Metastock 9 v OmniTrader Optimisation ...

[cav609]

Hi
I'm contemplating buying one of the the two packages, currently leaning towards Metastock. One feature I like the sound of in OmniTrader however, is the claimed capability of testing a stock against many methods and then "scoring" the tests for the best predictive match for that stock.

Does anyone have any views or experience on this facility in OmniTrader? And is this possible, ie, the "scoring" in Metastock? Fully realise its then down to an individuals judgement, but any help helps!!

Thanks for any advice ...

 

[magnet]

Hi Cav609

I have no knowledge of Metastock9 but I have used Omnitrader for a number of years.
The question you should ask yourself, is what you expect of either program ?
If you are looking for a 'magic box' that gives you surefire investment tips, then forget it - no such program exists.

Omnitrader is an excellent prospecting tool. I use it each evening to narrow down a list of stocks for further consideration for 'buying' or 'selling'. There are more than enough indicators and oscillators to use with various trading models - it is a very versatile package.

Have you had a look at the Omnitrader web page ? - this will give you a lot of information about what you can do with the program.

I have no connection with Omnitrader, other than being a satisfied user.

 

[cav609]

Hi Magnet

Thanks for the reply. Nope, not looking for the "magic box" - but I was intrigued by OmniTrader claims - in their words "OmniTrader ... generates buy and sell signals based on the personality of each security in a given list .." Have you used this feature in OmniTrader? How would you rate its effectiveness, allowing for the fact that no tool will be better than human judgment?

Does anyone know whether this sort of capability is available in Metastock?

 

[Hittfeld]

I had OT since version 3.5 . Most overhyped product I know. Waste of money and, whats worse, an enormous waste of time.

Hittfeld

 

[magnet]

cav609

Hittfeld's experience is the exact opposite of mine . With Omnitrader there is obviously a learning curve in fitting the signals to one's own trading style.

With Omnitrader there are half a dozen Profiles (one can also construct different ones), eg Swing, Trending, Diverge, Breakout, 7-day Moves. Each profile uses a different combination of 120 indicators to produce trading signals. You are able to backtest over whatever period you like - this gives you a 'backtest hit rate', an 'Adviser rating' is also given, which indicates the strength of the signal. So yes the program does generate 'buy' and 'sell' signals depending on the personality of the stock.

regards Magnet

 

[cav609]

Magnet

Thanks for the clarification. Sounds like Hittfeld hasn't found this useful! Horses for couses I suppose

What are your main problems with OmniTrader Hittfeld, if you dont mind me asking?

Regards

 

[Hittfeld]

Magnet

Horses for couses I suppose

What are your main problems with OmniTrader Hittfeld, if you dont mind me asking?

Regards

I don`t know, if its only me, being utterly disappointed by this product. If you start a search on this board or elitetrader, maybe you will find many satisfied OT users, maybe not. A good idea before buying TA software would be to check the typical user-groups: WIth Metastock, TS2000i, Amibroker, Wealth-lab etc you will find tons of postings of longterm and satisfied users. Check for OT.

My problems were the inconsistencies of signals, handling and to the utmost the following hype:I bought this software based on claims which I was hard to produce, only to receive a letter after the return period offering me results in line with these claims after buying an extension at an outrageous price (compared to the original basic package pricing) because this would do the trick.

Please, I don`t want to bash this product. All could be just due to my poor command of your language, being not a native speaker. Check out for yourself.

My personal recommendations would be QT with broker-feed, IQ-backfill, Henry`s front-end and Amibroker for backtesting. You will find amongst the user supplied systems (AFL-library) some that would equal or surpass OT, but at no extra cost. The real cost would be the learning curve. I doubt this could be avoided by products like OT.

IF anybody will claim good results due to OT - my sincere respect.

Hittfeld

 

[cav609]

Many thanks for your comments Hittfeld. I'm doing exactly what you recommend re checking out the user groups, both for OT and Metastock before buying either one. I guess at the end of the day some kit works for some people and not for others. Still havent made my mind up though what will suit me best.

I wonder if anyone else out there has any views on the relative merits (or not) between OT 2004 and MS 9?? Particularly regarding back testing and system optimisation - with the caveat that they are only tools in a human decision making process??

Good luck to all!

 

[luispgsf]

Hi,
I have a pdf version of the metastock user manual.
If you are interested please wright to [email protected]

 

[cav609]

Hi luispgsf
Thanks for the offer, but I've finally settled on Metastock and therefore have the manual

Regards

 

[Soya]

Cav

You've made the right choice. I have both programs. No longer use OT but still use MS. Just one of the benefits of Metastock is that unlike OT it has a programing language, thus you can import ready-made formula from many sites and have the program do what you want. Very versatile tool. You want Elliott Waves. Somewhere on one of the many metastock sites someone has written the code for you to download into your Metastock. Want an indicator that tells you to buy when it rains and sell when it stops? I'll be out there. Good luck with your trading.

Soya

 

[cav609]

Soya
Thanks for the input. As it happens, the programming flexibility is exactly why I settled on Metastock in the end. Fortunately I can usually learn these sorts of code fairly quickly so appreciate having the flexibility to code my own systems. I'm mostly satisfied with my choice, though I will however say that now having played with MT for a few weeks, some downsides are:
1) A steep learning curve (which personally I dont mind)
2) Some fairly obvious, minor bugs and inconsistencies, which I would have thought would be easy to rectify, if not make some provision for somehow - they just let the package down
3) To be honest, the Enhanced system tester is fairly awful

All in all though I'm now starting to get the hang of it and have found Paritech (who i bought it from) have a very responsive support service

Cav

PS If you have a link to some Elliot wave code would be much appreciated ... !

 

[devtrader]

Cav609 if your interested in Omnitrader i could sell you my version of it, still boxed with all the manuals etc etc.

 

[Rainmaker]

i have mixed views on omnitrader - there are some useful elements in the package. however, i made the mistake of buying a "bolt-on" from them - the documentation was dreadful and the support was non-existent (7 e-mails in a month and no reply). so i ditched omnitrader completely.

 

[cav609]

---> Devtrader
Thanks for the offer, but as I said in an earlier post, I've now bought Mertastock and despite some shortcomings (eg the system tester and obvious minor bugs) I'm happy with it, particularly as Paritch have been very good at answering and helping wih queries
Thanks anyway.

--> Rainmaker,
Thanks for the input, noted!

Regards
cav609

 

[PAKHTER]

Hi
I am looking into a software package called Trendsignal which the vendor call a "decission support package" which sounds better than a black box type of solution as they support it and help you work it. I wondered if anyone had any experience of it. I have been to see them and the presentation etc is good. their website is www.trendsignal.co.uk. I have nothing to do with them in any way and only looking for advice if anyone has any experience of the product.
regards
P.Akhter. .