Tradestation Pro

Discussion in 'Trading Software' started by Commisso, Dec 16, 2000.

  1. Commisso

    Commisso Guest

    I recently starting using the new tradestation pro software that just became available from omega,and let me just say thay it is amazing!!!!

    I was just wondering if anyboday else was using it, and if so if they have figured whether u could screen a database for the indicators that u build.
  2. 100up


    I'm not at all impressed with the new TradeStation Pro (nor was I with the old ones)--

    TradeStation is a "gimmicky" product with lots of little "bells and whistles" -- BUT, as a serious analytic tool, is sorely lacking -- especially considering the price

    For $ 300/month -- you get a tool which (though it now includes real time data from several exchanges, though notably not Opra) lacks RadarScreen or OptionStation and which does not include simple capabilities that one would expect from a software package at that price --

    Just a few of its deficiencies (from among many):

    -- Its study capabilities allow it to only access a single data stream at one time -- meaning, for example, that one can't write a study which compares data points from 2 diff. securities

    --It has no live DDE

    -- One can not even do true chart "overlays" (multiple securities are plotted in separate "panes")

    Of course, if one wants to spend thousand of dollars, one can buy or develop "add-ins" which allow it to do such things.....

  3. Win


    FWIW, I disagree. Have used it only for about a month. Had the ancient version 4 TS which I had a love-hate relationship with ... mostly hate. Loving this new version.


    First, you CAN overlay different symbols on the same pane. Could in version 4, but just want to clear that up.

    Second, TS is BUILDING its own data base of prices. They have been responsive to me (I have NO affiliation with them ... just another Joe user) when I have pointed out some data errors and they FIXED them. Try getting data errors fixed from any other vendor. Fat chance.

    Third ... what is a useless bell or whistle to one is a needed tool to another. TS has long had the best pure charts with every tool under the sun. You just don't find something you need but is not there.

    Fourth ... the reason to use TS in any version, new or old, is the ability to program indicators or systems. If there is some indicator it does not have in a canned fashion, you can code it and its now there for you. That means there is nothing in a chart you cannot do.

    Fifth ... that horsepower really comes into play with testing, and then the application of that test in an automated system. If you don't need or want that, then it may well be overkill for you, UNLESS you just flat want the best chart system out there. Why the best ... because again, if there is something missing you can program it and put it in.

    Six ... stability. Early reports of stability seemed long gone. I cannot make it crash. I does require a machine with some horsepower. But I am amazed that on a 933mhz 125 meg ram machine, it can handle literally hundreds of symbols, 4 or 5 charts, a couple of level 2 screens all in a 56K modem. I used to think the RealTick platform was the most stable around. Changing my tune there. This one clearly more stable. With the same machine, RealTick would bog down and virtually crash with more than a dozen or two symbols, two charts and 1 level2. Not that I am recommending overloading the data stream, but I tried to bog it down just to see where it breaks, and the fact is you need to make an effort to do that.

    What it needs:

    Again, the data pool is under construction. All stock symbols are there. The indexes have some gaps in symbols supported (but with an e-mail they started supporting one I asked for). Some indexes have data going back only a few months, others go back forever. So my wish list would center around a completed data pool that is more robust on the index side.

    Options data and futures coming they say in about 30 to 60 days.

    No question the screening need is not met. But that is a common need not met by most software. The impression is that the radarscreen-type capabilities are coming at some point ... ditto options station. But thats just my impression. Have not inquired.

    As an upgrade user, I get it for $110/mo. Now that is a deal. I am dropping PCQuote (RealTick) costing me $265/mo. If they get radarscreen incorporated in here, I may well spring for whatever extra that will cost.

    The realtick platform is the choice for direct access broker users. But be advised that Tradestation is adding in that capability in the next few months.

    Don't even think about trying to run this on a weak machine. But given some hardware, it runs well and hard.

  4. tntneo

    tntneo Moderator

    How many symbols can you track with studies active ?
    Let's say I want to code easylanguage alerts based on technical indicators, but of course I want to apply them to 30 stocks at least.

    The old TS was not good at opening many charts. Is the online TSPro version any better in that respect ?

    The upgrade price is $99, that's OK if it DOES replace a otherwise they lost the battle already.

    What about the datafeed ? how good is it ?
    I guess it is based on windowonwallstreet from the same company too. That's fine.
  5. I've been using TradeStation (free trial)and I'm planning to cancell my eSignal account and switch all to TradeStation. So far have work fine

    I have Omega Prosuite Platinum and untill now traded (daytrading) using Tradestation and Radar Screen, last one with almost 500 symbols loaded and using indicators that required pretty heavy demand on the system more being of course online (5 minute time compression). So far has been the best investment made. Previously used TC200 which is ok.

    What I miss is the Radar Screen, sure the Quote windows is equivalent but you can't import indicators/functions or create your own. I imported all indicators and studies for charts and so far have not noticed any difference.

    I hope they offer low fees once they start with direct trading. The company they joint with used to charge fees which are not competitive in the market for daytraders, but I guess they are aware of that and challenge the status
  6. 100up


    I did not mean that TradeStation Pro could not plot overlays -- I meant that it was not designed to do studies and formulas that made reference to multiple " DATA STREAMS" -- i.e., its formula language basically uses one dimensional "arrays"

    What this means is that one can not evaluate one or more conditions on multiple securities SIMULTANEOUSLY.

    If I am wrong, I stand corrected -- but, to the best of my knowledge, the newer TradeStation "Pro" is similar in this regard to the older TradeStation(s) which definitely did not have this capability (without adding "3rd party" plugins)

    Why is this important ?

    Let's say you want to do an "intermarket" type of study...
    or you want to do a study which generates signals based on certain conditions being true both for it and another security or an index....Example: You only want a "TRUE" signal to be generated when BOTH the symbol you are looking at meets certain "technical" criteria AND an index also meets certain "technical" criteria in the same time period...

    To make up some hypothetical( albeit somewhat useless) example:
    Have TradeStation Pro show you all days in the past year when IBM had "key reversals" AND US Bond Futures were down more than .5% for those days -- OR something like:

    Show all days where SLB (Schlumberger) was up more than 1.5% while the XOI (Amex Oil Index) was down more than 1.5%

    In any case, if people like TradeStation, that's of luck to them....

    I personally don't use any of these gimmicky, "consumer" oriented trading software packages....I think 90% of them (and I have tried many) are garbage...As far as Omega Research goes, I think the only people benefiting are the obviously shrewd marketing geniuses -- the Cruz brothers !!

    I have an advanced institutional level workstation from Bridge Information systems and it is well worth the big $$$....

  7. elie


    100up hi

    You write:

    I have an advanced institutional level workstation from Bridge Information systems and it is well worth the big $$$....

    could You please give me the url, where I can find this system?


  8. 100up

    100up --> then click on products & services --> then internet/wireless --> bridge station...
    Be forewarned it is fairly expensive (especially when you put together a complete package with all the features you might want) -- But it is top notch and comparable or superior to a Bloomberg workstation for a bit less $$