Omega Trend EA is an automated Forex trading robot created by the FX Automater Company. Its operation is grounded on 3 main principles of trading that are believed to enhance the system’s performance and revenue.
Detailed Forex Robot Review
Omega Trend EA has an inbuilt money management system that allows a risk to be configured in percentage forms. The software also includes the Omega Trend Indicator, a tool that assesses the market for entry signals and monitors them to alert the user when a prospective entry sign is identified. A Time Management System is a part of the bot and it enables the user to specifically set it to simply conduct trades at particular hours.
From our review, we discovered that vendor transparency is absent. We could not locate any detailed information about the individual or the team that developed the system. Moreover, even though the system asserts that it offers 24/7 support, we could hardly locate phone contacts, address, or a live chat window, aspects that indicate that its support system is unreliable.
Currency pairs supported by the system are GBPUSD, EURJPY and EURUSD. The other features of this EA are:
- Ease of use
- Full automation
- Lifetime free updates
- 60-day money-back guarantee
- Professional support
The system is customizable and traders can make their own tests with different timeframes, using M1, M15, M30, H1, H4, and D1 timeframes.
Omega Trend EA Strategy Tests
The robot applies three main strategies. One strategy is trend spotting that works by identifying trading trends during certain market sessions. The Strategy diversity is the other approach. The system comprises two distinctive trend indicators connected to certain strategies that enable the user to exploit the various kinds of market movements. The final strategy is dynamic entries and exits. To prevent the user from missing the chances of making profits and needless account drawdown, Omega Trend EA connects trailing stop, stop loss, and take profit points to the market’s instability utilizing a dynamic approach.
Below is a screenshot of a backtest with fixed lots on GBPUSD:
The above backtesting results show that the account gained a total net profit of $21996.38 after a deposit of $2000 was made into the account. Approximately 4853 trades were conducted between August 2001 and September 2020. The average loss was $43.30, which was higher than the average win of $37.66. This should concern the user as a series of losses is not good for the account.
Real Trading Results
Below is a screenshot of the system’s real live trading account results:
From the screenshot above, it is evident that the account was able to generate an absolute gain value of 39.43% for a $222.99 deposit. The gain is very low, as the user has only obtained a profit of $89.73 since December 2020. The account gained a daily and monthly profit of 0.18% and 5.44% respectively. Obviously, the daily profit is small. The drawdown stands at 32.86%. This figure is high and can be problematic to the user as it demonstrates a high-risk approach.
The robot has managed to conduct a total of 356 trades. The longs and the shorts win rates are 65% and 61% respectively.
A profit factor of 1.19 for the trades is shown. The lot sizes traded are 3.95. This number is high, an indication of the account’s heightened risk of suffering loss.
The system uses Martingale. This is not good as the account may be blown up by seemingly reliable trades before the user can profit or even recover losses.The average win stands at 22.08 against an average loss of 28.98 pips. The wins are inadequate to offset the losses.
This robot is being offered at $97. Previously, it was being sold at $147. The current price includes one real account and 3 demo accounts, which make the robot worthy of this money. A 60-day money-back guarantee is included.
We were able to find only one customer review for this robot on the Forex Peace Army site. The testimonial did not reveal much about the bot’s performance. It only disclosed that the trend spotting strategy works and that the system makes revenue.
A screenshot of the review is provided below:
We cannot rely only on 1 customer review. More user testimonials are necessary to provide a general overview of traders’ experiences with the product.
We advise traders against using this robot. The trading results are unimpressive as the profit gains are small, and the risk of incurring losses is high as evidenced by high lot sizes and a high drawdown.
Additionally, vendor transparency is absent, which shows that the system’s support system is unreliable. The lack of adequate customer feedback further makes us hesitate from recommending this bot as we cannot irrefutably conclude if users have found it to be effective or not.
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