-- Is Metastock For Me ? --

[*JDR*]

So many software vendors not enough detail on their websites. Please help. Metastock sounds good, but how programmable is it really ?

What I want to be able to do is:

1. Code and backtest my own complete (mechanical?) system against all and any markets. My philosophy (at the moment) is that only price matters so I should be ready to trade wherever there is an opportunity.

2. BackTest my whole portfolio and it be able to not enter trades if there is no money available

3. Use this system for BUY/SELL indications for future and see point 4 below for correlation indicators.

4. Use ready made and my own indicators (E.g. If rule1=x and rule2=y and ruleN=xyz then buy etc...) including if possible whether there is correlation with current portfolio holdings, though not necessarily reject highly correlated trades, i want to be told the correlation.

5. Code into it trade sizes & risk management (Basic example being, if volatility = big, then trade size = variable amount and stop loss = variable amount)

I have a few other requirements, but am rushed for time at present.

Any Help ?

 

[ZEPPO]

I would suggest that you visit the following links for examples of what you can do with Metastock:
http://www.forexnet.lv/DesktopDefault.aspx?tabid=837&PageID=347
http://www.metastocktools.com/
http://trader.online.pl/MSZ/e-0-tytulowa-a.html
Also, these are Metastock users websites where you will find help with coding and other issues:
http://finance.groups.yahoo.com/group/equismetastock/
http://forum.equis.com/
Hope this helps.

Eduardo

 

[*JDR*]

Thanks. Good sites.

 

[ZEPPO]

Thanks. Good sites.

Any time.

 

[phil1424]

Amibroker

I would go with Amibroker you get much more bang for your buck . I have MS v9 but use AB much more . Your able to write your own systems,indicators,explores, and scans with it . Yahoo has a good community for help also . Hope this helps . Phil

So many software vendors not enough detail on their websites. Please help. Metastock sounds good, but how programmable is it really ?

What I want to be able to do is:

1. Code and backtest my own complete (mechanical?) system against all and any markets. My philosophy (at the moment) is that only price matters so I should be ready to trade wherever there is an opportunity.

2. BackTest my whole portfolio and it be able to not enter trades if there is no money available

3. Use this system for BUY/SELL indications for future and see point 4 below for correlation indicators.

4. Use ready made and my own indicators (E.g. If rule1=x and rule2=y and ruleN=xyz then buy etc...) including if possible whether there is correlation with current portfolio holdings, though not necessarily reject highly correlated trades, i want to be told the correlation.

5. Code into it trade sizes & risk management (Basic example being, if volatility = big, then trade size = variable amount and stop loss = variable amount)

I have a few other requirements, but am rushed for time at present.

Any Help ?

 

[jose]

I have both MetaStock and AmiBroker.

If you enjoy really powerful charting software, and you have the *time* and inclination to deal with a potentially difficult and steep learning curve, by all means go for AmiBroker.

If real trading and rapid system development is your priority, my advice is to go for MetaStock.

Most of my clients use MetaStock, precisely because they do not have the required time and patience to deal with an increasingly complex AB programming language, but some enjoy the challenge and are not afraid to code in AmiBroker.


jose '-)

 

[*JDR*]

Thank you Phil/Jose for your advice.

Jose - I have seen your website nice stuff. Is Metastock able to include money management and position sizing for backtesting? I know it can do all the things around indicators, it is just that bit around money management and backtesting my portfolio that I am uncertain of.

Thanks Again

 

[jose]

Thanks, JDR.

Personally, I implement position sizing through indicator formulae based on historical drawdown. There is no dedicated money management function in MetaStock, but it's easy enough (for me at least) to program it into a formula.

MetaStock does not have what I would consider a useful backtesting function (system tester). Again, I use formula-based risk-normalized backtesting. For portfolio backtesting, I use TradeSim in conjunction with MetaStock.


jose '-)

 

[*JDR*]

Thanks, JDR.

Personally, I implement position sizing through indicator formulae based on historical drawdown. There is no dedicated money management function in MetaStock, but it's easy enough (for me at least) to program it into a formula.

MetaStock does not have what I would consider a useful backtesting function (system tester). Again, I use formula-based risk-normalized backtesting. For portfolio backtesting, I use TradeSim in conjunction with MetaStock.


jose '-)

Thanks again Jose. Is Tradesim one of your products? It seems like a great Addition to Metastock. One of the best I have seen. All the others seem to be more concerned about how to get into a trade. Does it require Metastock or is it a stand alone product.

By the way, how is Sydney? I haven't been home for a few years now.

 

[jose]

Thanks again Jose. Is Tradesim one of your products? It seems like a great Addition to Metastock. One of the best I have seen. All the others seem to be more concerned about how to get into a trade. Does it require Metastock or is it a stand alone product.

By the way, how is Sydney? I haven't been home for a few years now.

TradeSim is a great Australian product made & marketed by David Samborsky. It was made originally as a MetaStock addon, but now accepts AmiBroker and TradeStation trade signals.

Spring is coming to Sydney - they expect a hot & dry summer here. We've had a scorching 45c (113F) on the first day of 2006 - amazing for a supposedly temperate climate.

Anyway, we are moving house in Nov to a beach house in Koh Pha-Ngan (Thailand). The logistics of setting up house (i.e. reliable electricity & broadband access) in a tropical island have been a nightmare, but we hope it will be worth the disruption in the end.


jose '-)