I have always learned that standardization or normalization should be fit only on the training set, and then be used to transform the test set. So what I'd do is:
scaler = StandardScaler()
scaler.fit_transform(X_train)
scaler.transform(X_test)
Now if I were to use this model on new data I could just save 'scaler' and load it to any new script.
I'm having trouble though understanding how this works for K-fold CV. Is it best practice to re-fit and transform the scaler on every fold? I could understand how this works on building the model, but what if I want to use this model later on. Which scaler should I save?
Further I want to extend this to time-series data. I understand how k-fold works for time-series, but again how do I combine this with CV? In this case I would suggest saving the very last scaler as this would be fit on 4/5th (In case of k=5) of the data, having it fit on the most (recent) data. Would that be the correct approach?