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A couple of other points along these same lines.
I also use OT. But I have also learned that you have to pick a security and an indicator which you can combine into a profitable execution. This has to be worked from a trading system which gives you maximum flexibility and minimum support requirements. I took me a "few bucks" to learn this.
I have found I do not see what other see in some indicators. I have also found not all indicators will work with all securities. I run OT against about 3000 stock and 30 futures. I do not use the forward testing feature because I do not care what the security traded like 6 months back. I was to know what it is trading like RIGHT NOW. A left over from day trading futures where yesterday may as well be 6 months ago. Great for the hindsighters.
>From this initial run I group the securities in trading types, trenders, rangers, etc. I have created OT profiles with only these specific types of indicators and run these against the group of securities they match. From these profiles I identify which securities have potential.
I use MS here against these finalist with the explorer, advisor etc.
The great thing about OT is it can blow through all the securities in a few minutes. One of the bad things about it is it profile file tracking system. You have to be careful about adding or deleting securities. To this end I have all my stocks in an alphabet sub directory structure. These are listed by names with the first letter of the name being the subdirectory. The futures are in type sub directories. When OT says something looks promising it gets added to an Explorer list and/or attached to an Advisor.
For the securities I hold positions on I copy them to a "current" directory. I delete them when the position is closed.
The hardest part of this whole thing is the setup. Once you get everything in place the rest is a piece of cake. I use Signal for my data and use Downloader's timed import feature.
For myself I have found this combination of software and approach provides me with maximum investigation time against a minimum of the drudgery work.
Happy trading.
-----Original Message-----
From: John Scudiero [SMTP:scudiero@xxxxxxxxxxxxxxxx]
Sent: Wednesday, August 05, 1998 4:14 PM
To: metastock@xxxxxxxxxxxxx
Subject: Re: Omni Trader 3.5
I am also a user of OmniTrader. The SW is very powerful if you fully understand what it is doing. If you run all indicators against all stocks you will get a good average reading. Which will not help you in picking the right stock.
OT is the complete opposite of a trading system methodology. It optimizes indicators against a data range you chose, the intent is that the price trend of the immediate future is the same as the existing past, thereby giving you excellent readings based on the indicators. And so many days in the future, you re-run the indicator test to reoptimize them.
Trouble comes when you use use all the indicator to make a decision on the stock. Just pick a few, (ones that have become your favorite) and let OT run them agsinst your favorite stock. What you will find is better indicators giving better signals.
johnnie
-----Original Message-----
From: Alton Stephens <astephen@xxxxxxxx>
To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Date: Wednesday, August 05, 1998 12:17 PM
Subject: RE: Omni Trader 3.5
>Walter, I am a long time [3 yrs] user of OT. I have given it up because
its
>signals never jibed with my read and were unusable, and because Nirvana was
>constantly upgrading the program and charging for it. I beta-tested the
3.1
>[or maybe 3.2] release and then right away they sprung 3.5 without ever
>mentioning it, and wanted to charge me for it. I emailed Ed and told him
>that was it for me and OT.
>
>I use GET, MSWIN, and QP- and AIQ some. Maybe will get Gann Trader 2.1 and
>TechniFilter Plus from what I hear. But no more OT.
>
>
>Alton Stephens
>astephen@xxxxxxxx
>
>
>
>
>> -----Original Message-----
>> From: owner-metastock@xxxxxxxxxxxxx
>> [mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of Walter Lake
>> Sent: Wednesday, August 05, 1998 9:56 AM
>> To: metastock bulletin board
>> Subject: Omni Trader 3.5
>>
>>
>> Hi guys
>>
>> I'm a new guy any will just start right in.
>>
>> I bought Omni Trader shortly after I bought MS, (last July'97).
>>
>> Both programs are good at what they do and serve my purposes as an
>> end-of-day trader. I use OT for setting up profiles of different sector
>> groups of stocks, commodities, and funds. MS, I use for charting,
>> indicator
>> building etc.
>>
>> I rarely look at the voting line in OT because my usual reaction is
either
>> "you've got to be kidding" or "that was pretty obvious". But I do look at
>> the 10 daily and 10 weekly lines that I set up below each chart. It's
>> interesting to watch the colours line up, then shift out of phase. Sort
of
>> like MESA.
>>
>> Each of the OT formulas are very well described in the 2 books on
formulas
>> and many can be optimized automatically.
>>
>> The criticisms that have been mentioned in the posts are true. But, there
>> are other things about the program and the company that have not been
>> mentioned.
>>
>> OT like MS is a good program, I just accept both of them for what
>> they are,
>> and try not to push them too hard into areas that they won't go.
>>
>> One major difference between the two programs is that in my owning time
>> period, MS updated from 6.0 to 6.5. In the same time period, OT went from
>> 3.0 to 3.1 to 3.2 with regular monthly releases, changes etc ALL FOR
FREE.
>> Then 3.5 came out for about $150.00US and has been through 3 releases
>> since. I also received 2 full length videos for free.
>>
>> Without getting into arguments about quality, quantity of activity speaks
>> volumes to me.
>>
>> I get the feeling that OT is a very "on the move" company. Their new
>> products in development sound interesting. If you have any concerns that
>> are not answered, call Tommy Holmes a long time guy at extension #303.
>>
>> I don't have any financial interest in OT nor have I have any involvement
>> with the company. I simply don't have the same concerns with OT
>> that I have
>> with MS. Maybe some of you are right about MS being a "dead in the
water",
>> "end of the line program". That is certainly my feeling at times. It is a
>> good "end-of-the-line" product however and I would never give it up.
>>
>> I'm currently looking at the basic ELWAVE program ($230US) for basic wave
>> counting and TFP 8.1 for screening.
>> I'd be interested in anyone's opinions about these programs.
>>
>> The 200+ digests have been interesting reading. There are some very
>> thoughtful contributors on-line. As a reader, I appreciate your time and
>> effort to contribute.
>>
>> Good trading to all of you.
>>
>> Walter
>>
>
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