OmniTrader is one of three trading platforms offered by Nirvana Systems and comes with several great Trading Strategies, including one for finding key reversals and another for breakouts. The Strategy Engine runs these systems hundreds of times faster than competitive software, which means you can scan for opportunities across thousands of stocks. In addition to generating Buy and Sell Signals in its symbol list, OmniTrader identifies Chart Patterns AND Setups across multiple timeframes. For each symbol, you see a Signal, a Pattern, and a Setup – enabling you to INSTANTLY identify the most profitable trades!
"vectorvest" or "trendspider" for example I would consider that to be far superior to omnitrader and for less overall money.
Customer service is not very good, I had a billing issue after I had cancelled, it was resolved.
Version 2013 is very good
Just like with any software, there's good and bad. I'll go thru both.
1. Huge amount of indicators and prebuilt systems (And I mean a lot).
2. Almost everything is configurable.
3. A good number of plugins (some are great, some are not).
4. Easy to get signals from whatever you trade (any kind of crossover, divergence, volume, etc).
5. Good value on software and data
6. Fantastic market scanners. They can do anything, and there's dozens prebuilt.
7. Great support. I've never had a problem that wasn't addressed the same day by forum or phone. Email was slower in response (to be honest).
8. Made in the USA. It's important to me that someone's kid is eating tonight because I bought American.
1. Not 64bit native
2. Standard canned signals can be misleading (just like any trading software). You must choose wisely (there's tons to choose from).
3. Not as robust a datafeed as the high dollar providers (but for the money it's very good). You can use an Esignal or IQfeed stream besides the Omnidata package offered by the company.
4. Sometimes the program needs a restart. If it was 64bit, I think that wouldn't ever be a problem.
5. No third party plugins.
Dollar for dollar, this is the best trading program (IMO). It has a lot going for it right out of the box, and the amount of good plugins keeps growning.
If you know what you're doing, and how you want to trade, this program is the icing on the cake. It can do almost anything you want, if you are willing to learn how to do it.
Simple if you want it to be, and very deep if you have time.
Sloppy bugs & design
Not bad tool
Omnitrader Stocks EOD
Consulted the support people 3 weeks ago and have still not had a response, despite 5 e-mails. Dreadful!
Have recently upgraded to Omnitrader 2003 which is a big improvement. You can now incorporate Entry and Exit filters
Quick to get up and running.
Great for setting up multiple indicators in different time frames
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.
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