OmniTrader

OmniTrader offers automated trading software to investors across the world, including the UK. OmniTrader’s software can be used to integrate and deploy automated trading strategies across forex, stocks and CFDs. Clients can choose from a range of packages and features, catering to those that are new to trading and professional investors.

This OmniTrader manual will explain how the platform works, from data feeds and software plugins to broker compatibility, login safety and customer support. Our team have also reviewed the best OmniTrader brokers:

What Is OmniTrader?

OmniTrader is owned by Nirvana Systems, an American software company that has been in operation for over 20 years. OmniTrader is one of three trading platforms offered by Nirvana Systems.

The popularity of automated trading has grown considerably over the last decade as investors look for ways to trade more efficiently, often working around busy schedules. It is estimated that around 70% of the trades placed today are done so using automated software. This is a trend seen across countries and markets, including the UK.

OmniTrader offers multiple packages to cater to a range of strategies, experience levels and capital requirements. The software is also compatible with a number of devices, including Mac and PC.

Note, OmniTrader is not a broker. It is a software solution that offers tools and features for analysis, helping traders to assess financial markets. It is not possible to trade in live securities through this platform. Instead, users will need to sign up with a partner trading firm, such as Interactive Brokers.

How OmniTrader Works

OmniTrader’s software can be manually integrated into a broker’s trading platform. Alternatively, there is an automated solution available.

The platform offers a range of advanced tools and features:

• Scanning – OmniScan is OmniTrader’s proprietary scanning tool. It comes with several pre-loaded scans.
• Charting – trend, support and resistance lines are all supported. Lines can be viewed in any timeframe
• Advanced Chart Types – chart types can be created in any timeframe. Non-time-based charts are also supported, including Range bars, Renko, Tick and Three Line Break. Strategies can also be applied to non-time-based charts.
• Automatic Chart Patterns – chart pattern recognition, including Trendlines, Retrenchment and Support and Resistance, are automatically displayed, making it easy to quickly identify trends.
• Analysis – multiple strategies are offered, compatible with any timeframe. The Strategy Builder flowchart also allows clients to quickly and easily define conditions and criteria. OmniTrader also offers pre-configured trade plans, a vast indicator library and 100+ trading systems.
• Back Testing – advanced testing capabilities allow clients to view how strategies have performed using previous market data.
• Simulation – simulators allow clients to practice risk-free in any market, at any time. Simulation is valuable for novice traders but also experienced traders looking to test a new setup.
• Broker Tools – OmniTrader works with a pool of brokerages via an integrated broker tool which means clients can trade directly on the real market.

Our experts found the features to be fairly comprehensive but other platforms offer more advanced tools for analysis often at lower prices, including MetaTrader-5. Experienced traders may find the range limiting.

Price

OmniTrader offers flexible pricing options. Clients can choose from one of three packages, ranging from basic to premium.

1. End of Day: $495. The standard package includes 150+ indicators, automated trading, chart pattern recognition, live broker support and proprietary strategies. Data feeds are not included. Best suited for traders that prefer to operate after markets have closed, or if you trade Mutual Funds.
2. Real-Time: $995. This package also offers 150+ strategies, multi-timeframe analysis, dynamic strategies in real-time, plus tick and intraday strategies. This is the best option for traders looking to stream data whilst viewing markets in real-time.
3. Trader Pro: $1,495. This premium package caters to experienced traders. With this option, clients can create their own systems, indicators and stops, use custom tools, scans and filters, and share setups with other users. They will also have access to the Omnipilot add-on. This is best suited for traders looking to create proprietary formulas.

Each package is available to purchase as a one-off payment or via subscription plans. The End of Day package is $49/ month, Real Time is $122 per month and Trader Pro is $172 per month. Data feeds are charged at an additional fee.

Subscriptions are contract-free and can be cancelled anytime. Subscription fees are non-refundable. To cancel a subscription, contact the OmniTrader support team via email, phone or live chat.

OmniTrader is relatively expensive for the quality of its automated trading services. Instead, consider free alternatives like MetaTrader 4, MetaTrader 5 or brokers with powerful trading technology, such as IG and Plus500.

Paper Trading

OmniTrader offers demo trading accounts. Paper accounts accurately simulate live markets. Check on positions, view your history and add to your account, just like you would with a live trading account but without the risk of potential losses.

At OmniTrader, clients can view intraday or after-hours markets with a paper account. To open, view or edit a paper account, visit the portfolio feature in the client portal.

Paper accounts are a useful way to try before you buy. They are valuable not only for new traders but experienced traders also stand to benefit whether exploring a new strategy or platform.

Additional Resources

OmniTrader account holders also have access to additional data services. There are four data packages available: Real-time, End of day, Forex and Options. Data is charged on top of the chosen subscription or package.

The company also offers a large pool of additional plug-ins. Head to the Resources tab on the website to view the complete selection. All are available to purchase for a one-off fee.

The OmniTrader blog offers industry news and insights. It is accessible via the website or client portal.

And finally, OmniTrader has several pro forums. User forums are a great way to connect with other traders, share knowledge and get advice. Note, the forums are only accessible to account holders.

Education

Via OmniTrader University, clients can access a range of courses accessible to all. Key topics range from Trade Management and Understanding Fundamentals to Statistical Strategy Evaluation and Improving Accurange and Gains with Trading Strategies.

Courses carry a cost and can be purchased individually. On the downside, they are fairly expensive vs brokers with the top education.

There are also webinars, events and seminars available in addition to a glossary. However, these are not the best resources we have seen and it is disappointing to see the high costs associated with them.

Customer Support

The OmniTrader customer support team are on hand to help with any issues or questions. Support is available Monday – Friday. There are several ways to get in touch:

• Phone: 512-345-2592 or 800-880-0338
• Fax: 512-345-4225
• E-mail: support@omnitrader.com

There is also a live chat feature hosted on the OmniTrader website. In addition, OmniTrader is active on Facebook, Twitter and YouTube. Follow for the latest news and insights.

If OmniTrader’s services do not meet your needs, there is a 60-day money-back guarantee.

To cancel a renewal, visit the Account page followed by the Subscription tab and select Cancel Subscription.

Automated Trading Explained

Automated trading systems enable traders to enter and exit trades automatically. This is achieved via pre-set parameters also referred to as rules.

The popularity of automated trading has grown significantly over the past decade. The majority of trades executed today are done so using automated setups.

Algorithmic trading is often favoured for its time efficiencies but traders should be wary of relying too much on automated systems as it can lead to complacency and missed opportunities.

Bottom Line On OmniTrader

OmniTrader offers a comprehensive suite of tools and features designed to help traders accurately analyse the market and spot opportunities. OmniTrader has several flexible options that cater to a range of prices and experience levels. It also offers forums, data services and additional plug-ins.

However, we do have some concerns regarding the quality of the features offered by OmniTrader. Limited information is shared upfront and there are better tools available at more competitive rates. The MetaTrader 4 and MetaTrader 5 platforms are a good place to start with free downloads available. Some well-established brokers, such as IG and Plus500, also offer comprehensive tools.

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