OmniTrader Reviews

I've just tried OT2006 with Omnidata, Omniscan, CPRM2 and returned them. It's a brilliant concept spoilt by loads of program bugs, crashes and poor system design. Support told me "loads of people get lock ups." It does not find very good patterns because it lacks log charts. So you get silly straight trendlines based on 2 touches on a curved price line. The focus list buy/sell signals are not good enough. Omniscan/Data does not work with Metastock files. My UK focus list kept changing due to overwriting by US stocks. Portfolio does not accept prices with more than 2 dec. places. Game mode does not list transactions & can get final profit wrong. UK stocks are mis-calculated as £123 instead of 123p in simulations.

Works pretty well if you are trading stocks EOD. Need to use a screening tool then visually look at charts to decide if you should actually trade on signals. It also ranks signals so you have a good way of finding possible trades without spending ages looking through charts etc.

Pretty disapointed with the documentation and support, but the rest is OK. Wouldn't buy it again though.

Consulted the support people 3 weeks ago and have still not had a response, despite 5 e-mails. Dreadful!

I have used Omnitrader for a number of years and think it is a very good prospecting tools.

Have recently upgraded to Omnitrader 2003 which is a big improvement. You can now incorporate Entry and Exit filters

After 1 month's usage:

Best features:
Quick to get up and running.
Great for setting up multiple indicators in different time frames

Worst features:

Backtesting reporting is very basic: have not found a way to have a list of trades taken, drawdowns at that point, max drawdown etc.

Basically, it is a good TA screening package for indicator junkies who like to combine multiple indicators in multiple time frames (but EOD version only allows daily and weekly) without writing any code unlike Metastock or Tradestation.

You can choose to optimize or not.

Best used as a screening tool for ideas. Every day, it will produce list of buy/sell candidates
which, just like any other black/grey box, you apply your own common sense and narrow down the list yourself.

e.g. buys on stocks that get downgraded the next day or miss earnings can occur.

Entry signals have been good but exit signals have been poor e.g. a trade is in profit but then the stock falls and continues falling: system frequently gives back the profit and exits with a loss using a stop loss.

Have I made money using it? It has been erratic as an automated system paper trading and because of bad exits, good profits frequently turn into losses so blindly paper trading it has resulted in overall losses.

It is best used as a TA stock screener to look for opportunities.

Hi i have used omnitrader for about 18months i find it very virisitile although you have to ignore the signals some times as i find it to optimized but it filters out some exelent trading candidates on a short medium term basis the best thing i find is that you can confirm your trades with weekly signals with about 120 indicators u carnt go far wrong if you trade the trend