{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,7,16]],"date-time":"2025-07-16T13:05:00Z","timestamp":1752671100370},"reference-count":43,"publisher":"Springer Science and Business Media LLC","license":[{"start":{"date-parts":[[2017,9,1]],"date-time":"2017-09-01T00:00:00Z","timestamp":1504224000000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Soft Comput"],"DOI":"10.1007\/s00500-017-2800-7","type":"journal-article","created":{"date-parts":[[2017,9,1]],"date-time":"2017-09-01T05:29:05Z","timestamp":1504243745000},"update-policy":"http:\/\/dx.doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":21,"title":["An interpretable neuro-fuzzy approach to stock price forecasting"],"prefix":"10.1007","author":[{"given":"Sharifa","family":"Rajab","sequence":"first","affiliation":[]},{"given":"Vinod","family":"Sharma","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2017,9,1]]},"reference":[{"key":"2800_CR1","doi-asserted-by":"crossref","unstructured":"Alonso JM, Magdalena L (2011) Special issue on interpretable fuzzy systems. Inf Sci 181:4331\u20134339","DOI":"10.1016\/j.ins.2011.07.001"},{"key":"2800_CR2","doi-asserted-by":"publisher","first-page":"1301","DOI":"10.1109\/TNN.2006.875996","volume":"17","author":"KK Ang","year":"2006","unstructured":"Ang KK, Quek C (2006) Stock trading using RSPOP: a novel rough set-based neuro-fuzzy approach. IEEE Trans Neural Netw 17:1301\u20131315","journal-title":"IEEE Trans Neural Netw"},{"key":"2800_CR3","doi-asserted-by":"publisher","first-page":"5932","DOI":"10.1016\/j.eswa.2008.07.006","volume":"36","author":"G Atsalakis","year":"2008","unstructured":"Atsalakis G, Valavanis K (2008) Surveying stock market forecasting techniques\u2014part II: soft computing methods. Exp Syst Appl 36:5932\u20135941","journal-title":"Exp Syst Appl"},{"key":"2800_CR4","doi-asserted-by":"publisher","first-page":"10696","DOI":"10.1016\/j.eswa.2009.02.043","volume":"7","author":"G Atsalaki","year":"2009","unstructured":"Atsalaki G, Valavanis K (2009) Forecasting stock market short-term trends using neuro-fuzzy based methodology. Exp Syst Appl 7:10696\u201310707","journal-title":"Exp Syst Appl"},{"key":"2800_CR5","first-page":"49","volume-title":"Surveying stock market forecasting techniques\u2014part I: conventional methods","author":"G Atsalakis","year":"2013","unstructured":"Atsalakis G, Valavanis K (2013) Computation optimization in economics and finance research compendium. In: Zopounidis C (ed) Surveying stock market forecasting techniques\u2014part I: conventional methods. Nova Science Publishers Inc, New York, pp 49\u2013104"},{"key":"2800_CR6","doi-asserted-by":"publisher","first-page":"9196","DOI":"10.1016\/j.eswa.2011.01.068","volume":"8","author":"G Atsalakis","year":"2011","unstructured":"Atsalakis G, Dimitrakakis E, Zopounidis C (2011) Elliot wave theory and neuro-fuzzy systems, in stock market prediction. The WASP system. Exp Syst Appl 8:9196\u20139206","journal-title":"Exp Syst Appl"},{"key":"2800_CR7","first-page":"245","volume":"16","author":"G Atsalakis","year":"2015","unstructured":"Atsalakis G, Protopapadakis E, Valavanis K (2015) Stock trend forecasting in turbulent market periods using neuro-fuzzy systems. Oper Res 16:245\u2013269","journal-title":"Oper Res"},{"key":"2800_CR8","unstructured":"Babushka R (1999) Data-driven fuzzy modeling: transparency and complexity issues. In: Proceedings 2nd European Symposium on Intelligent Techniques ESIT\u201999"},{"key":"2800_CR9","doi-asserted-by":"publisher","first-page":"6235","DOI":"10.1016\/j.eswa.2014.04.003","volume":"41","author":"A Bagheri","year":"2014","unstructured":"Bagheri A, Peyhani HM, Akberi M (2014) Financial forecasting using ANFIS networks with quantum-behaved particle swarm optimization. Exp Syst Appl 41:6235\u20136250","journal-title":"Exp Syst Appl"},{"key":"2800_CR10","doi-asserted-by":"publisher","unstructured":"Banik S, Rouf RA and Khan K (2007) Modeling chaotic behavior of Dhaka Stock Market Index values using the neuro-fuzzy model. In: 10th International Conference on Computer Aid in Information Technology. doi: 10.1109\/ICCITECHN.2007.4579362","DOI":"10.1109\/ICCITECHN.2007.4579362"},{"key":"2800_CR11","doi-asserted-by":"publisher","first-page":"724","DOI":"10.1109\/72.159061","volume":"3","author":"HR Berenji","year":"1992","unstructured":"Berenji HR, Khedkar P (1992) Learning and tuning fuzzy logic controllers through reinforcements. IEEE Trans Neural Netw 3:724\u2013740","journal-title":"IEEE Trans Neural Netw"},{"key":"2800_CR12","doi-asserted-by":"publisher","first-page":"307","DOI":"10.1016\/0304-4076(86)90063-1","volume":"31","author":"T Bollerslev","year":"1986","unstructured":"Bollerslev T (1986) Generalized autoregressive conditional heteroscedasticity. J Econom 31:307\u2013327","journal-title":"J Econom"},{"key":"2800_CR13","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-540-37057-4","volume-title":"Interpretability Issues in fuzzy modeling","author":"J Casillas","year":"2003","unstructured":"Casillas J, Cord\u00f3n O, Herrera F (2003) Interpretability Issues in fuzzy modeling. Springer, Berlin"},{"key":"2800_CR14","doi-asserted-by":"publisher","first-page":"16","DOI":"10.1016\/j.neucom.2008.11.030","volume":"72","author":"T Chavarnakul","year":"2009","unstructured":"Chavarnakul T, Enke D (2009) A hybrid stock trading system for intelligent technical analysis-based equivolume charting. Neurocomputing 72:16\u201318","journal-title":"Neurocomputing"},{"key":"2800_CR15","doi-asserted-by":"publisher","first-page":"180","DOI":"10.1016\/j.ins.2011.09.013","volume":"220","author":"MY Chen","year":"2013","unstructured":"Chen MY (2013) A hybrid ANFIS model for business failure prediction\u2014utilization of particle swarm optimization and subtractive clustering. Inf Sci 220:180\u2013195","journal-title":"Inf Sci"},{"key":"2800_CR16","doi-asserted-by":"publisher","first-page":"461","DOI":"10.1016\/j.future.2013.09.025","volume":"37","author":"MY Chen","year":"2013","unstructured":"Chen MY (2013) A high-order fuzzy time series forecasting model for internet stock trading. Future Gener Comput Syst Int J Grid Comput eSci 37:461\u2013467","journal-title":"Future Gener Comput Syst Int J Grid Comput eSci"},{"key":"2800_CR17","doi-asserted-by":"publisher","first-page":"156","DOI":"10.1016\/j.asoc.2013.07.024","volume":"14","author":"MY Chen","year":"2014","unstructured":"Chen MY, Chen BT (2014) Online fuzzy time series analysis based on entropy discretization and a fast fourier transform. Appl Soft Comput 14:156\u2013166","journal-title":"Appl Soft Comput"},{"key":"2800_CR18","doi-asserted-by":"publisher","first-page":"227","DOI":"10.1016\/j.ins.2014.09.038","volume":"294","author":"MY Chen","year":"2015","unstructured":"Chen MY, Chen BT (2015) A hybrid fuzzy time series model based on granular computing for stock price forecasting. Inf Sci 294:227\u2013241","journal-title":"Inf Sci"},{"key":"2800_CR19","doi-asserted-by":"publisher","first-page":"605","DOI":"10.1016\/j.knosys.2010.04.007","volume":"23","author":"YWC Chien","year":"2010","unstructured":"Chien YWC, Chen YL (2010) Mining associative classification rules with stock trading data\u2014a GA-based method. Knowl-Based Syst 23:605\u2013614","journal-title":"Knowl-Based Syst"},{"key":"2800_CR20","doi-asserted-by":"publisher","first-page":"267","DOI":"10.1109\/91.324806","volume":"2","author":"S Chiu","year":"1994","unstructured":"Chiu S (1994) Fuzzy model identification based on cluster estimation. J Intell Fuzzy Syst 2:267\u2013278","journal-title":"J Intell Fuzzy Syst"},{"key":"2800_CR21","doi-asserted-by":"publisher","first-page":"357","DOI":"10.1016\/S0165-0114(97)00281-9","volume":"106","author":"V Oliveira de","year":"1999","unstructured":"de Oliveira V (1999) Towards neuro-linguistic modeling: constraints for optimization of membership functions. Fuzzy Sets Syst 106:357\u2013380","journal-title":"Fuzzy Sets Syst"},{"key":"2800_CR22","doi-asserted-by":"publisher","first-page":"987","DOI":"10.2307\/1912773","volume":"4","author":"RF Engle","year":"1982","unstructured":"Engle RF (1982) Autoregressive conditional heteroscedasticity with estimator of the variance of United Kingdom inflation. Econometrica 4:987\u20131008","journal-title":"Econometrica"},{"key":"2800_CR23","doi-asserted-by":"publisher","first-page":"27","DOI":"10.1016\/j.entcs.2013.02.003","volume":"292","author":"A Escobar","year":"2013","unstructured":"Escobar A, Moreno J, Munera S (2013) A technical analysis indicator based on fuzzy logic. Electron Notes Theor Comput Sci 292:27\u201337","journal-title":"Electron Notes Theor Comput Sci"},{"key":"2800_CR24","doi-asserted-by":"publisher","first-page":"4742","DOI":"10.1016\/j.eswa.2009.11.020","volume":"37","author":"A Esfahanipour","year":"2010","unstructured":"Esfahanipour A, Aghamiri W (2010) Adapted neuro-fuzzy inference system on indirect approach TSK fuzzy rule base for stock market analysis. Exp Syst Appl 37:4742\u20134748","journal-title":"Exp Syst Appl"},{"key":"2800_CR25","doi-asserted-by":"publisher","first-page":"591","DOI":"10.1109\/91.873582","volume":"8","author":"J Espinosa","year":"2000","unstructured":"Espinosa J, Vandewalle J (2000) Constructing fuzzy models with linguistic integrity from numerical data\u2014AFRELI algorithm. IEEE Trans Fuzzy Syst 8:591\u2013600","journal-title":"IEEE Trans Fuzzy Syst"},{"key":"2800_CR26","doi-asserted-by":"publisher","unstructured":"Fallahzadeh E, Montazeri MA (2013) Forecasting foreign exchange rates using an IT2 FCM based IT2 neuro-fuzzy System. In: 21st IEEE Iranian Conference on Electrical Engineering. doi: 10.1109\/IranianCEE.2013.6599870","DOI":"10.1109\/IranianCEE.2013.6599870"},{"key":"2800_CR27","doi-asserted-by":"crossref","first-page":"1331","DOI":"10.3233\/IFS-141418","volume":"28","author":"A Gegov","year":"2015","unstructured":"Gegov A (2015) Rule base simplification in fuzzy systems by aggregation of inconsistent rules. J Intell Fuzzy Syst 28:1331\u20131343","journal-title":"J Intell Fuzzy Syst"},{"key":"2800_CR28","doi-asserted-by":"publisher","first-page":"339","DOI":"10.1023\/A:1008217621798","volume":"7","author":"CS Hermann","year":"1997","unstructured":"Hermann CS (1997) Symbolic reasoning about numerical data: a hybrid approach. Appl Intell 7:339\u2013354","journal-title":"Appl Intell"},{"key":"2800_CR29","doi-asserted-by":"publisher","first-page":"665","DOI":"10.1109\/21.256541","volume":"23","author":"JS Jang","year":"1993","unstructured":"Jang JS (1993) ANFIS: adaptive-network-based fuzzy inference system. IEEE Trans Syst Man Cybern 23:665\u2013685","journal-title":"IEEE Trans Syst Man Cybern"},{"key":"2800_CR30","doi-asserted-by":"publisher","unstructured":"Jimenez F, Gomez-Skarmeta A, Roubos H, Babu\u0161ka R (2001) A multi-objective evolutionary algorithm for fuzzy modeling. In: Proceedings of Joint 9th IFSA World Congress and 20th NAFIPS International Conference. doi: 10.1109\/NAFIPS.2001.944781","DOI":"10.1109\/NAFIPS.2001.944781"},{"key":"2800_CR31","doi-asserted-by":"publisher","first-page":"151","DOI":"10.1016\/0025-5564(75)90125-X","volume":"23","author":"S Lee","year":"1975","unstructured":"Lee S, Lee E (1975) Fuzzy neural networks. Math Biosci 23:151\u2013177","journal-title":"Math Biosci"},{"key":"2800_CR32","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/j.eswa.2004.08.001","volume":"1","author":"W Leigh","year":"2005","unstructured":"Leigh W, Hightower R, Modani N (2005) Forecasting the New York stock exchange composite index with past price and interest rate on condition of volume spike. Exp Syst Appl 1:1\u20138","journal-title":"Exp Syst Appl"},{"key":"2800_CR33","first-page":"135","volume":"12","author":"CF Liu","year":"2012","unstructured":"Liu CF, Yeh CY, Lee SJ (2012) Application of type-2 neuro-fuzzy modeling in stock price prediction. Appl Soft Comput 12:135\u20131348","journal-title":"Appl Soft Comput"},{"key":"2800_CR34","doi-asserted-by":"publisher","first-page":"4585","DOI":"10.1016\/j.ins.2008.08.015","volume":"178","author":"C Mencar","year":"2008","unstructured":"Mencar C, Fenelli AM (2008) Interpretability constraints for fuzzy information granulation. Inf Sci 178:4585\u20134618","journal-title":"Inf Sci"},{"key":"2800_CR35","first-page":"1111","volume":"1106","author":"D Nauck","year":"1998","unstructured":"Nauck D, Kruse R (1998) A neuro-fuzzy to obtain interpretable model for function approximation. Proc IEEE Conf Fuzzy Syst 1106:1111","journal-title":"Proc IEEE Conf Fuzzy Syst"},{"key":"2800_CR36","doi-asserted-by":"publisher","first-page":"17","DOI":"10.1016\/j.fss.2003.11.012","volume":"147","author":"RP Paiva","year":"2004","unstructured":"Paiva RP, Dourado A (2004) Interpretability and learning in neuro-fuzzy systems. Fuzzy Sets Syst 147:17\u201338","journal-title":"Fuzzy Sets Syst"},{"key":"2800_CR37","doi-asserted-by":"publisher","first-page":"516","DOI":"10.1109\/91.940965","volume":"9","author":"H Roubos","year":"2001","unstructured":"Roubos H, Setnes M (2001) Compact and transparent fuzzy models and classifiers through iterative complexity reduction. IEEE Trans Fuzzy Syst 9:516\u2013524","journal-title":"IEEE Trans Fuzzy Syst"},{"key":"2800_CR38","doi-asserted-by":"publisher","first-page":"4741","DOI":"10.1016\/j.eswa.2010.09.001","volume":"38","author":"Z Tan","year":"2011","unstructured":"Tan Z, Quek C, Cheng YKP (2011) Stock trading with cycles: a financial application of ANFIS and reinforcement learning. Exp Syst Appl 38:4741\u20134755","journal-title":"Exp Syst Appl"},{"key":"2800_CR39","doi-asserted-by":"publisher","first-page":"165","DOI":"10.1002\/isaf.264","volume":"13","author":"BS Trinkle","year":"2005","unstructured":"Trinkle BS (2005) Forecasting annual excess stock returns via an adaptive network-based fuzzy inference system. Intell Syst Account Finance Manag 13:165\u2013177","journal-title":"Intell Syst Account Finance Manag"},{"key":"2800_CR40","doi-asserted-by":"publisher","first-page":"170","DOI":"10.1016\/j.neucom.2014.03.026","volume":"141","author":"V Vella","year":"2014","unstructured":"Vella V, Ng WL (2014) Enhancing risk-adjusted performance of stock market intraday trading with neuro-fuzzy systems. Neurocomputing 141:170\u2013187","journal-title":"Neurocomputing"},{"key":"2800_CR41","first-page":"13625","volume":"38","author":"LY Wei","year":"2011","unstructured":"Wei LY, Chen TL, Ho TH (2011) A hybrid model based on adaptive-network-based fuzzy inference system to forecast Taiwan stock market. Exp Syst Appl 38:13625\u201313631","journal-title":"Exp Syst Appl"},{"key":"2800_CR42","volume-title":"Float analysis: powerful technical indicators using price and volume","author":"S Wood","year":"2002","unstructured":"Wood S (2002) Float analysis: powerful technical indicators using price and volume. Wiley, New York"},{"key":"2800_CR43","doi-asserted-by":"publisher","first-page":"947","DOI":"10.1002\/int.21554","volume":"27","author":"MHF Zarandi","year":"2012","unstructured":"Zarandi MHF, Hadavandi E, Turksen IB (2012) A hybrid intelligent agent-based system for stock price prediction. Int J Intell Syst 27:947\u2013969","journal-title":"Int J Intell Syst"}],"container-title":["Soft Computing"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/link.springer.com\/article\/10.1007\/s00500-017-2800-7\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s00500-017-2800-7.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s00500-017-2800-7.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,10,16]],"date-time":"2020-10-16T21:09:48Z","timestamp":1602882588000},"score":1,"resource":{"primary":{"URL":"http:\/\/link.springer.com\/10.1007\/s00500-017-2800-7"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2017,9,1]]},"references-count":43,"alternative-id":["2800"],"URL":"https:\/\/doi.org\/10.1007\/s00500-017-2800-7","relation":{},"ISSN":["1432-7643","1433-7479"],"issn-type":[{"value":"1432-7643","type":"print"},{"value":"1433-7479","type":"electronic"}],"subject":[],"published":{"date-parts":[[2017,9,1]]},"assertion":[{"value":"1 September 2017","order":1,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"order":1,"name":"Ethics","group":{"name":"EthicsHeading","label":"Compliance with ethical standards"}},{"value":"The authors declare that there is no conflict of interest involved.","order":2,"name":"Ethics","group":{"name":"EthicsHeading","label":"Conflict of interest"}},{"value":"This article does not contain any studies with human participants or animals performed by any of the authors.","order":3,"name":"Ethics","group":{"name":"EthicsHeading","label":"Ethical approval"}}]}}