I'm looking for an alternative to TradeStation. I need TradeStation functionality (backtesting, a simplified programming language, and ability to run the strategy live), but also need the ability to send to specific brokers outside of TradeStation, ideally the software will have the ability to route via FIX to simplify development. I looked at MultiCharts and it seems like a reasonable alternative to TradeStation, however they charge 15K for access to the ordering API that will allow me to write code to trade through any broker. Anyone currently doing something similar? What packages should I look into? Thanks.
www.tradelink.org is free, you need two programs, one for backtesting and a production program to run the system and send the orders.
rather contradictory your statement... if you can write to an API, which is usually done with C/C#/etc... why stick to something like "TradeStation" with EL/ELOO? why not look at other alternatives like RightEdge or OpenQuant... those are more along the lines of what will enable you to write your own plug-in's to any broker supporting FIX... but at the same time, if you are with Tradestation, which I would then make me think you are more retail than anything else.. what brokers are there out there not already supported by MultiCharts so that you can keep your code?
It's possible the trader and the software developer are two different people, right? One has the ability to code C/C#/etc, the other doesn't. Hence the need for a EL/ELOO for the trader, while we still have the ability to code to any broker supporting FIX via the software developer. RightEdge or OpenQuant require programing knowledge the trader does not have. You are right, most of the retail brokers are supported by MultiCharts, but that doesn't help us since this is not a retail brokerage account.
FIX is not really standardized and you would have to have custom implementations for every broker anyway. Most brokers charge certification fees before they allow you to connect via FIX. So all vendors, even the open-source ones, charge extra for each FIX adapter per broker. So using FIX is typically the most expensive route! And FIX does not normally included quotes anyway - so you need to use an API anyway for that. It is still a good idea - I am just pointing out that it is difficult.
Comintel - you are right, FIX is just a protocol and you still have to create a new connection to each new broker. Regarding the API - you don't NEED the full API to send orders to a broker that's not currently supported. You need it to create a full blown broker plugin with all the proper order and money management tools. You can send orders through a DLL (which you still have to program and create), but which is simpler than writing a whole new broker plugin. Using this sort of simplified DLL is sort of closer to firing orders into a black hole, because you have much less control over the transmission, monitoring and updating of your positions. Most often they are sent as HTTP packets (as TradeBullet does) instead of encrypted FIX messages, which can be intercepted or lost. Personally I wouldn't trust a solution like this to carry orders that my money depended on - but the choice is always with the trader.
given you are implying you are not retail... here.. a few traders on the EU desk use the following, which is basically EL like.. http://www.tradesignal.com/product/ you will need inst support all the way (meaning, rmds/bbg support only) and you can tie into your inst OMS...
FIX messages are not transmitted via HTTP. All FIX communication is done via direct sockets. I've never heard of a FIX engine that does otherwise.