Aimed at traders who are looking to dabble in live accounts and improve their account balance, Omega Trend EA is part of the Forex Automator EAs.
With over a decade of experience in the Forex automation systems, the company is known for its reliability. It is designed with three core trading principles that aid in boosting performance and revenue.
Along with free updates and professional support, the trading EA provides several useful and effective features. For general recommendations on selecting the best EA/signal provider, have a look at our best Forex EAs/signals list.
Omega Trend EA Overview
Compatible with the MT4 platform, the EA mainly supports EURUSD, EURJPY, and GBPUSD currency pairs with default settings for EURUSD. H1 time frame is used by Omega Trend . The EA is compatible with all brokers offering price quotes of 4 digits or 5 digits.
It is fully automated and all features and settings of this EA can be customized easily. You can also alter the trading hours which are automatically set. Integrated safeguards are in place here for broker and profit protection.
Three different time frames are possible. Other than H1, the EA also offers 15- and 5-minute timeframes. It also uses inbuilt tick technology.
The developer of this EA is offering a 20% discount on the product now. So, its earlier price of $97 has been reduced to $77 now. The price includes 3 demo accounts and a real account. A money-back policy of 60 days is provided along with 24/7 customer support.
The customer support we found was only via the contact form on the official site, which is not what the pricing package assures.
Compared to other EAs in the market, the price of Omega Trend is very low, which makes us suspicious about the support provided and the strategy used for the trades.
|Forex EA/Expert Advisor||Price|
|2||Wall Street 2.0||$237|
|3||Forex Flex EA||$330|
|5.||Smart Scalper Pro||$117|
|6.||Omega Trend EA||$77|
How it works
The EA remains operational 24/5 and on identifying a profitable trade, it will activate a trade based on the customizations you have included in the software after setting up your account. The automated system eliminates stress and making emotional decisions with its optimized settings.
Three main strategies are used by this EA namely trend spotting, diversified strategy, and dynamic exit and entry of trades. Trend spotting involves capitalizing all the large and minor changes and leveraging them to give profit to the trader. The trend that is closest to the start of price momentum is used by the EA.
In the second strategy, the EA makes use of two different trend indicators linked to particular strategies for flexible trades. In the dynamic strategy for entry and exit, traders will be able to spot all the profit opportunities due to account drawdown and volatility that is linked to static entry and exits.
We found the backtesting performance on the official website taken for a period ranging from 5 years to 12 years. But it is done on 90% modeling quality without using tick data. Since accurate results can be expected only with a modeling quality of 99% and above,this is not acceptable.
The demo account results are verified by myfxbook as shown below. A gain of 27.87% and a drawdown of 9.84% is shown along with a 56% overall profitability percentage for the 299 trades. One major drawback here is the lack of verified results for the real account as it is not possible for us to assess the performance of the software.
The lack of customer reviews for this EA online is another drawback we found with this EA. The review from the Forexpeacearmy site below does not reveal much about the performance of the EA. Considering the affordable price, it is indeed surprising that there are very few reviews of user reviews, which is a sure indicator of the lack of effectiveness of this EA.
Special Features in Omega Trend EA
The improved version of Omega Trend EA v.1.1 has optimized and enhanced trading strategy to improve the performance. You can find fixed file settings for all supported currency pairs and it is installed automatically with the upgraded version. The trend line indicator is another advanced addition to identifying market trends effectively.
As an add-on to the existing features, the EA has included time management, which enables the precise configuration of the software unlike the conventional time system used by the EA. Furthermore, the EA has additional parameters set including stealth mode, short and long trades, and removed the GMT offset feature.