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Wealth Lab

 

Wealth Lab is an extension of the Wealth Lab testing system, but it is a standalone tool. Wealth lab can be thought of as the total trading tool which can be used for the development and the backtesting of both futures and stock strategies, and this can be done via technical analysis.



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There are a number of strengths that this tool has, and one is the user base, which is exceptionally large. This community is comprised of people who study and compare different trading systems and the results they have obtained via forums or discussion groups.



Wealth Lab is geared more towards those who are professionals, as opposed to novice traders. It has a platform which is completely programmable, and there are no limitations placed on the concepts that one can either implement or test.



The Wealth Lab Developer allows for simulation on the portfolio level, and it also provides a tough charting mechanism. Along with many charting packages, it makes use of numerous charting styles as well as indicators. If you are interested in producing individual indicators, Wealth Lab comes with a special programming language named WealthScript.



Many traders agree that WealthScript is one of the most powerful features to be implemented in this program. The language itself is derived from PASCAL, and anyone who has worked with PASCAL before will be able to pick up WealthScript with very little trouble.



While this language is known to be challenging, particularly for those who are not familiar with it, WealthScript gives experienced traders the ability to generate indicators and formulas through the system. The system wizard is designed to make it easier program, and emphasizes "drag and drop" feature.



WealthScript and the System Wizard

Because the system wizard makes it easier to program with Wealth Lab, it is much easier for programmers to code their ideas. Like many programming languages, the ease with which you either write or read code is not important, but rather, the amount of people who use the language.



It is estimated that as many as 13,000 members make use of WealthScript in order to program and trade, and many of their examples are available on the official website. Another powerful feature that can be found within Wealth Lab is its system testing abilities.



When this functionality is combined with WealthScript, it becomes easy to see why it is simple to program with virtually any idea in mind. Many traders choose to create money management systems which are fully customized.



The money management function that comes with Wealth Lab includes Fixed Margin, Percent of Equity, and Maximum Risk Percent. The program also comes with a large range of data sources. This is important, especially if you already have a sizeable database, and you are looking to use the data in a number of different formats.



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Some of the formats that you can use your data in include ASCII text, TC2000, and MetaStock. Many traders like Wealth Lab because it gives them the ability to test various strategies or ideas prior to attempting them in the real world. The multiple security backtest is highly flexible, but it is also strong enough to block trading if a complete capital draw down occurs. Many of these features are extremely useful, and give the trader great versatility.




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