Product Review: OmniTrader 2010 by Sean M. Moore
WE first reviewed OmniTrader 2.1 in 1996. Since then, Nirvana Systems has continued to add features and functionality to the program. The latest version, OmniTrader 2010, is a powerful trading platform with a vast array of customizable options. With OmniTrader, you can scan for prospective trades, view charts with indicators and automated chart pattern recognition, implement trading strategies with automated signals, utilize built-in money management, and even place trades through an integrated brokerage account. For those who like to do their own system programming, OmniTrader is completely customizable with OmniLanguage, a language based on Visual Basic.net. But the beauty of OmniTrader is that the team at Nirvana Systems has done a lot of programming, so you can take advantage of the many robust features with just a few clicks.
Installing OmniTrader is pretty straightforward. After installing from the CD and going to the website for the latest updates, you are ready to connect to your data source. For this review I used Nirvana Systemsí own data source. Pricing for OmniData is $19.95 per month for end-of-day (Eod) stocks, $59 per month for real-time stocks, and $79 per month for real-time futures. OmniTrader is also compatible with several third-party data sources. OmniTrader does a lot of analyzing and computing, so the more powerful your computer, the better. I installed the software on a Windows XP machine with an Intel Core2Quad 2.33GHz processor and 2.00 GB of Ram, and the OmniTrader software ran smoothly with this setup.