OmniTrader

Author T2W Bot
Creation date Nov 10, 2005

Overview Reviews (8)

Website: http://www.nirvanasystems.com/OTI/Software/index.asp

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!

Author: T2W Bot

Views: 2,918

First release: Nov 10, 2005

Last update: Nov 10, 2005

Rating: 3.50 star(s) 8 ratings

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Latest reviews

Airlinepilot
1.00 star(s)
Aug 22, 2018

Not recommended

Did the 60 day try out of omnitrader, didn't like it. I use other products that are far better and cheaper.
"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.

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Version 2013 is very good

Been using this since 7.0 and 2013 is lightyears ahead of that.
Just like with any software, there's good and bad. I'll go thru both.
Good.
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.
Bad
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.

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tycoon ted
1.00 star(s)
Nov 21, 2006

Sloppy bugs & design

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.

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awoodj
4.00 star(s)
Apr 26, 2004

Not bad tool

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.

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Rainmaker
3.00 star(s)
Apr 23, 2004

Omnitrader Stocks EOD

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!

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magnet
5.00 star(s)
Jan 15, 2003

omnitrader

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

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AC1
4.00 star(s)
Jan 2, 2003

Omnitrader 2002

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.

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shrewd1
5.00 star(s)
Dec 8, 2002

Omnitrader

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

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