In this post I will be reviewing the Omega Trend EA. The word “EA” means expert advisor which is the official name for a forex robot in MetaTrader 4 for those who are new to the world of forex robots. It is a fully automated forex trading system that you can set and forget in just 5 minutes on the free MetaTrader 4 trading platform. This Omega Trend EA can be traded fully automated or semi-automated depending on your preferred style. In fully automated mode the built-in algorithm will scan your charts for trading signals then place and manage trades for you. If you opt for the semi-automatic mode, the Omega Trend EA will send you a trading signal alert and you can then decide if you would like to enter the forex market or wait for the next signal to come along. Either way, there are distinct advantages and disadvantages which we will cover in this Omega Trend EA review.
Fxautomater are the developers of the Omega Trend EA and have a large selection of forex robots that I have previously reviewed including News Scope EA Pro, Forex Trend Detector, Wall Street Forex Robot, Forex Diamond EA, Forex Gold Investor, Volatility Factor Pro, BF Scalper Pro, Grid Master Pro, Smart Scalper Pro and Gold Scalper Pro.
Omega Trend EA Trading Strategy
The Omega Trend EA uses a unique trading system that works by detecting trends during specific market sessions. It is dynamic in the way it uses a combination of trend lines to try and adjust to the current market conditions and contains 2 different strategies which adds to its diversity. You may choose to trade 1 or both of the strategies – the Omega Trend EA comes with default settings so it is ready to use out of the box and therefore suitable for beginner forex traders.
The Omega Trend EA also includes the Omega Trend Indicator which is a technical indicator that analyses the market for entry signals if you wish to trade the system manually. The indicator tries to identify trends for you and alerts you when it finds a potential entry signal. Effectively, this forex trading system is 2 for the price of one – you get the fully automated system and manual trading system. This makes it suitable for those who prefer trading manually and also for those who want an automated system they do not have the time or knowledge to trade manually. The Omega Trend EA can be used in different market conditions and includes filters to try and enter in on the prevailing trend of a currency pair whilst limiting false signals.
Although the Omega Trend EA is a fully automated forex trading robot, you could always set the software to semi-automated mode in which instance it would send you an alert when it finds a trading signal and you could decide from there if you would like to enter the market or wait for the next opportunity to come along. I would always like to perform my own additional market analysis where possible as extra confirmation for all trades. This could include technical analysis, fundamental analysis and price action analysis. Generally speaking, the more aspects of market analysis that you have covered, the more informed your trade decisions can be.
The developer has made all of the Omega Trend expert advisor settings externally available which means that you can adjust them via the inputs window when you attach this robot to the charts in your trading platform. You can always just use the default settings provided by the developer that have already been optimised but you should always check to make sure that the lot or risk size is set to a suitable level for your risk preferences as every trader is different in that respect.
For those of you who have the experience, you are free to experiment with the Omega Trend robot settings to develop your own bespoke set files. I would use the MT4 strategy tester to backtest the software across different currency pairs and chart timeframes to discover unique combination of settings that match my trading style and goals. There are recommend currency pairs to use but that does not mean you cannot run it on other financial instruments. However, if you do wish to experiment with the Omega Trend EA software, then you may want to do so on a demo account to begin with and see how things go.
Omega Trend EA Back Testing
The Omega Trend EA website contains back testing results showing the performance over 5-12 years. It is worth considering the tests were not done on tick data so the modelling quality is just 90%. For the upmost accuracy, I like to see back tests that are conducted using real tick data, variable spreads and including commission, swaps and slippage. Therefore, I would not say these results are reliable. If tick data, variable spreads and commission were included, the results could have been much different. I would also like to see the developer provide more up to date results as we have been through many different market conditions since they were last updated.
Omega Trend EA Live Results
Despite the poor quality of the Omega Trend EA backtests, the developer has at least shared a verified Myfxbook account where you can see the Omega Trend EA results over historical data. However, it shows that there have been quite high drawdowns during the time it has been running which does not fill me with confidence. I have seen forex robots with much better results, including the Forex Flex EA. To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page..
Omega Trend EA Summary
The Omega Trend EA is an automated and manual forex trading system that is flexible and based on trend trading which means that it can catch some big moves but I think there is certainly room for improvement. Firstly, I would not use it as an automated trading system simply because I do not think it has the backtests or real results to warrant that. On the other hand, I can definitely see some potential for the Omega Trend software as a standalone manual trading system. However, that would require the user takes time to learn how to use the trading system which could take months of practice. If you are looking for an automated solution, then there are better options but if you want to experiment with a manual trading strategy on a demo account, you can visit the Omega Trend EA website for more information.
Omega Trend EA
$147
Pros
- Multiple Currency Pairs
- Versatile Trading Robot
- Unlimited Licenses
- 30 Day Money Back Guarantee
- Full Support
- Lifetime Updates
- Detailed Instructions
- Customisable Settings
- Fully Automated & Manual Forex System
- Verified Results Provided
Cons
- MetaTrader 4 Only
- Requires User Input
- Limited Backtest Quality
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
