Wealth Lab

Wealth Lab is a technical analysis and electronic trading platform previously owned by Fidelity Investments. The original software was developed by Dion Kurczek and released in 2000. The software was acquired by Fidelity Investments in 2004 and released to their customers as "Wealth Lab Pro".^[1] Fidelity decommissioned Wealth Lab Pro in July 2020.^{[citation needed]} Shortly thereafter, the original Wealth Lab team rewrote the code base and independently released version 7. Users with subscriptions can program, backtest, and automate trading strategies for various financial markets including stocks, futures, forex, options, and cryptocurrencies.

Overview

Wealth-Lab has an integrated programming environment based on C# syntax with added versatility derived from using its own Pascal-like programming language, Wealthscript.^[2][3] Although it is geared toward programmers, it has a drag & drop feature that allows non-programmers to create their own trading strategies based on technical analysis without the necessity to edit or even view any source code. This allows non-programmers to create and use strategy scripts, as well as expedites the process of programming for both experienced and novice developers.^[4][5]

Wealth-Lab requires market data in order to perform the majority of its operations. In its standard installation, several market data sources are provided such as Yahoo! Finance's free End Of Day data. Users can also lease real-time market data from reputable sources such as Commodity System Inc.^[5][6]

Wealth-Lab displays market data in formats such as candlesticks, lines, and OHLC; as well as non-typical formats such as kagi chart, Renko, equicandle. It also allows users to simply drag & drop one or more indicators from its library onto a chart, subsequently creating panels and annotations for each indicator, both standard technical analysis indicators and fundamental analysis indicators.^[4][5]

Users can either "Explore & Backtest" or "Build & Backtest". ´Build´ refers to the drag & drop method of strategy creation, whereas ´Explore´ refers to prebuilt strategies that are pre-installed or can be downloaded from the support website. The installation comes with two optimization methods: exhaustive or Monte Carlo, which uses a method of employing random numbers to create simulations.^[7] There are many more Wealth-Lab optimizers that can be installed from Wealth-Lab's extension manager.^[4][5]

Weath Lab is open platform and has a developer's community which programs and shares their own indicators, optimizers, and strategy scripts.^[5][8]

Client availability

Wealth-Lab 8 is available by subscription to customers worldwide without exception, including the U.S. and Canada.^{[9][non-primary source needed]}

Prior to August 2020, two legacy versions of Wealth-Lab existed. Wealth-Lab "Pro" was available to Fidelity premium account holders in the US only. Consumers outside of the US and Canada could obtain a version of the software known as Wealth-Lab "Developer" via the support website. The difference between the two versions resided in their use of market data streams, custom software extensions, and technical support.

In August 2020, Fidelity discontinued the "Pro" version and transitioned customers to use Wealth-Lab Developer 6. In March 2021, Wealth-Lab 7 was launched worldwide.^[10]

Technical support

All Wealth-Lab software users can get supplemental help designing and debugging their strategies via the developer's community on the forums and wiki found on the support website.^[11] Supplemental programming help for creating strategies or extensions is also available at cost by creating a Concierge support request.^{[12][non-primary source needed]}

Extensions

Wealth-Lab 8 is noted for its extensibility,^{[13][non-primary source needed]} allowing integration of broker and historical/realtime data providers, optimizers, position sizing methods, compiled strategies, reusable method libraries, performance visualizers, chart drawing tools, Building Block Strategy rules, and more.^{[14][non-primary source needed]}

• Brokers/Data: Interactive Brokers, Tradier, Alpaca, and multiple via Medved Trader
• Crypto brokers/Data: Binance, Kraken, KuCoin,
• Data providers: IQFeed, EODHD, CSI, CBOE, FinancialModelingPrep, Morningstar, Nasdaq, QuoteMedia, Stooq, Tiingo, TwelveData, MetaTrader, Norgate Data, CryptoCompare, and more
• Indicator libraries: TASC Magazine Indicators, Ichimoku Cloud, Advanced Smoothers, Community Library, Power Pack Indicators (and Position Sizers)
• Power Pack Visualizers: Analysis Series, Contribution, Metacorrelation, Streaks, Position Metrics
• Candlestick Genetic Evolver, Candlestick Pattern detection
• Optimizers: Genetic Optimizer, Particle Swarm Optimizer,
• Analysis Tools: Neuro-Lab, Monte Carlo-Lab, Indicator Profiler, and others by **finantic**.