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Hi,
++ I think he means that he would like to see Wealth Lab maintain a
++ database of all the different futures contracts specifications.
Since we are not a data provider (yet) we do not maintain a database. But
you can specify your own futures contracts with
1. point value
2. margin
Since you can use all data vendors it is up to you to do the settings.
++ So when you import futures data, Wealth-Lab would automatically
++ know that each point is worth $50 per contract if it's E-Mini,
++ $200/contract if it's S&P futures, $100/contract if it's gold, and
++ so on. It would also have to know that the margin requirements per
++ contract are $4000 for E-Mini and $750 for Wheat and $2800 for Gold,
++ for example.
We plan to do that with our own data. It is impossible to know that for any
software, because every data vendor uses different names for different
future contracts. This will be added once we have our own data. Also margin
is changing all the time, so is point value from time to time.
Most people want to use there data provider, so we would like to allow them
to use any data vendor. Of course that means additional work.
++ This is a critical feature, *especially* when testing
++ a portfolio of futures, all having different point values and margin
++ requirements.
You can adjust that on your own... very easy.
++ Also, different futures contract markets open and close at different
++ times. Some markets are open from 9:00 to 16:00, some are open
++ from 11:00 to 14:00, some are open wierd hours like 10:13 to 15:04
++ or something. Wealth-Lab should maintain a database of this
++ information. This is also a critical feature, especially for
++ real-time intraday trading.
Opening time has changed a lot in the futures industry over time. While
backtesting you should programm it as a variable (which is easy). When using
WLD2 for generating orders you can use fixed times or better still
variables.
++ Different contracts also have different expiration times, not always
++ the 3rd Friday of the month like equity options. Contracts have a
++ "First Notice Day" and a "Last Trading Day." Position traders should
++ not be trading a contract after its First Notice Day.
Again this is a data vendor option. Since we use contious contracts for
backtesting, you have to adjust for that with the options that the data
vendor is giving you (CSI-Unfair Advantage has a very good software for that
www.csidata.com)
++ Another thing: Wealth-Lab should know how to expect futures
++ contracts to be quoted in a live data stream. Wheat, for example,
++ is often quoted in 1/8 points, so a number like 1246 would be 124
++ 3/4. T-Bonds and T-Notes are quoted in 1/64 points, so 12332 would
++ be 123 1/2. Many other contracts are decimal.
I have no experience with live data on WLD2 for futures contracts using in
1/8 points ....
If it is not solved we will solve the problem, so far no complains
++ It's unlikely that Wealth-Lab is practical for futures analysis or
++ trading if it doesn't have those capabilities. I must say it's nice
++ to see the developers here listening to criticism. Hope mine was
++ constructive.
Surely you are constructive. I am not the developer (my partner is), but he
will read all mails regarding features, bugs etc..
I think most of your concerns are solved already. I see WLD2 as a mixture of
Trading Recipies and Trade Station 2000i. I must admit WLD2 is very complex
and has so many feature that even out hardcore users dont know them all. But
surely not all requests are included yet.
So I hope I was of any help. But if you look on list of enhancement we have
added in a short time you can see were we are going.
Thanks for being constructive.
Volker Knapp
Wealth Lab Inc.
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