Omega Trend EA Review
The Omega Trend EA combines three strategies into one powerful system for trading currency markets in the MT4/MT5 platforms. However, it is lacking any real verified results whilst backtest modelling quality is just 90%.
The Omega Trend EA is an expert advisor that trades automatically in the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. It can scan multiple charts simultaneously for trading signals. When the unique trading algorithm implemented with the robot identifies a potential trade, it can place and manage a position on behalf of the user. Alternatively, this trading software can be set to semi-automated so that it will send you an alert notification where there is a signal and you can then check the charts to decide if you would like to manually place a trade or wait until the next opportunity arrives. In this Omega Trend EA Review, we will take a close look at some the key features, the trading strategy used and recent results.
The Omega Trend EA is another automated trading system from the Fxautomater team who have a vest range of commercial trading robots that you can purchase. They have more than 50 years of combined experience in trading, researching and software development. We have reviewed other Fxautomater robots including BF Scalper Pro, Grid Master PRO, Smart Scalper PRO, GOLD Scalper PRO, Volatility Factor 2.0 Pro, Forex Diamond EA, Forex GOLD Investor EA, Forex Trend Detector and Forex Combo System.
You will need the MT4 or MT5 platform up and running at all times in order for a trading robot to be active. If it is not possible to have your computer or laptop constantly switched on, you could consider getting a Forex VPS which will be able to remotely run the platform and robots 24/7.
The software implements 3 simple but powerful trading principles. They are trend spotting, strategy diversity and dynamic entries/exits. The Omega Trend EA combines these three strategies into one unique trading system that can be used for trading various currency markets.
Trend Spotting
Every trading session yields a multitude of macro and micro trends that traders can look to try and take advantage of. The key thing is to identify the correct trend and make the most of it. The Omega Trend EA is configured to automatically detect a trend close to the beginning of the movement.
Strategy Diversity
A one-size-fits-all trading strategy isn’t always practical in the ever-changing currency markets. There are traders who will look to have at least two distinct strategies that can be used to take advantage of different types of market movements, such as trends and ranging price action. The Omega Trend EA has two trend indicators tied to specific strategies. This gives users the flexibility to trade in any market.
Dynamic Trading
Static entry and exit points can sometimes lead to missed opportunities and unnecessary account drawdowns. There are automated trading tools that are stuck to a rigid set of entry and exit criteria that is based on factors not tied to the current market volatility. On the contrary, the Omega Trend EA aims to avoid this problem by dynamically linking the stop loss, take profit and trailing stop points, to the existing volatility of the market at any given moment.
Here we will take a look at some of the more prominent features of the Omega Trend EA to see what separates it from other forex robots available on the market.
Omega Trend Indicator
The Omega Trend EA includes the Omega Trend Indicator. This is an advanced trading tool that has been specifically designed to detect market trends early using technical analysis. The Omega Trend Indicator draws two lines. The main (thicker) Trend Line represents the presumed lower or upper volatility limits of the current market trend. A break in the main Trend Line indicates a potential reversal or shift in the movement of the trend. The Trend Line also indicates possible points to place a stop loss order. In the Omega Trend EA, the Trend Line indicates the exact point of the initial stop loss, as well as where the trailing stop is moving. For uptrends the Trend Line is blue, for downtrends it’s pink (see image below). The secondary (thinner) Pivot Line represents the presumed Pivot level of the market. Breaks in this line can be used for short-term/scalping trades following the current market trend indicated by the Trend Line.
Money Management
The software has all of the money management features that you would expect from a trading robot. This includes the stop loss, take profit and trailing stop. You can use the developers default settings are adjust them according to your own risk preferences. Users can choose a risk percentage that they would like to use for each trade position and the EA will adjust the lot size accordingly. Alternatively, the software can be set to use fixed lots for each trade.
Recovery Mode
The recovery mode uses a martingale money management strategy. These split opinion between traders as they can recover from losing trades but also have a very high level of risk. When a martingale system goes wrong, it can cause drawdowns that are hard to recovery from and can even wipe out a trading account. If anyone is thinking of using the Omega Trend recovery mode, they should make sure they understand how it works and the significant risks involved.
That being said, the recovery mode will check to see if there has been a losing trade and if there has, it will open another trade with a larger position size. This is to try and recoup the previous loss. It may be possible for there to be multiple positions open at once with varying position sizes. If the original order and recovery trades are all going against the tide, things can get messy and quick. Therefore, we would personally avoid using a forex robot that is dependant on the martingale system. However, it is optional in the Omega Trend EA so you can switch it off if you prefer.
Time Management System
The time settings let you specify the days and hours that you would like the EA to automatically trade for you. This is useful if you want to avoid certain market conditions, economic events and prefer to trade only during certain trading sessions. For example, some traders may want to trade around hours of low volatility which can occur after the NY close and prior to the Tokyo open. This is quite a popular strategy amongst forex scalping robots.
Easy Installation
The software comes with a quick-install wizard that will walk you through the simple installation and configuration process. It is actually very easy to setup and use the Omega Trend EA.
When looking for a forex robot, you should always take a look at how it has been trading on verified accounts. Backtests over historical data can also be a way to get a rough idea of how a forex robot trades. Just keep in mind that previous results are no guarantee of future performance.
Omega Trend EA Myfxbook
Unfortunately, the developers haven’t published or shared any verified real accounts of the robot so we have no idea of how it is performing. This may put off many potential users. If you would prefer a forex robot with up to date results, you can take a look at our Forex Flex EA Review.
Omega Trend EA Backtesting
The Fxautomater team have shared some Omega Trend EA backtests on the recommended currency pairs over a 20-year period in the MT4 strategy tester. Whilst these historical results look impressive, it is important to keep in mind that they are only using 90% modelling quality. This means that they are not using tick data, variable spreads and aren’t including commissions. There are all major factors that can have a significant impact on performance. We would like to see some updated backtests with 99% modelling quality.
Although the Omega Trend EA has a combination of strategies along with useful features and customisable settings, it is let down by a lack of real trading account results and average quality backtests.
What is the Omega Trend EA price?
The software costs $127 which includes 1 real account license and 3 demo account licenses. All future updates of Omega Trend EA will be completely free for those who purchase the EA and you will also get professional support from the Fxautomater team.
Where can I download the Omega Trend EA?
You can download the Omega Trend EA from the official website here.
What kind of customer support does Omega Trend EA offer?
You can contact them whenever you want, regardless of the type of question or problem you wish to report. Fxautomater will try and get back to you as soon as possible.
What are the best brokers to use with the Omega Trend EA?
You can use any MetaTrader 4/5 forex broker to run the Omega Trend EA.
What’s the minimum amount required to trade with the Omega Trend EA?
There is no specified minimum amount required to start using this forex trading robot. You should only use what you feel comfortable with and can afford to lose.
What is the Omega Trend EA refund policy?
The Fxautomater team have a 60-day money back guarantee. You can request a refund if you are unhappy with the expert advisor for any reason.
Is the Omega Trend EA a scam?
Although we do not believe that the Omega Trend EA is a scam, we do not have any real accounts to make a fair judgement on its performance. That being said, because a forex robot is losing, that doesn’t automatically make it a scam.
Can I get the Omega Trend EA for free?
You probably could spend countless hours looking for a free version of the Omega Trend EA being shared but it is likely to be out of date, unsupported and potentially dangerous.
What currency pairs does the Omega Trend EA trade?
The developer recommends trading with the Omega Trend EA on the 1-hour chart timeframe and the following currency pairs: GBP/USD, EUR/USD and EUR/JPY.
What are the best Omega Trend EA settings?
The developers who have spent years programming and testing the software provide you with a range of set files for different currency pairs. Chances are, they will know the best settings more than anyone else.
Can I change the Omega Trend EA settings?
If you have the knowledge and experience, you are free to experiment with your own settings, this includes the lot size, stop loss, take profit, and more. You may wish to test your settings on a demo account to begin with. You could also backtest the robot in the MetaTrader strategy tester with your own combination of settings to get a rough idea of historical performance.
What do I need to run the Omega Trend EA?
You will need either the MetaTrader 4 or MetaTrader 5 desktop platforms and an account with a forex broker. Most forex brokers will let you open an account with a small deposit and download the MT4/5 platforms free of charge.
How much money can I make with the Omega Trend EA?
There are absolutely no guarantees on how good or bad any trading robot will perform. Due to the unpredictable nature of the forex markets, there is nobody that can predict what will happen in the future with complete uncertainty. You should make sure that you understand all of the risks involved using any automated forex trading system such as the Omega Trend EA.
Results are based on historical data. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. There is no guarantee of future performance. You should understand the risks involved with trading. Your capital is at risk.
