TradeStation or Wealth-Lab for Automatic Retracement & Extension Labeling of Swings

Discussion in 'Strategy Building' started by mmm, Apr 15, 2004.

  1. mmm



    I'm interested in using Wealth-Lab or TradeStation to implement the Pesavento Patterns function found in Ensign Software.

    The Pesavento Pattern function automatically labels the retracement or extension level of all swing points on the chart.

    See the link for more info on this function.

    Would this function be easier to implement in Wealth-Lab, or TradeStation?

    I was a programmer in a former life, so learning either Wealth-Lab's or TradeStation's language won't be too much trouble for me given enough time.

    Thanks for your thoughts.

    -- MMM
  2. mmm


    Here's a GIF of the Pesavento Pattern function in action.

    Note how each swing point might have be at multiple retracement or extention levels.

    -- MMM
  3. maxpi


    People do things like that in Tradestation. I have never tried that kind of thing myself but I looked at a similar problem and there are included functions that draw trendlines given the start and finish point and there are included functions that find pivot points automatically. I have no Wealth Lab experience at all, you might look on the Wealth Lab forums and see if somebody didn't already do that work or something similar, the code might be posted there.

  4. Turok


    I have used both (use WL extensively now) and I would much prefer to code that up in WL rather than TS. If I was not a programmer I wouldn't want to try executing that in either program.

  5. abogdan


    I can only say that it is somewhat difficult to program it in TS if you have never done it before.
  6. mmm


    I've started reviewing the Wealth-Lab manual. One big advantage of Wealth-Lab over TradeStation is being able to define your own data structures. WL is also strongly typed, which should be helpful in minimizing trading errors.

    -- MMM
  7. Also when testing strategies you can test them on a portfolio while in TS you can not
    at any rate - good luck
  8. Wealth_lab is very weak in geometric objects. Especially, if you're planning on using it intraday realtime.

    Tradestation is better with those stuff.