Wealth-Lab Developer Review
Filed Under Wealth-Lab |
Wealth-Lab Developer is a stock and futures trading system development and back testing tool. It is a stock software program from Wealth-lab.com. A trading strategy (or, trading system) is a set of explicit rules that tell you when to buy, sell, sell short, and cover. It allows the trader to make his own trading strategies and see how they would have performed when he tries them out in real time, thus it is a kind of simulation. It also helps to explore the different systems contributed by the other members. The ranking of all trading systems is done on monthly basis to see which strategy is working best under tough market conditions. It is great for academic and research use.
There are many features of Wealth-Lab developer which sets it apart from others. Some of them include portfolio stimulation, money management, System optimization, Real time scan tool, index lab, Neuro-lab, and monte carlo-lab. Wealth-Lab Developer provides you with more than 150 indicators already built-in to help you analyze the market. It also supports the feature of creating your own indicator with the help of built-in indicator-wizard and that too very fast. It also supports charting capabilities which means that with the help of charts we can analyze different trading opportunities. It offers you a broad range of different charts. Almost all used chart styles are already built in and highly configurable. Various charts include Candlestick, linecharts, Equicandle, OHLC bar and Kagi etc. Through the API all chart styles are possible, developers can create different chart-styles and provide add-ons for Wealth-Lab Developer.
Different time scales are available, from monthly-scale down to tick-scale. Even bid/ask-charts are possible with Wealth-Lab Developer! Every individual has its own style ,and different risk taking capability. The new version Wealth-Lab Developer 3.0 is preloaded with hundreds of trading systems developed by the Wealth-Lab community. Wealth-Lab Developer 4.0 allows you to test strategies on a single market, or on a complete portfolio at once. It also provides tools that help the trader manage their trading on a day by day, basis.
It has both its positives and negatives. Some of its strengths include that company that made Wealth-lab are seriously concerned about keeping their customers happy. There is healthy involvement of users and community supports them fully. It follows all the markets including Stocks, Futures, Bonds , Cash markets, Mutual Funds, and Indices. The data types utilized are intraday data, End of day data, Fundamental data, and Historical data. The ranking is based on drawing tools, indicator and studies and Technical systems.
What people don’t like about the stock trading software is that it has a non commercial look and feel. There is no upgrade option available in commercial product. There are errors whose cause will be unknown to the user and that causes a lot of trouble. The user interface is also poor. It is not suited to the present day and seems antiquated. There is poor integration within its own features: Scans, Order manager, Portfolio Manager Etc.
On the whole it is a good bargain at around 600$, but not for serious users.
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I started using this program in business school because it was the software that was recommended by my professor.
This software revie of Wealth Lab brought my attention to a couple features that I wasn’t already familiar with and will now have to check that out. The ability to test with various portfolios is one of the features that I don’t have on the original software I bought and want to try out now. I can’t see how the risk management on tested portfolios would be assumed against the current market though.
I think it might be time to upgrade already, great review because I was actually looking for another program that could offer more but that was when I didn’t realize there were so many other features added.