I would like to add few new methods to the community extension...I have downloaded the source code from the WL Wiki...once I add these new methods, how do I convert the source code into a WLE (Wealthlab extension file)? Is it better to create a custom extension instead of adding to the community extension ?

Also as a side note I am sharing a link to this website for those who are interested in C++ programs for Finance especially for pricing options

http://finance.bi.no/~bernt/gcc_prog/index.html

Forget about WLE, that's a bootstrap file used for downloading Extensions. It can be safely deleted if you choose to install the Extension this way (there are three of them).

Once your method is ready please feel free to share it. If we decide that the new method is useful, code quality is OK, and it's not very specific (single user solutions, sky-high IQ stuff etc.) or overly simple, then we may add it to Community Components.

And of course you can always create a custom extension and/or experiment with adding your method the downloaded solution on your local PC.