For more than half a century, the autoregressive integrated moving average model has dominated many areas of time
series forecasting. Recently, ANN has demonstrated the capability to capture the nonlinear data pattern. This study is
motivated by evidence that different forecasting models can complement each other in approximating data sets, and proposed a hybrid model of the ARIMA and the SVMs. The presented model is believed to greatly improve the prediction
performance of the single ARIMA model or the single SVMs model in forecasting stock prices. Theoretically as
well as empirically, hybridizing two dissimilar models reduces forecasting errors [31,32]. However, future research
should address some problems. This study demonstrated that a simple combination of the two best individual models
does not necessarily produce the best results. Therefore, the structured selection of optimal parameters of the hybrid
model is of great interest.