Need Opinion on AIQ vs Omnitrader ( from Dr Iraj )

[sukhibraich]

Hi Doc

As I understand from various people on this BB that you use AIQ & Omnitrader.

Which one would you recommend and why?

I need your opinion regarding this.

Thanks

Sukhi

 

[Dr Iraj]

Yes mate, I do use OMNITRADER along loads of other software.
I will compare both software on Saturday where I have more time.
Sorry about the wait. I would rather to give you the full picture than a reply just for the sake of it.

thx

 

[sukhibraich]

Hi Doc

Thanks. I look forward to your reply.

Sukhi

 

[Dr Iraj]

OMNI V AIQ

These two software are both excellent for technical Analysis and are different in many ways.

OMNI TRADER

Advantages:-

1) You need a very little knowledge of TA to select wining trades.
2) Omni has a built in algorithm to choose the correct indicator .(I am not sure how successful this algorithm is. I don’t have enough evidence to support or reject the validity and the effectiveness of the algorithm.)
3) The software is simple to work with ( very little learning curve)
4) The software is cheap (Not the data though)
5) It uses both subjective (Cup handle, Head shoulder,….) as well as more objective (MACD,RSI,VOLUME CLIMAX,FIB,….) analysis during the scanning/short listing period).
6) Excellent support from chris byers. He is a Technician him self and a very very nice man. (works for OMNI and not AA).
7) They are releasing a new version of OMNI (version 2001) soon . This version seems to be the business, (Full fundamental support) amongst loads of other new facilities.


Disadvantage:-

1) Minrow supplies data with one step updating. It however is expensive and you can only have access to around 1000 stocks.
2) Other Data vendors are available (www.regisdata.co.uk) but I found them awkward to import data into OMNI TRADER. You can also import data from AIQ ( read the email at the bottom of this thread)or Investorease into OMNI with slight pain, but once you get over the initial hurdles the process should be straight forward.
3) You can not short list stocks according to your OWN CRITERIA.

Example

Say, you are interested in those stocks which have dipped for the last past 5 days and now have gained 2% today. This facility is important. OMNI does not offer any ways of doing that.

AIQ

Advantages:-

1)Excellent charting with easily readable indicators on the right hand side of the screen.
2) EDS routine allows you to short list stocks according to your OWN criteria. This is an excellent feature.
2) Daily short list of stocks. Moving averages crossover/Relative strength short and long term amongst loads of other listings. This facility spots the LURKERS and I found them quite useful.
3) Unique Top down stock selection facility. I found this facility excellent.
4) One step data download.
5) Real time version available
6) Excellent support from BOB.

Disadvantage:-

1) It has no built-in optimization algorithm to short list the wining trades( Shame). It is therefore up to you to write routines to short list stocks. Even after writing the routines you still have to find the best candidate by manually finding the most optimized indicator and settings (I will discuss this issue on Saturday).
2) It is expensive


Conclusion:- If you are new to TA or still not confident in your analysis I suggest you to go for OMNITRADER. It is cheap but NOT nasty. You might decide to stay with the software for years to come. I however feel AIQ is an excellent professional software for those who prefer stock reports/listings /EDS short listing on various price volume criteria’s, and trust their own analysis .

Performance :- OMNITRADER has not done too bad considering how choppy the market has been for the last past 3 month. Our share of the day selection thread on CI picked by OMNI did not perform very well ( all stocks were chosen by the man himself Chris byer) but to be quite fair to OMNI unless you had the crystal ball you would not be able to pick that wining stock. (The randomness in data series was at its peak during the AUG to NOV period and even Top Neuro Models used by some US brokers failed to perform. ).


PS if you are thinking of buying OT please phone Chris and ask for the 2001version (I am not sure when it will be released in UK).

GOOD LUCK
Iraj


This is the reply I received from AIQ support on direct export of data into metastock format.

…….Our program does not support export in Metastock format. You will need to
export in ASCII or .csv format, then import into Metastock.
Please let us know if you have any further questions.

----- Original Message -----
From: iraj jafarian <[email protected]>
To: <[email protected]>
Sent: Friday, November 24, 2000 11:46 AM
Subject: Dear Sir;



[This message has been edited by Dr Iraj (edited 06-01-2001).]

 

[Joe]

A copy of the posying from the Omnitrader thread which may help.

I have not tried importing Investorease into Metastock. However Omnitrader is simple to use in that all it needs to know for Metastock and AIQ is the directory address of where the files are held and it does the rest.

As you know I use AIQ, Metastock and now Omnitrader (Updata for real time). Omnitrader seems to be the simplest to use and yet the most informative.

My prestel end of day downloads the Metastock data in one 30 second phone call. I then update the AIQ files from the
Metastock (automatic 60 seconds - no phone call) this in turn make updated files available to Omnitrader. All compatible, one source one 30 second phone call minimum of fiddling about for £105.75 per year from Financial Express prestel 01483 783900 or www.financial-express.co.uk

I think that Prestel may be a more fruitful source of data than AIQ.

Regards
Joe

 

[Sharky]

Hi there,

Well after Iraj comprehensive answer, there's not much for me to say, except add my own observations. I also have omnitrader and AIQ, and have used both a fair bit. Personally I would definately get AIQ first, and then if I could afford it, I would consider getting Omnitrader to get some confirmation from my AIQ picks. I think if your serious about TA, then AIQ is really your only choice compared to Omnitrader, which you are much more limited as to the reports you can generate and the TA indicators you can use. I like AIQ because if you rent it as I do, you only pay $55 a month (I think), but you get the manuals that go with it, and you can use Mytrack to download free EOD data across US and UK stocks. Though for the UK, I would recommend paying the extra to get Prestel which has better quality data and also its much more geared towards the UK, and use BOB from AIQ UK's data error fixes each week. With UK I never had any problems with prestel, but getting Mytrack to work, is a big pain.

I think omnitrader is useful to scan a whole load of stocks, but its too easy to rely just on omnitrader to do all the work.. and you don't necessarily understand what or why it's doing it. I much prefer AIQ's top-down approach to picking stocks, and I think the reports it makes along with the breadth data it creates from groups of stocks is invaluable. And with the beta version of the new AIQ we also have the ability to plot fibonacci fans, retracements and timeframes, along with other useful updates.

Hope this helps your decision.

Cheers,


------------------
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Pigsy

 

[sukhibraich]

Thanks a lot Doc.

Sukhi

 

[sukhibraich]

Thanks everyone

I bought OmniTrader 2 months ago. It has not performed the way it is advertised. The signal hit rate is NOT that good i.e. you can not rely on its Buy/Sell signals. It suppose to test 120 indicators and find the best but I have doubts about this. You have to use other TA to filter out the signals. There is no facility to write your own strategy to short the list of stocks.

As Doc has said there is no evidence to support or reject the validity & the effectiveness of the algorithm. There have been some incidents where OT has generated a signal and looking at the chart and other TA does not justify the signal.

Also the LAB does not work the same as Real mode. This has been confirmed by Nirvana in USA. Very strange.

I just wanted to know if I have made the right decision. I am more confused now.

Regards
Sukhi

 

[sukhibraich]

Hi Doc

Any tips on optimise settings for OmniTrader???

Sukhi