns. trend prediction [59]. intensive for large
- Flexible and widely - Generalized Feed Forward and MLP datasets.
applicable. models optimized for hidden layers
[60].

- Effective for time-series - Developed 2D-CNN and 3D-CNN - Sensitive to data

and grid-like data. models with multi-dimensional data, preprocessing.
- Captures complex improving accuracy by 3–11% [67].
Convolutional - Limited in handling
patterns through sparse - Hybrid CNN-LSTM models achieved
Neural Networks temporal
interactions and 98.31% accuracy in stock price
(CNN) dependencies without
parameter sharing. prediction [68]. integration with
- Automates feature - Integrated graph theory for RNNs.
selection. spatiotemporal relationships [71].
AppliedMath 2025, 5, 76 23 of 36

Table 5. Cont.

Technique Key Features Notable Studies Challenges

- Dual-stage attention-based RNN

- Processes sequential improved accuracy for stock trends - Prone to vanishing
data effectively. [77]. gradients in basic
- Models short- and - SFM-RNN utilized frequency domain
Recurrent Neural forms.
long-term dependencies. analysis for short- and long-term
Networks (RNN) - High computational
- Enhanced with LSTM forecasts [79]. demand for long
and GRU for robust - Multi-task RNN combined with MRF sequences.
memory mechanisms. for complementary feature extraction
[80].

- Specialized RNN for - Integrated with Kalman filters for

capturing long-term improved stock prediction accuracy - Computationally
dependencies. [88]. intensive with longer
Long Short-Term - Effective in reducing - Applied to major tech stocks, training times.
Memory (LSTM) vanishing gradient achieving strong predictive - Requires significant
issues. performance [92]. tuning for optimal
- Highly accurate for - Enhanced with attention mechanisms performance.
time-series data. to prioritize key features [93].

- Simplified RNN variant. - Less robust for

- Captures temporal - Bidirectional GRU (BGRU) models capturing long-term
patterns with fewer effectively combined financial news dependencies
Gated Recurrent parameters compared to and historical data [103]. compared to LSTM.
Unit (GRU) LSTM. - Integrated sentiment analysis for - Performance
- Faster training and improved predictions [104]. dependent on input
efficient memory features.
utilization.

- RNN variant with fixed, - Combined with Genetic Algorithms

sparsely connected for trading rules, improving profits - Sensitive to reservoir
reservoirs. [105]. size and connectivity.
Echo State
- Reduces computational - Enhanced with phase space - May struggle with
Networks (ESN)
complexity. reconstruction and PCA for trend non-stationary data.
- Suitable for temporal analysis [106].
data.

- Combines strengths of - Haar wavelet transformations

different architectures preprocessed data for denoised RNN - Increased complexity
for improved input [109]. and computational
performance. - Optimized RNNs using Artificial Bee
Hybrid Neural requirements.
- Leverages diverse Colony algorithms for better
Networks - Requires expertise in
preprocessing and prediction accuracy [111]. combining and tuning
optimization techniques. - Stacking ensemble models integrated multiple models.
- Addresses standalone news headlines and time-series data
model limitations. for robust predictions [112].

- Handles linear and - Deep factor models outperformed

nonlinear data traditional linear models for stock - Prone to overfitting
relationships. return predictions [115]. without proper
- Uses multiple hidden - Boruta feature selection improved regularization.
Deep Neural
layers for hierarchical prediction with technical indicators - Requires substantial
Networks (DNN)
learning. [117]. computational
- Effective in processing - Integrated tensor-based event resources.
complex datasets. analysis for motive-specific
predictions [118].
AppliedMath 2025, 5, 76 24 of 36

7. Datasets
Stock Market Prediction systems rely on different types of data as inputs, which
can significantly influence their prediction capabilities. Traditionally, most studies have
utilized financial market data, while recent research has also incorporated textual data from
online sources. In this section, studies are categorized based on the type of data used for
predictions. A comparative summary of data sources, input types, and prediction durations
is presented in Table 6.

7.1. Financial Market Data

Market data refers to historical numerical records, such as stock prices and indices,
extensively analyzed by traders and researchers to understand market trends. Freely
available on various platforms, these datasets are integral to predictive modeling in two
primary domains. The first is index forecasting, which predicts major indices like the
Nifty [127], NASDAQ [128], Dow Jones Industrial Average (DJIA) [129], DAX [130], and
S&P 500 [131], often examining multiple indices together. The second is stock-specific
forecasting, focusing on individual companies like Google or Apple or groups of stocks.
These studies span diverse timeframes, including intraday, daily, weekly, and monthly, often
employing categorical predictions, such as identifying trends as positive or negative [132].
Several datasets contribute significantly to stock market prediction research, each offering
distinct advantages depending on the focus of analysis. For structured market data, the
Columbia Stock Market dataset integrates market data with technical indicators, enabling
diverse prediction durations and improving forecasting accuracy [133]. Similarly, the
Taiwan Stock Exchange CWI dataset supports high-frequency trading, catering to rapid and
precise forecasting needs [134]. Other datasets, such as those from BSE and Tech Mahindra,
focus on daily and weekly prediction durations, providing flexibility for analyzing market
fluctuations [5]. The DAX 30 dataset enriches intraday predictions by including RSS market
feeds, broker house newsletters, and stock exchange data, offering valuable insights for
short-term forecasting [130]. Additionally, the BSE and NSE stocks dataset merges market
data with technical indicators and Twitter data, facilitating intraday analysis of stock
movements. Technical indicators are vital in stock market prediction as they distill complex
time-series data into interpretable patterns. These indicators are grouped into categories
such as trend-based measures like moving averages, momentum tools such as the Relative
Strength Index, volatility metrics like Bollinger Bands, and volume-based indicators such
as On-Balance Volume. Studies consistently show that combining multiple indicators
enhances predictive performance. Macroeconomic variables are equally significant, offering
insights into broader economic conditions. Indicators such as Gross Domestic Product and
Consumer Price Index are particularly impactful, as they often align with stock market
trends. For example, a GDP increase may indicate market strength, while a falling CPI
suggests reduced inflation, reinforcing market patterns. Fundamental data, encompassing
quarterly metrics like assets and liabilities, sheds light on a company’s financial standing.
However, challenges such as irregular updates and inconsistent reporting schedules hinder
its application in deep learning models, as they can unintentionally introduce future
information into predictions. Analytics data, comprising insights and evaluations from
investment banks and research firms, provides a nuanced understanding of company
strategies and competitive positioning. However, its high cost and limited availability
restrict its broader application in SMP models. The diversity of these datasets underscores
the vast array of information sources available for financial forecasting. Integrating multiple
data types allows researchers to tackle the complexities of the dynamic stock market,
improving prediction accuracy and model reliability.
AppliedMath 2025, 5, 76 25 of 36

7.2. Unstructured Data Sources

Unstructured data, particularly textual information, offers valuable insights into how
sentiments shape stock market movements. Public sentiment, often expressed in text, has a
proven influence on market dynamics, but transforming this data into numerical formats
suitable for predictive models poses significant challenges. Additionally, the wide range
of sources and varying formats complicate data extraction and processing. Unstructured
text data also plays a critical role in stock market predictions. The Enron Corpus provides
sentiment-rich textual data, allowing researchers to model sentiment trends and their mar-
ket impacts [135]. Corporate announcements, such as those from DGAP and Euro-Adhoc,
offer real-time insights into market movements, with daily predictions proving particularly
useful for event-driven analyses [136]. Broader datasets, including those from KSE, LSE,
Nasdaq, and NYSE, leverage information from Twitter, Yahoo Finance, and Wikipedia to
analyze weekly trends and sector-wide impacts [15]. Meanwhile, financial news datasets
like Google Finance Noodle and Reuters are utilized for intraday predictions, focusing
on short-term sentiment and trend analysis [44]. These unstructured datasets expand the
scope of stock market forecasting by incorporating nuanced sentiment and event-driven
dynamics, complementing the insights provided by structured market data. Textual data
in stock market prediction often comes from platforms like Twitter, message boards [137],
financial news sites such as Bloomberg [138], Reuters [139], and Yahoo Finance [140], as
well as general news outlets [141]. While social media sources are rich in volume, they
require advanced processing due to non-standard language, abbreviations, and emoticons.
In contrast, financial news platforms offer higher data quality with reduced noise. Stud-
ies have analyzed datasets from millions of tweets [142] to hundreds of thousands [143],
highlighting the computational intensity involved. Sentiment analysis typically classifies
emotions as positive or negative [129], with some research focusing on nuanced mood vari-
ations [144]. Relational data, such as knowledge graphs, adds another layer of unstructured
data analysis. By mapping relationships between entities like companies and industries,
these graphs help identify sector-wide impacts of specific events. Advances in graph neural
networks have enabled better utilization of knowledge graphs, sourced from platforms like
FreeBase [145] and Wikidata, to enhance prediction accuracy by contextualizing relational
data. Visual data, including candlestick charts, has also been applied in stock market
prediction, leveraging the success of Convolutional Neural Networks in image processing.
While promising, the use of alternative image data, such as satellite imagery or CCTV
footage, remains rare due to high costs and privacy concerns [145]. The integration of
unstructured data—textual, relational, and visual—broadens the scope of stock market
analysis. Despite obstacles like standardization, computational complexity, and ethical con-
siderations, advancements in machine learning and neural networks continue to unlock the
potential of these data sources, paving the way for more comprehensive market insights.

Table 6. Overview of Data Sources, Inputs, and Prediction Horizons for Stock Market Forecasting.

Citation Data Source Type of Input Prediction Timeline

[135] Enron Corpus Sentiment analysis, financial metrics Daily or Weekly
[39] Yahoo Finance Social media activity, market updates Monthly and Daily
[146] NASDAQ, DJIA, Apple Market data, news reports, technical inputs Forecast: Next Day
[140] Yahoo Finance Stock-related news Within the Same Day
[133] Columbia Market Trends and technical data Forecast for Next Day
[142] Microsoft Corporation Insights from Twitter Day-by-Day
AppliedMath 2025, 5, 76 26 of 36

Table 6. Cont.

Citation Data Source Type of Input Prediction Timeline

[86] Google Shares Stock movement statistics Five-Day Horizon
[5] BSE, Tech Mahindra Twitter trends, trading data Weekly and Daily
[147] Apple and Yahoo Finance Technical signals, stock performance 60-Day to 90-Day Range
[129] DJIA Market signals via social platforms Daily Updates
[15] Global Stock Markets News, finance platforms, Wikipedia Weekly Predictions
[33] Apple Stock Fundamental stock data Daily Forecast
[148] Google Stock Trading insights Day-by-Day
[130] DAX 30 Index Newsletters, RSS feeds, trading data Short-Term (Intraday)
[131] S&P 500 Real-time market analysis Intraday Forecasting
[144] Yahoo Finance (18 Stocks) Message boards, market data Per-Day Analytics
[57] S&P, NYSE, DJIA Insights from social media, indicators Weekly or Daily
[128] NASDAQ Stocks Stock trend analysis Prediction: Few Days

8. Evaluation Metrics
Stock market prediction is typically approached through classification and regression
methodologies, each serving distinct purposes. Classification seeks to categorize market
movements, such as predicting whether the market will trend “Up” or “Down”, while
regression provides precise numerical estimates for price fluctuations, capturing the mag-
nitude of changes. The performance of these methods is assessed using various metrics,
as extensively discussed in existing literature and presented through illustrative tables
and figures. A summary of commonly used evaluation metrics is provided in Table 7. For
instance, a categorization of the evaluation metrics utilized in contemporary studies is
depicted in Figure 3. Accuracy, one of the most prevalent metrics, represents the proportion
of correct predictions to total test cases [149]. Its popularity stems from its simplicity
and computational efficiency. Nevertheless, its effectiveness is limited in datasets with
imbalanced class distributions, as it fails to differentiate between the significance of Type 1
and Type 2 errors [150]. Similarly, MSE, a prominent metric in regression tasks, quantifies
the average squared discrepancies between predicted and actual values, offering insights
into the model’s precision. For classification challenges, the AUC serves as a critical mea-
sure, highlighting the model’s capability to distinguish between classes, with higher AUC
values signifying superior performance [151]. Studies focused on classification frequently
rely on metrics like Precision, Recall, and the F-measure. Precision is defined as the ratio
of accurately predicted positive cases to the total predicted positives [146], while Recall
assesses the ratio of correctly predicted positives to all actual positive instances [15]. The
F-measure harmonizes Precision and Recall, emphasizing a balanced consideration of false
positives and false negatives [44,146]. In regression-based analyses, R-squared remains
a fundamental metric, measuring the proportion of variance in the dependent variable
that is predictable from the independent variables [152]. Additional metrics such as MAE
and MAPE are widely used. MAE calculates the average magnitude of absolute errors,
while MAPE assesses the average percentage error between predictions and actual val-
ues [128,153]. These metrics collectively provide a nuanced understanding of a regression
model’s reliability and precision. Beyond traditional metrics, some research incorporates
profitability-oriented measures to evaluate real-world applicability. Metrics such as Return
on Investment and Trading Returns have gained traction in studies targeting practical ef-
AppliedMath 2025, 5, 76 27 of 36

fectiveness [59,140]. Others include the Prediction of Change in Direction, which evaluates
directional accuracy, and Hit Ratios, which measure the frequency of correct predictions
in a trading context [154]. Ultimately, the selection of evaluation metrics is guided by
the specific objectives of the study and the prediction approach utilized. This ensures
alignment between the strengths of the model and its intended application, fostering robust
and contextually relevant evaluations.

Figure 3. Taxonomy of the evaluation metrics.

Table 7. Evaluation Metrics for Stock Market Prediction.

Category References Metric Common Use

[149,150] Accuracy Suitable for balanced datasets.
Overall Metrics
[151] Area Under the Curve (AUC) Classification tasks with imbalanced datasets.
[146] Precision Evaluates relevance of positive predictions.
Classification Metrics [15] Recall Measures sensitivity.
[41,144] F-Measure Balances false positives and false negatives.
[152] Mean Squared Error (MSE) Indicates model precision.
[125,151] Mean Absolute Error (MAE) Regression tasks requiring simpler measures.
Regression Metrics
Mean Absolute Percentage Error
[125,151] Measures proportional errors.
(MAPE)
[152] R-squared (R2 ) Evaluates explained variance.
Prediction of Change in Direction
[154] Regression and market trend evaluations.
(POCID)
[154] Hit Ratio Practical directional accuracy assessments.
Profitability Metrics [56,138] Return on Investment (ROI) Measures financial impact.

9. Challenges and Open Issues

Stock market prediction remains a complex and intriguing problem due to its inherent
non-linear dynamics, volatility, and the influence of diverse factors. Despite significant
advancements in machine learning and deep learning techniques, several challenges and
open issues persist, which require further exploration. The quality and nature of financial
data present a significant hurdle. Financial datasets are often noisy and unstructured, mak-
ing feature extraction and preprocessing challenging. While historical stock data provides
valuable trends, it is influenced by economic, psychological, and social factors that are
difficult to quantify. Moreover, incorporating temporal dependencies in time-series data
demands specialized validation techniques, as conventional random cross-validation may
undermine performance. Block-based cross-validation is suggested as a better alternative
to address this issue. Many prediction models demonstrate promising results in controlled
AppliedMath 2025, 5, 76 28 of 36

environments but falter in real-world, live-testing scenarios. The dynamic nature of stock
prices, coupled with unforeseen events and market noise, significantly impacts the effec-
tiveness of these models. Incidents such as the Knight Capital Tragedy highlight the risks
associated with untested algorithms in live trading environments. Market volatility, driven
by factors like inflation, political events, and algorithmic trading, poses another critical
challenge. While algorithmic trading enhances efficiency, it often triggers overreactions,
such as panic selling, which complicates the evaluation of market behavior. The rapid
introduction of new trading algorithms further exacerbates this issue, as comparing their
efficacy and accuracy becomes increasingly difficult. Additionally, the proprietary nature
of successful algorithms limits transparency and reproducibility, creating a self-defeating
cycle for research. Sentiment analysis, particularly using social media and news data, has
emerged as a popular approach for stock prediction. However, the reliability of this data is
questionable due to the prevalence of fake news and bot-generated content. Events like the
Syrian Electronic Army’s Twitter hack in 2013 illustrate the potential for misinformation to
cause sudden market disruptions. Quarterly and annual corporate filings, such as 10-Q
and 10-K reports, are proposed as alternative resources for sentiment analysis, providing
more structured insights into a company’s performance. Developing robust prediction
models involves selecting appropriate datasets, features, and hyperparameters. The ratio-
nale behind these choices is often underexplored, impacting the generalizability of models
across different datasets. Furthermore, the optimization of neural network architectures,
including hyperparameters and activation functions, remains an open area of research.
Hybrid approaches combining ML and DL techniques are increasingly being investigated
to overcome individual model limitations, such as the vanishing gradient problem in re-
current neural networks. Most research focuses on short-term stock predictions, while
long-term predictions receive comparatively less attention. Techniques like ARIMA and
advanced architectures such as LSTM and RNN show potential in modeling long-term
dependencies but require further exploration. Additionally, behavioral aspects, such as
investor psychology and personal aspirations, play a critical role in stock market dynamics.
Integrating these factors into computational models could improve prediction accuracy
and customization.
Several promising avenues for future research exist:
1. Contextual integration of external events such as political changes and global occur-
rences into prediction models can enhance their robustness.
2. Developing models that adapt to real-time market conditions while addressing noise
and unanticipated events remains a critical goal.
3. Increasing the interpretability of prediction models could provide deeper insights into
market behavior and build trust among investors.
4. Leveraging metaheuristic algorithms to optimize NN weights and architectures is
another potential research area.
5. Expanding the scope of analysis to derivatives-based markets and hybrid approaches
could yield significant advancements.
In conclusion, stock market prediction is an ever-evolving field that requires ad-
dressing diverse challenges ranging from data quality and real-time implementation to
behavioral and external influences. Bridging these gaps through innovative techniques and
interdisciplinary approaches will be key to achieving reliable and actionable insights in
this domain.

10. Conclusions
Stock market prediction, a field of immense practical significance, has seen remarkable
advancements driven by machine learning and deep learning techniques. This review
AppliedMath 2025, 5, 76 29 of 36

has highlighted the strengths and limitations of popular models such as LSTM, CNN,
and SVM, while also addressing key challenges such as data quality, model interpretabil-
ity, and the dynamic nature of financial markets. Despite the progress made, persistent
hurdles—including noisy datasets, limited generalizability, and the lack of robust mod-
els for real-world scenarios—underscore the need for continued innovation. Emerging
research avenues, including hybrid model development, metaheuristic optimization, and
the integration of behavioral and external factors, hold great promise. Additionally, the
focus on enhancing model interpretability and real-time adaptability is crucial for fostering
trust and reliability in predictive systems. By addressing these challenges and leveraging
interdisciplinary approaches, researchers can pave the way for more accurate, robust, and
actionable stock market prediction methodologies. As the financial landscape evolves, the
synergy between advanced computational techniques and domain-specific insights will
play a pivotal role in shaping the future of this dynamic field.

Author Contributions: Conceptualization, M.S. and J.R.; methodology, J.R. and M.S.; funding
acquisition, J.R.; investigation, A.S., J.R. and A.S.; writing original draft preparation, M.S. and A.S.;
writing—review and editing, M.S., J.R. and A.S.; supervision, J.R. All authors have read and agreed
to the published version of the manuscript.

Funding: This research received no external funding.

Institutional Review Board Statement: Not applicable.

Informed Consent Statement: Not applicable.

Data Availability Statement: In the manuscript, you will find a list of the corresponding websites.

Conflicts of Interest: There are no conflicts of interest between the authors.

Terminology
Stock Market Prediction (SMP): a process of forecasting stock price movements and market
trends using data analysis and predictive modeling techniques. Machine Learning (ML): a field of
artificial intelligence that enables computers to learn and make decisions from data without explicit
programming. Deep Learning (DL): a subset of machine learning that uses neural networks with many
layers to model complex patterns in data. Recurrent Neural Network (RNN): a type of neural network
designed to process sequential data by maintaining a memory of previous inputs. Convolutional
Neural Network (CNN): a neural network architecture widely used for processing grid-like data,
such as images and time-series data. Long Short-Term Memory (LSTM): a specialized RNN designed
to capture long-term dependencies in sequential data while avoiding the vanishing gradient problem.
Gated Recurrent Unit (GRU): a simplified variant of LSTM that processes sequential data while
reducing computational complexity. Support Vector Machine (SVM): an algorithm used in supervised
learning for classification and regression tasks by identifying the optimal hyperplane for separation.
Naïve Bayes (NB): a probabilistic classification algorithm based on Bayes’ theorem, assuming feature
independence for scalability and efficiency. Radial Basis Function (RBF): a kernel function used in
machine learning algorithms, especially in SVM, to handle non-linear data. Kernel-based Principal
Component Analysis (KPCA): a dimensionality reduction technique that uses kernel functions to
project data into higher-dimensional spaces for better separability. Principal Component Analysis
(PCA): a statistical method for reducing the dimensionality of datasets by transforming them into a
set of uncorrelated variables called principal components. On-Balance Volume (OBV): a technical
indicator used in stock market analysis to measure buying and selling pressure based on volume
changes. Relative Strength Index (RSI): a momentum indicator in technical analysis that evaluates
the speed and change of price movements to identify overbought or oversold conditions. Gross
Domestic Product (GDP): an economic metric that measures the total value of goods and services
produced within a country. Consumer Price Index (CPI): an economic indicator that measures
AppliedMath 2025, 5, 76 30 of 36

the average change over time in the prices paid by consumers for goods and services. Return on
Investment (ROI): a financial metric that calculates the profitability of an investment relative to its
cost. Mean Absolute Error (MAE): a regression metric that measures the average magnitude of errors
in predictions, ignoring their direction. Mean Squared Error (MSE): a regression metric that quantifies
the average squared difference between predicted and actual values. Mean Absolute Percentage Error
(MAPE): a regression metric that expresses prediction errors as a percentage of the actual values.
Area Under the Curve (AUC): a performance metric for classification models, measuring the ability to
distinguish between classes. Autoregressive Integrated Moving Average (ARIMA): a statistical time-
series modeling technique used for forecasting based on lagged data points. Prediction of Change in
Direction (POCID): a metric used in stock market prediction to evaluate the directional accuracy of
a model’s forecasts. Dow Jones Industrial Average (DJIA): a stock market index that represents 30
prominent companies listed on stock exchanges in the United States. Deutscher Aktienindex (DAX): a
stock market index that tracks 30 major German companies trading on the Frankfurt Stock Exchange.
Standard and Poor’s 500 Index (S&P 500): a stock market index that measures the performance of
500 leading publicly traded companies in the United States. Bombay Stock Exchange (BSE): one of
India’s largest and oldest stock exchanges, providing market data and trading services. National
Stock Exchange of India (NSE): a leading stock exchange in India that facilitates trading in equities,
derivatives, and other financial instruments.

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