The review includes two of the most used trading system development platforms on the market today; Equis MetaStock, and the online web alternative Wealth-Lab.
MetaStock is one of the oldest software applications for stock charting and technical analysis out there. It’s now at version 10 and has gotten most of the necessities of what can be expected from a stock trading software application.
Wealth-Lab is, relative to MetaStock, a newcomer on the block. It calls itself the ultimate trading system development platform. Together with the web representation of all of its function, it presents an impressive set of functionality for proffesional as well as enthusiastic amateurs of technical analysis.
Stock Trading and system trading software is traditionally not good looking. One would imagine the user interface of a trading application to be impressive and very savvy. That is unfortunately not the case. Both MetaStock and Wealth-Lab has Windows 3.1-like toolbars, and where Wealth Lab may be very good for trading system development, it certainly could do with a UI overhaul.
Indicators, Trading Systems, and Back Tests
MetaStock trading software is based on indicators, providing the user its own meta language to develop your own technical analysis indicators. It’s quite OK in this area and for someone who wants a trading software package with a lot of built in Trading Systems for back tests and indicators, MetaStock does alright.
Wealth-Lab takes technical nerdry to meet technical analysis with its Trading Software with the same name. Being fully developed in Delphi, it uses the core language of Pascal for anyone who wants to develop a Trading System. Indicators are not regarded in the same fashion as you would be used to using MetaStock.
EOD-Trading vs. Day-Trading
Both trading software suites offer an End-of-day Trading version and MetaStock also offers a special Intra-day Trading Solution.
When it comes to what Trading Software comes withthe most active community, Wealth-Lab wins this hands down. With a very active community, along with having all functions of the windows platform trading application, Wealth-Lab Trading Software provides a web worthy of a price, had their been any for dedicated followers.
Conclusion: Trading Software Comparisons
Deciding who comes out on top comparing the two Trading Software applications Wealth Lab and Equis MetaStock comes down to how computer savvy you are, and how much amateur software-look-and-feel you can take.
If you like a standard package with most basic support for the beginner technical analyst to the enthusiastic amateur trader, MetaStock might be for you.
If you are as enthusiastic about your Trading as you are with your computer and programming, Wealth-Lab will be the trading software for you.