V.16:14 (679-681): Product Review: OmniTrader 3.5 by John Sweeney

V.16:14 (679-681): Product Review: OmniTrader 3.5  by John Sweeney
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Product Description

OmniTrader 3.5, Release 3 (Nirvana Systems Inc.). Automataed technical analysis, signal prospecting software. by John Sweeney

OmniTrader is an example of software that attempts to automate just about every-thing in the trading process. Embedded in OmniTrader are about 120 different trading systems, and all you really do is select a list of stocks and/or futures you want analyzed. Once you’ve selected a stock from your list, just double-click on the symbol and the program will:

1. Plot a chart with automatic support and resistance lines

2. Backtest the entire history with those standard trading systems that fit your investment style and have succeeded in the past

3. Combine the results with a vote between all the systems tested

4. Paste the voting results (trading signals) on the bottom of the chart (Figure 1).

The voting line is a compendium of signals automatically developed by OmniTrader 3.5. You can see all the subsidiary signals by enlarging the signal line area, as in Figure 2. To get these signals, OmniTrader 3.5 takes all your data on a tradable and tests it against 120 different systems, selecting those that test especially well. When you summon that tradable, it updates all the systems selected and then combines their signals to come up with a single recommendation. Both initial signals and reinforcing signals are shown by various symbols.

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