End of Day Profiles

Default: The Default Profile uses all 120 systems for its signal generation. This is the most commonly used profile by OmniTrader users, and gives a good range of trade prospects in every time frame. When you create a new profile, it will initially have the default settings. Also, the profiles in OT that contain index lists (i.e. Nasd100, SP100, etc.) and the profile labeled stocks and indexes all use the default settings.

Helpful Hint: The reason these settings are the default settings is due to their effectiveness in our testing. Most people find, even after hours of tinkering with a profile, that the default settings are the most effective for their needs.

Breakout: The Breakout Profile uses systems that are looking for breakout candidates (hence the catchy name!). This profile is good for finding candidates that are breaking out of a consolidation or reversing near support or resistance levels.

Diverge: The Diverge Profile uses systems that look for the price of the security to move away, or diverge, from the system indicator. We have found that this profile is good at finding dramatic reversal candidates.

Ed's Magic: Ed's Magic uses the default settings, but the systems and profile itself are set to get in and out of trades within 5 days. This profile is good for finding short term candidates in the direction of the long term trend.

Helpful Hint: There is an Ed's Magic Model as well as an Ed's Magic Profile. This model is meant to be used with this profile only. It is the default model of the profile, so there is no need to change anything to use this profile.

Oscar: The Oscar Profile uses oscillating systems which look for securities that are moving in a trading range, or honor support and resistance levels. It is good at finding candidates at reversal points.

Helpful Hint: If a security is trending, Oscar will give false signals. Be sure and study the chart on an Oscar signal and look for support or resistance levels, a volume climax or a candle pattern that confirms the signal.

Swing: The Swing Profile is designed to find very short-term trade opportunities following periods of high volatility.  When these periods occur, price tends to move to the extreme ends of a range and then "snap back".  This profile uses OmniTrader's voting method of signal generation and then confirms the results with VTY-B and BND-C.

Real Time Profiles
RTStocks: The RTStocks profile is the default profile for real time use. This will be the default settings of any newly created real time profile, and is good for both breakout and reversal trades.

RTBreak: The RTBreak profile is similar to the end of day Breakout Profile, and uses systems that are looking for breakout candidates.

RTRevers: The RTRevers Profile uses systems that are looking for candidates that are at reversal points.

Helpful Hint: Reversals have a higher risk factor, so look for additional confirmation on these signals.

Futures and Mutual Funds Profiles
All of the end of day profiles that we discussed earlier can be used for futures and mutual funds as well. Let's say you wanted to create a Futures Diverge Profile. Simply create a new futures profile and import the systems and settings from the Diverge Profile. That's it!

Summary
This OmniTrader Tip is meant as a quick reference to the special profiles in the program. For more information on the special End of Day and Real Time Profiles, please refer to your Guidebook.

Best of luck with your trades.

Regards,
Jeff Drake
Director of Education
Nirvana Systems