WL5 and Developer, where should I start....
Author: trade4more
Creation Date: 8/30/2008 9:15 AM
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trade4more

#1
I think a brief description or FAQ right on the home page of why you would use developer or the pro version or the intended audiences for each would be approptiate and what are the current limitations for the WL5 family.

If your new at trading and not a programer there seems to be alot of limitations. For me it seems more worthwhile to work on technique and discipline and do your trading manually rather than trying to figure out how to program wealthlab. Wl5 does give me some automation but I would like it to give me more automated alerts of movements in indexes, sectors and unusual volume activity in stocks and options so I will probably wait for the product to mature and get more addons or third part support or perhaps find a programmer I can rent....
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Cone

#2
QUOTE:
why you would use developer or the pro version
See Support > FAQ > "What's the difference between Wealth-Lab Developer and Wealth-Lab Pro?"

QUOTE:
If your new at trading and not a programer there seems to be alot of limitations
Yes, it's a tough world out there and you're at a disadvantage in tech analysis. For you, the Strategy Wizard is available. If you want to learn to program, take a class (C#) at the Community college, or use some of the many hundreds of free web resources.

Take a look at the "Traders' Tips" section in the back of SAC magazine. I don't care which T.A. platform you use, you're going to need to learn some type of programming for custom solutions. With Wealth-Lab 5, it's programming language you can use for just about anything - not just tech analysis.

QUOTE:
...I would like it to give me...

Wealth-Lab is for stocks and futures - options aren't going to happen. The rest is pretty much child's play, but you may need to "rent a programmer" if you need a high level of customization.
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trade4more

#3
Thanks for the reply. No matter how dumb my questions are everyone on this board gives good feedback. I don't think I'm getting the SAC magazine. If I do continue with Wealth Lab I will definitely start looking into C# classes, books or free resources.

I have some concerns about the lack of options trading and option data in WL though. A friend who uses trade station tells me he has programming that can pull up lots of option data. For instance, if the xlf is has 10 times more option activity than normal (recently happened) he will get an alert. I don't know for sure but it sounds like there could be some significant differences between tradestation and WL in regards to options so I will have to investigate this issue to determine how it will affect my my long term strategic plan. It would be nice to see the long term vision of Fidelity and how they plan to integrate ATP and Wealth Lab. Since options trading is growing having a module that integrates options into a single trading platform is the most desirable (at least for me).
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trade4more

#4
I did review the small Support FAQ on the differences between developer and PRO. However, now I am confused about extensions with Pro. I assumed I could not load extensions since I only have PRO as there is no extension manager on the tools menu for WL Pro 5.1.
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Cone

#5
The Extension Manager is an add-on product by us, MS123, who is licensed by Fidelity to package and sell Wealth-Lab Developer internationally. (We also back up the Fidelity Support group to help with "Pro" solutions, we run wealth-lab.com and the Wealth-Lab Wiki, and we create several other add-ons and adapters for for Wealth-Lab.) Although the Ext Mgr not currently a part of "Pro", a version of it will be incorporated into Pro later this year.

Re: Options
Call Fidelity about their tools for options trading. I'm pretty sure there's a product called "Options Trader Pro".
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Eugene

#6
QUOTE:
I assumed I could not load extensions since I only have PRO as there is no extension manager on the tools menu for WL Pro 5.1.

Still you can get some of them in WL5Wiki.
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trade4more

#7
I got it, extension manager is a nice way to bundle a bunch of stratgies. I was able to pull down a couple of strategies from the wiki and copy and paste them into a strategy on wl 5.1. Also, I did see a put call ratio strategy so it seems wl5 does have the capability to pull in option data and create alerts on option data...
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Eugene

#8
QUOTE:
I was able to pull down a couple of strategies from the wiki and copy and paste them into a strategy on wl 5.1.

Or, if you don't care for the code, simply download the binary from the "Home" page, unpack into Wealth-Lab main directory and restart WL. (This installation technique works for any library for that matter.)