Omnitrader trading software represents a nice alternative to other trading softwares presented in this site. This software generates built-in 100% automated trading signals. Very little tuning remains to be done.
Free trial facility
Omnitrader offers a 30 day money back guarantee. Since this software already simplified the work it should not be a problem to evaluate this trading software within the 30 days trial period.
Technical indicators available
This software supports 120 technical indicators. Those indicators are the standard ones (RSI, stochastics, moving averages, Willaims %R, etc.). Users don't have to analyze charts with those indicators. Instead users should use built-in trading systems to evaluate trading opportunities in selected markets.
Generate automatic trading signals
Omnitrader claims to generate 100% automated trading signals over a specified list of securities. The software uses it's ARM (Adaptive reasoning model) to generate trading signals. It combines all 120 technical indicators and find the best performance for each individual security in the list specified. It displays the overall performance. You can filter out securities that don't satisfy your performance criteria (filter out less than 80% success rate). When you use this capability make sure you have data of at least 10 years history and verify good and bad periods where the trading signals were generated. Also verify that the trading system does not change when you go into the future. This kind of software can try to reoptimize when you advance into the future so verify that very carefully.
User defined trading system
With the main characteristic of this software it does not make too much sense to think of building it's own trading system. However they supply at a fee (see pricing structure below) a SDK(Software development kit) where you can design and program your own trading system. You must use VB (Visual Basic) programming language to do so.
Pattern recognition
Omnitrader does a bit of pattern recognition. It will automaticly display trend lines, support lines and candlestick special patterns. We don't believe it will recognize a head and shoulder or double top or double bottom. However very few trading software can draw trend and support lines automaticly. It also supplies drawing tools so you can draw on the chart your own trend or support lines.
Data feeds availability
This software support metastock, CSI and AIQ formats. For real time users it supports Esignal, Quotecom, IQfeed. It does not say if ASCII files are supported. Always remember that data feeds can cost from 25$ up to 100$ per month.
Day trading support
Omnitrader supports day trading through their real time version. This version comes at a fee (see pricing structure below).
Special characteristics
Beside omnitrader's automated trading signals, we also have the following characteristics. We have a short report that pops up on the screen when the mouse is over the signal. This reports explains the signal. You also have a probability advisor that tells you what is probablity this signal will be good (in terms of percentage). You can also customize some parameters that are used to generate the trading signals.
Ease of use
This software is fairly easy to use considering it's advanced capabilities to generate automated trading signals.
Available Add-Ons
This trading software supports some add-ons from third party companies mainly Nirvana systems. One of those add-ons will help you improving pattern recognition. It automaticly identifies 7 trading patterns. It remains to be seen however how efficient it is over several market conditions. This add-on come at a cost (see pricing strucutre below).
Prcing structure
Omnitrader standard(stock) package costs 495$ USD.
Omnitrader with futures edition cost $695 and omnitrader real time edition cost 995$.
Add-ons costs from 99$ to 495$. The 7 pattern recognition add-on cost 495$. Verify that those add-ons are under the 30 day money back policy.
This page briefly outlines Omnitrader trading software main characteristics. We hope it was of any help to make a decision about which trading software you might choose in the future.
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