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1992-07-17
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Reprint from Club 3000 News no. 92.13 10 June 1992
Club 3000 News, 4550 North 38th st. Augusta, Mi. 49012 (616) 731-5600
Subscriptions are $80/yr. Club 3000 news is a traders newsletter and
its articles, submitted by subscribers, discuss a wide variety of
trading topics.
Trading strategy toolbox software - Dennis Meyers
Bob Buran's articles have generated a lot of interest in trading strategy
testing software packages. Unfortunately, Bob only named System Writer
Plus as the testing and signal generation software he used. While System
Writer Plus is undoubtedly a premier software package, its current price
tag of about $1000 (it used to cost $2000) seems too steep to me. To
paraphrase Groucho Marx from the movie "Horse Feathers" whenever software
costs more than $350 than, "what ever it is, I'm against it". Of course
there are always exceptions to this rule, but I haven't found many!
So what software is out there and what does it cost? Below is a list of
software products I have researched and/or purchased over time. I have no
affiliation what so ever with any the the products named. My listing is
by no means all inclusive.
I purchased Market Research Language (MRL) by Future Software Associates
in 1988 thru a promo listed in Club 3000 88.17 for $400. MRL was bundled
with Quote Butler (an excellent program that I still use today). Even
though MRL was an excellent, product, Future Software Associates went out
of business. Since MRL is no longer available it makes little sense to
describe the product further. I only mention MRL for those members who
wonder what ever happened to it.
I researched Advanced Trader(AT) by Pardo Corp. AT costs about $1000 and
was described by various members in Club 3000 89.21, 90.02, 90.03, 90.04
and 90.05. The reviews were mixed and inconclusive from my point of view.
I called Don Pardo last year and talked to him about AT. Wow! What a
salesman! He sent me some AT literature and there was no doubt that AT
seemed like a first class product. But I didn't buy it for two reasons.
Reason one, my "Groucho Marx criteria". Reason two, I had purchased
Advanced Chartist (AC) v3.18 from Pardo Corp. for $150 on a Club 3000
90.17 Vendors Speak promo. AC v3.18 would not graph point and figure
charts correctly on bond futures and mutual funds even though point and
figure charts were clearly "advertised" in the promo. Unfortunately for
me, this was the main reason why I bought the product! Despite over eight
calls to Pardo Corp in six months and eight promises, from them, to send
me a fix (when they had some time free), AC v3.18 remains today "unfixed".
Therefore because of my negative experience I lost confidence in the
vendor and his products.
TechniFilter Plus (TF+) by RTR Software, Inc (919) 829-0786 is another
older(1988) but well written tool box program. It costs $299. It was
reviewed favorably in Technical Analysis of Stocks and Commodity magazine
July, 1988. The program allows you to build formulas, Compute formulas,
filter formulas, test strategies, optimize strategies, and graph and
compare line charts of stocks or futures and formulas. TF+ comes in
versions that read CompuTrac, Metastock, Dow Jones etc., data formats. A
newer version is about to be released soon. I was about to buy this
program when I stumbled upon TAS by FlexSoft.
Technical Analysis Scanner (TAS) by FlexSoft (510) 829-9733(voice), (510)
829-2293(BBS) costs $150 for the TAS plus Profit Tester and $50 for TAS
Graph(additional charting feature). One of the nice things about TAS is
that you can try it, for free, before you decide whether or not you want
to buy it. The free program can be downloaded from FlexSoft. It is
somewhat restricted, but it does give you a clear idea on whether or not
this program is for you. I purchased this program. TAS is a technical
analysis tool box that allows you to create and test your own trading
systems. You can create your own indicators and/or use the program's over
60 built-in technical indicators, combine them into a trading system and
test them for profitability. You can create reports which show you what
you want to see. TAS will only read CompuTrac, Metastock or ChartPro data
files. TAS can scan or filter, using your criteria, all your stock and/or
future files or any sub group you define. If you have programmed before,
TAS is easy to use. If you have never programmed a computer before, try
the free trial to see if the program fits you. TAS also comes with a
"library" of trading systems and filters, created by other users and
uploaded to the FlexSoft BBS. The FlexSoft BBS allows users to share
ideas and trading systems.