## 5 Experimental Part
### Results  
The best networks for all types of the tested ANN-based hybrid models for the five chosen companies are listed in Table 1. The best ANN-based hybrid models in each of the considered classes of models are shown. It can be noted that for the FA-ANN and TA-ANN models, the structures with inputs extended by current and past samples of the CLOSE signal (closed switch S, in Figure 1) produced the best results (i.e., the smallest MSE for the testing data covering a period of 6 years). \begin{table}
\begin{tabular}{c c c c c c} \hline \hline \multirow{2}{*}{**Company**} & \multirow{2}{*}{**Model Structure**} & \multicolumn{4}{c}{**Type of ANN-Based Model**} \\ \cline{3-6}  & & **FA-ANN** & **TA-ANN** & **FA-TA-ANN** & **ANN** \\ \hline \multirow{8}{*}{ZYWIEC} & ANN structure & MLP(6–12–1) & MLP(22–33–1) & MLP(8–12–1) & MLP(8–17–1) \\ \cline{2-6}  & Transfer function & sigmoidal & sigmoidal & sigmoidal & sigmoidal \\ \cline{2-6}  & MSE & 0.00013 & 0.00077 & 0.00041 & 0.00206 \\ \cline{2-6}  & & & MACD(6) & & \\  & & & SMA\({}_{\rm AC}\)(6) & & \\  & & & LWMA\ \begin{table}
\begin{tabular}{c c c c c c} \hline \hline
**Company** & **Model Structure** & \multicolumn{4}{c}{**Type of ANN-Based Model**} \\ \cline{3-5}  & **FA-ANN** & **TA-ANN** & **FA-TA-ANN** & **ANN** \\ \hline \multirow{9}{*}{BANK BPH} & ANN structure & MLP(8–12–1) & MLP(13–27–1) & MLP(6–7–1) & MLP(25–51–1) \\ \cline{2-5}  & Transfer function & sigmoidal & Hyperbolic tangent & sigmoidal & Hyperbolic tangent \\ \cline{2-5}  & MSE & 0.00001 & 0.00007 & 0.00002 & 0.00045 \\ \cline{2-5}  & & & & \multicolumn{1}{c}{FRAMA\({}_{\mathrm{HLC}}(k)\)} \\  & & & & \multicolumn{1}{c}{FRAMA\({}_{\mathrm{HLC}}(0)\)} \\  & & & & \multicolumn{1}{c}{FRAMA\({}_{\mathrm{HLC}}(k)\)} \\  & & & & \multicolumn{1}{c}{MACD\({}_{\mathrm{FRAMA}}(k)\)} \\  & & & & \multicolumn{1}{c}{LWM\({}_{\mathrm{HLC}}(0)\)} \\  & & & & \multicolumn{1}{c}{PSMA\({}_{\mathrm{HLC}}(0)\)} \\  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\ \hline \multirow{9}{*}{BUDIMEX} & ANN structure & MLP(13–25–1) & MLP(15–22–1) & MLP(13–25–1) & MLP(14–15–1) \\ \cline{2-5}  & Transfer function & sigmoidal & sigmoidal & sigmoidal & sigmoidal \\ \cline{2-5}  & MSE & 0.00175 & 0.00288 & 0.00165 & 0.00986 \\ \cline{2-5}  & & & & \multicolumn{1}{c}{FRAMA\({}_{\mathrm{HLC}}(k)\)} \\  & & & & \multicolumn{1}{c}{EM\({}_{\mathrm{HLC}}(0)\)} \\  & & & & \multicolumn{1}{c}{EM\({}_{\mathrm{HLC}}(0)\)} \\  & & & & \multicolumn{1}{c}{EM\({}_{\mathrm{HLC}}(0)\)} \\  & & & & \multicolumn{1}{c}{FRAMA\({}_{\mathrm{HLC}}(0)\)} \\  & & & & \multicolumn{1}{c}{HULL\({}_{\mathrm{HLS}}(0)\)} \\  & & & & \multicolumn{1}{c}{EM\({}_{\mathrm{HLC}}(0)\)} \\  & & & & \multicolumn{1}{c}{BOS\({}_{\mathrm{FRAMA}}(k)\)} \\  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{HLC}}(0)\)} \\  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\ \cline{2-5}  & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\ \cline{2-5}  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\ \cline{2-5}  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\ \cline{2-5}  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\ \cline{2-5}  & & & & \multicolumn{1}{c}{MCT\({}_{\mathrm{FRAMA}}(k)\)} \\ \hline \hline \end{tabular}
\end{table}