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In a message dated 1/31/2002 8:44:21 PM Central Standard Time,
mikee@xxxxxxxxxxxxxx writes:
> What EL does for the code is more than the [] syntax. Depending on
> the function the EL system will attempt to determine how many
> days of data to look at, will keep previous calculated values in
> case they might be needed again, if a function is called by two
> different indicators the EL system seems to keep the function
> space in its own local environment and does not mix the intermediate
> values. EL is a complex system and it would be difficult in several
> ways to replace its implied functionality, but it is possible.
I agree this is possible. In fact, I have done it. All of this can be done in
any general purpose language with some well thought out libraries. PowerST
provides libraries for all of this type of functionality. The exact syntax is
significantly different than EL, and the way some things are done is
significantly different, but the same functionality is available.
> With a translator to convert EL to something else, the implied
> price series manipulations and storage can be emitted with the
> translated code and there by reduce some of the vagueries of
> what is happening.
On the other hand, my opinion is that a translator is very difficult. Makes
more sense to just rewrite the EL code to the new environment. It isn't that
hard. I am skeptical of any translator working 100% without human
intervention. Makes more sense to acknowledge it requires human intervention
and just rewrite. Only an opinion.
EL has the advantage of being a language custom designed for the application
of trading. However, the tradeoff with any custom language is a more limited
language that has been designed, developed and supported by a single vendor.
My viewpoint is that trading software is a microscopic sized marketplace
compared to the marketplace for a general purpose languages such as VB or
C++. The amount of development which has gone into world class general
language products wouldn't be possible for a language where the entire
marketplace is trading software. That is reflected in the scope of the
general purpose languages, as well as the quality of the best general purpose
language products. You are not going outgrow VB or C++. The best of both
worlds, in my opinion, is an environment that uses the best general purpose
language, and provides libraries for the trading functionality.
Once you have decided to use a general purpose language, I think this current
discussion, which is a discussion which has occurred over and over on this
list, is putting too much emphasis on language (VB, C++, PERL, lisp, and
Java). Language is only the very first issue to address. The analogy I can
think of is extended discussions about building materials. Whether you end up
building in brick, stone or wood siding, there is still the huge effort
necessary to actually build the house. Well, Gary Fritz already said this
very well. It is the underlying libraries and support infrastructure which
make a trading platform, not the language.
I agree with M. Simms:
> repeat after me:
> VB is not a trading platform.
> VB is not a trading platform.
> VB is not a trading platform.
> VB is not a trading platform.
VB is only a language. The hard thing is the trading platform.
I have spent years not only thinking about these issues but also actually
developing trading software that provides a trading rules specification
environment based upon a general purpose language. The decision about what
language to use in only the first 1%. Next, developing a trading rules
specification environment using the language is a project. However, the
trading rules specification environment is only one aspect of viable trading
software. There are other projects just as big. For example, a user
interface, the underlying number crunching to support the trading rules
specification environment, a variety of testing performance reports, an
exhaustive enough list of features to attract people into wanting to use the
software, a web site to communicate the features to prospective users, and
documentation about how to use all of this software.
Bob Bolotin
Developer of "PowerST: The Power System Tester"
http://www.powertesting.com
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