Omega Trend Indicator is a Forex indicator product that promises a handful of strategies that they allegedly claim makes them one of the most successful. Is Omega Trend Indicator Scam or Legit? In our review today we will certainly be analyzing every single aspect of this Forex indicator claims in order to come to a conclusion and let you know if this is a viable trading product or not.
Omega Trend Indicator was created by the FX Automater team, located in Bulgaria. It is the core trading indicator of the Omega Trend EA, from the same developer.
Omega Trend Indicator is considered not one of the best Forex indicators because it is free and does not have a verified trading result on myfxbook.com or FXBlue.
Omega Trend Indicator Review
Omega Trend Indicator is a Forex indicator purporting to offer a lot of top features for a price of free. The notable features of this trading tool include lifetime support, works on all currency markets, trades on all time frames, plus it can be upgraded to Omega Trend EA at a price of $47. It is important to notice that the Omega Trend Indicator is a scalper and at the same time can be used for a long-term investment.
Scalping is a trading style that specializes in profiting off small price changes, generally, after a trade is executed and becomes profitable. It requires a trader to have a strict exit strategy because one large loss could eliminate the many small gains the trader worked to obtain.
What is more, there is a recommended setting on the Omega Trend Indicator sales on the FX Automater website. These settings are there for you to see and configure your Omega Trend Indicator.
Strategy Insight
During our check on Omega Trend Indicator, we saw that they are offering 4 strategies as the trading methodology of this indicator. The strategies are properly enumerated as Early Movers Earn Returns, Upper and Lower Volatility Estimates, Market Break Detection, and Scalping Friendly.
The Early Movers Omega Trend Indicator algorithm uses market trends to detect early signs of market movement. The Upper and Lower Volatility Estimates answer the questions; How long should you stay in? When should you take your profit? Where should you set your stop-loss? Market Break Detection Omega Trend has a visual indicator that is dedicated to tracking potential reversals in the market. Scalping Friendly Omega Trend Indicator has a secondary Pivot line to signal potential scalping situations.
We did not see them mention important strategies for technical analysis that have been proven to be effective and reliable like the four-candle hammer strategy, which works both intraday for day traders and for swing traders who tend to hold positions for a more extended period of time.
Performance Test
Upon all the features of Omega Trend Indicator, we would not recommend them because of two reasons, one is that it is free and does not work with popular strategies and the second is that they did not provide a verified trading result. Here we always urge our readers to use a trading tool that is verified by statement-sharing services like myfxbook.com and FXBlue
With a statement-sharing service, you can backtest and forward test. Also, you will see the maximum drawdown, and percentage profit and compare P/L ratios.
Review Verdict: Omega Trend Indicator is a Scam!
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