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!
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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