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I understand your point and can see why many people need more than what
TradeStation offers as far as programming. But my point was. If someone is
making a software package. Why not offer BOTH. Their own programming way
of doing things and also, a way to use TradeStation codes as is in their
program.
Wouldn't it be great if all programs used the same programming language and
that programming language was the best available and easiest to use.
And I am not saying one is better than the other. I have no idea. From
what I have seen. There are many trading software programs that will do the
job for most traders. We just have to pick one and use it.
Two of my friends who trade use the web charts that are on their brokerages
site and they do just fine. So when you boil it all down. It is probably
more the trader than the software, that counts.
----- Original Message -----
From: "VK" <volker@xxxxxxxxxxxxxx>
To: "'RB'" <rhodes@xxxxxxxxxxxxxx>; "'Omega-List'" <omega-list@xxxxxxxxxx>
Sent: Wednesday, January 25, 2006 3:55 AM
Subject: AW: OT:Backtesting utilities
To compare WealthScript and EL in a nut shell I would say, for simple
strategies (ChartScripts) TS is easier, even thou we offer drag and drop for
most part of it. For more complex strategies WealthScript is more powerful.
Just to give you an idea on the kind of strategies you can test with WL:
System 1: Combined Ranking Symbol Rotation Using ROA and P/E
The basis of this system is from "The Little Book That Beats the Market" and
is a system written for our new Fundamental forum on our website. It
combines 2 lists of ranks - taking the highest ROA and lowest P/E to form an
overall rank. The 5 top stocks (can be varied) are purchased after
re-ranking every 2 months. On the S&P 500, this system churned out 13% APR
over the last 5 years - and that's ignoring dividends.
This ChartScript will be published in the Active trader magazine soon.
System 2: Dogs of the Dow (+CommissionScript)
References: http://www.investopedia.com/terms/d/dogsofthedow.asp;
http://www.dogsofthedow.com
In a nutshell - rotate into the 10 highest-yielding Dow 30 stocks at the end
of each year. The interesting thing about this system is that it relies on
collecting dividends to be profitable. Now, we don't have an easy way to
deposit or withdraw cash to influence the equity curve in Wealth-Lab, but it
can be done using a CommissionScript that "adds" the dividends as negative
commissions, i.e., profit. That's how we did it here, and it works quite
well.
Expect an article in AT magazine or in the Fidelity Active Trader newsletter
soon. ;)
System 3: Relative Strength Industry Groups
We are working on this one right now (and I'm getting pretty excited about
it). This one normalizes a stock's price relative strength against a
benchmark (.SPX), ranks and then analyzes all the stocks with a percentile
80 and above. (This is actually the "L" from CANSLIM - Leader or Laggard.)
On each bar (week or month suggested), it tallies the stocks with the same
GICS Industry Group, and then buys 14 stocks: 3 from each of the 2 groups
with the most tallies, and 2 stocks from each of the next 4 groups.
I hope you get an idea but of course it requires more then just "c > c[1]"
coding. ;)
Regards,
Volker Knapp
(www.wealth-lab.com)
-----Ursprüngliche Nachricht-----
Von: RB [mailto:rhodes@xxxxxxxxxxxxxx]
Gesendet: Wednesday, January 25, 2006 4:53 AM
An: 'Omega-List'
Betreff: Re: OT:Backtesting utilities
It would be great if wealth-lab had a way to use TradeStation codes as is.
Is that possibly for development in the future?
I know each software package needs their own way of doing things as far as
programming ect., but I can't understand why most of them would not also
offer a way to use TradeStation codes.
Maybe I am too practical.
----- Original Message -----
From: "VK" <volker@xxxxxxxxxxxxxx>
To: "'PM'" <pablomejia@xxxxxxxxx>; "'Omega-List'" <omega-list@xxxxxxxxxx>
Sent: Tuesday, January 24, 2006 5:05 PM
Subject: AW: OT:Backtesting utilities
Both are based on Pascal and it is not too difficult to transfer the
scripts.
Regards,
Volker Knapp
(www.wealth-lab.com)
-----Ursprüngliche Nachricht-----
Von: PM [mailto:pablomejia@xxxxxxxxx]
Gesendet: Tuesday, January 24, 2006 9:00 PM
An: Omega-List
Betreff: Re: OT:Backtesting utilities
Great suggestion but:
Can I transfer my EL code into WL? Is there a utlilty for this? Any
other options besides WL?
Pablo
David Jennings wrote:
B4 anyone else say's it, have a look at Wealth Lab.
----- Original Message -----
From: "PM" <pablomejia@xxxxxxxxx>
To: "Omega-List" <omega-list@xxxxxxxxxx>
Sent: Tuesday, January 24, 2006 7:36 PM
Subject: OT:Backtesting utilities
Any good 3rd party utilities for backtesting multiple strategies against
a symbol? I feel like I'm panning for gold right now with TS and it is
exhausting. I just need something to help me weed out the weak
strategies. Any suggestions, thoughts, rants..etc?
Pablo
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