General | Comparing Wealth-Lab Developer V4 vs V6 (.NET)

Modified on 2017/11/19 17:50 by Eugene — Categorized as: Knowledge Base

What's Changed in Wealth-Lab Developer 6 (.NET) ?

Wealth-Lab Developer Version 6 is a major step ahead. A new look and feel, performance boost and additional tools will make your analysis and trading workflow as intuitive as possible. Based on the .NET platform, the new software can work side by side with your tried & true Developer V3/4 (unsupported).

Charting and Navigation Enhancements

Reorganizing and updating the look and feel of Wealth-Lab Developer makes it easy-to-use and improves the workflow.

BeforeAfter
Each ChartScript or $imulator window had its own dialog for position sizing and loading data, taking valuable display space.The new Data Panel is a one-stop place where you set the Scale, Position Sizing and Data Range used in each Chart or Strategy window, and these settings are automatically applied.
The Tool menu on the left hand side of the application.The Tool menu was moved to the Navigation Toolbar (under the menu).
A fixed set of tool icons on the left side of the screen.The streamlined Function toolbar shows and hides different options depending on the window context, saving display space.
Versatile charting abilities: plotting indicators in custom panes, simple text annotations, drawing objects and bitmap images.Use the improved graphics, annotate strategies with any installed font, add overlay indicators, fill bands with semi-transparency effects, and plot indicators like an oscillator.
Displaying fundamental data required custom fields in ASCII DataSources or use of special data adapters.Fundamental data integrated for drag and drop and more powerful analysis.
Creating dynamic workspaces is a painstaking job.Easily created linked charts which automatically switch to display data for the next symbol entered, preserving configured settings.

In addition, there are countless usability enhancements like the ability to quickly view real-time quotes for a handful of symbols in the status bar, scrolling the chart by clicking on it anywhere and dragging the mouse etc.

Processing Power

Switching to the .NET framework offers multiple advantages:

BeforeAfter
During long data downloads, you can take a break from backtesting and analysis.Wealth-Lab now benefits from multi-threading, allowing to perform other tasks while updating data in the background.
Single-threaded data downloads took much time to update datasources.Included and additional data providers are multi-threaded, offering visible speed boost.
Slow interpreted Pascal-based language.Bottlenecks eliminated with very fast, compiled code, executing several times faster. The familiar WealthScript coding convention remains but is streamlined and has many productivity enhancements.
Develop COM based addins.Develop extensions in any .NET language.

Terminology

To make Wealth-Lab more intuitive to use, the names and terms are more standard:

Old nameNew name
ChartScriptStrategy
ChartScript ExplorerStrategy Explorer
ChartScript WizardStrategy Builder
$imulationPortfolio Backtest or Multi-Symbol Backtest
$imuScriptPosSizer
#OptVarStrategy Parameter
ScansStrategy Monitor
ChartScript RankingsStrategy Ranking
Quote ManagerQuotes tool
Order ManagerOrders tool
Portfolio ManagerAccounts tool
DataSourceDataSet
DataSource ManagerData Manager
Data AdapterProvider
OptionsPreferences
AddinExtension
FavoritesWorkspace
WatchListUse the 3rd party Aronow Software LLC Watchlist Static Data Provider as replacement

Tools

Several tools have been combined with other functionality for more streamlined workflow:

BeforeAfter
ChartScript window, Optimization window and the $imulator......now run in one Strategy window, performing the full range of backtesting tasks in one place. Run single or multiple symbol backtests and optimize a portfolio conveniently from the same tool.
The Scan and Real-Time Scan tools functionality......is combined in the Strategy Monitor tool. One convenient window is capable of seamlessly handling and managing trade alerts regardless of the time frame.
Custom ChartScripts and Studies available with 'Community Download', but adapter and add-on libraries must be downloaded separately.Extension Manager is a "one-stop shop" that helps you keep Wealth-Lab add-ins up to date.
Automated paper trading not available.Paper Trading Provider allows to test your automated strategy without putting money on the table.
Companion products for building neural networks (Neuro-Lab, $300), custom indexes (Index-Lab, $200), Monte Carlo analysis (Monte Carlo-Lab, $250) and Reports-Lab (< $100) existed as external applicationsIntegrated Index Manager, Neuro-Lab, Monte Carlo Lab and Snapshots - at no cost.
Multiple system backtesting is a tedious programming task with limited application for experienced developers.Starting with Wealth-Lab 6.2, Combination Strategies allow to combine multiple systems (with their own position sizing!) to create a multiple system portfolio simulation via a user-friendly Wizard.
Walk Forward Analysis was not available.Walk Forward Optimization is built-in starting from Wealth-Lab version 6.6.

Workflow improvements

Because Wealth-Lab 6 is focused on usability, you will complete your backtesting and analysis more quickly.

BeforeAfter
Parameter input tasks require repetitive manual operations like using InputBoxes, and OptVars lacked interactivity.Greater interactivity through Parameter Sliders: easily change parametric values in Strategy windows and Strategy Manager by moving the slider with your mouse. The strategy will run with new settings, updating the chart and performance as you do for instant analysis.
ChartScript Wizard was limited to a predefined group of indicators.Create more powerful Rule Based Strategies using General Indicators
The need to switch to the Trades tab to evaluate a chart trade.Trade Popup eliminates this extra step, presenting quick trade
Simuscripts were not interactive and their code had to be manually edited to change a parameter.PosSizers contain a GUI dialog to tweak their settings on-the-fly. Settings are saved and restored.

Data related enhancements

BeforeAfter
Datasources had to be updated one by one.Choose a provider of historical price and fundamental data and download it all at once.
No direct support for fundamental data.In addition to historical and real-time quotes, Wealth-Lab Developer 6 supports fundamental data.
Historical data had to be updated manually.Automated updates available for any data providers. Schedule a time and Wealth-Lab will keep your data up to date.
ASCII data performance was a bottleneck.The ASCII Data provider brings serious performance improvements by caching data, making possible to work with them at the speed of binary files!
No market hours filter for historical data.Market Manager allows to filter data outside market hours for static (historical) data.

Development

For developers, the move to .NET framework offers numerous advantages:

BeforeAfter
Pascal-based ChartScript development and language of choice for building Add-ons.C# in the integrated Editor. Compiled strategies and extensions can be in any .NET language.
Improving performance over interpreted code, add-on development was facing limitations due to partial availability of WealthScript commands when re-creating sophisticated scripts.Entire strategies can be compiled, debugged and distributed as strategy packs, utilizing all the available functionality.
COM libraries supported.Include references to other .NET assemblies and use COM Interop for top notch extensibility.
Integrated debugger with certain documented limitations.Utilize the whole range of debugging features of any dedicated IDE like Visual Studio or SharpDevelop. Follow this guide: How can I debug my trading strategies in Wealth-Lab?
Support for scripting complementary functionality money management and commission rules, textual performance reports.Create fast and versatile libraries for the multitude of tools like custom indicators or commission plans and use them in Wealth-Lab 6. For example, a Performance Visualizer displays the performance results the way that is important to you: a complete interactive tab with your own graphics, text and tables.
An in-house ChartScript protection tool.Vendors can protect their Strategies with free or paid protection tools called "obfuscators" or roll their own protection scheme.
Broker API to connect to brokerage execution platforms.Integrated Broker Provider API (unsupported) makes it possible to create turnkey automated trading solutions (example: 3rd party Interactive Brokers provider).
Can optimize scripts using the 2 built-in methods only.Programmers can create their own Optimizers that integrate seamlessly with the software, like Genetic Algorithm and Particle Swarm optimizers.

WealthScript



An equivalent WealthScript function can't be found.

If you can't find an equivalent WealthScript function in WL6, think .NET instead. For example, this applies to:


NB: There are functions missing for a reason (e.g. WatchList operation - see above).

Are there WealthScript methods changed or no more valid in WL6?