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Non-Tech : OmniTrader-Do you like it???
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To: Darth Trader who wrote (48)6/16/1997 2:35:00 AM
From: Craig DeHaan   of 402
 
DT,

Don't be too quick to judge it harshly before you've carefully checked out some of the intricacies in setting the various (120) trading system filters and parameters. Out of the box it doesn't come anywhere near performing black box "magic", but after setting up thematic scan criteria (i.e. divergence-based indicator scans, trend-based scans, rsi/moneyflow scans, etc.) and then screening random groups of stock to see which perform well in backtesting under these various scan criteria, you have a tool that is not easily matched with other systems. All stocks are not created equal, so instead of working on generic scans to catch anything that falls out, with this program you "tune" your stock selection groups to only those that have performed well under various scan criteria bases; an interesting twist. Once a "compatibility" has been established in backtesting there seems to be a remarkable followthru in price movement for a number of weeks thereafter. Backtesting is recommended at least every 5-20 days to keep the screening process fresh. The current release (3.0) of the program has some bugs, but none are very invasive or anything approaching system-disabling. Version 3.1 is due out by the e.o.m. and hopefully will tune things a bit better yet. All in all its an interesting approach to TA, and a worthy addition to test TA weaponry.

Craig
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