V. 22:3 (85-89): Product Review: Wealth-Lab Developer 3.0 by Dennis D. Peterson
Wealth-Lab Developer 3.0 (WLD3), like the previous release, provides the means to test trading strategies as well as evaluate individual indicators. Several features have been added to make the user interfaces more robust. Unlike most trading evaluation products,
Wealth-Lab does not require that you pay for a datafeed, as its interface uses free Yahoo!, MSN Money, or WallStreetCity end-of-day data. It is a modestly priced product that you can own outright with no additional fees.
Most important, Wealth-Lab has a large repertoire of trading scripts that represents the thinking of many individuals. These trading scripts are called
chartscripts. I think at the very least experienced traders will get some tremendously beneficial ideas by trying out some of these trading strategies. And frankly, some of the scripts are just plain good.
Along with trading scripts there are
five other valuable capabilities. First is
the ability to create watchlists, which
are sets of symbols you can evaluate
against different scripts and money
management schemes. This is valuable
since different groups of stocks trade
differently. Second is the ability to evaluate individual indicators. Third is the
ability to build trading scripts by clicking
and dragging on names/titles, so
you do not have to learn Wealth-Lab
script at all. Fourth, WLD3 gives you
the ability to evaluate a set of
chartscripts against a watchlist. Fifth
and finally is the ability to scan a
watchlist, set alerts and, if you wish,
create a trade automatically.