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Omni Pilot Discussion
Latest Howto for Omnit Pilot?
Last Activity 2/14/2018 1:28 PM
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Wes

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Subject : Latest Howto for Omnit Pilot?
Posted : 1/26/2014 11:29 AM
Post #22622

Hi all
It's been years since I looked at Omnipilot.
I now want to test it with the new RTX3 mechanical strategies with OT/OP 2014.

There's a lot of discussion re updated scripts and tradebots in the forum and I'm a bit confused as to which scripts to use.

I'm assuming RTTrader would be the one to use.. but do I use the one that came with OT2014 or the scripts from the Forum?

Where can I read more on how to use the Tradebot script.. ?

Should I let OP start OT in the morning .. or should OT already be running ?

Any other tips and techniques would be much appreciated.

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Wes

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Subject : RE: Latest Howto for Omnit Pilot?
Posted : 1/26/2014 11:44 AM
Post #22623 - In reply to #22622

Just tried the Demo trader on the RTX profile.
Blew up nicely as it uses labmode and sets the date to 1999.
Pretty hard to get RealTime data that far back!!

Where would I update this variable ?


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adm

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Subject : RE: Latest Howto for Omnit Pilot?
Posted : 1/26/2014 5:55 PM
Post #22624 - In reply to #22622

I, too, would appreciate more information on using OmniPilot with RTX3. I have just finished reviewing the RTX3 seminar (Thanks, Jeff). But it didn’t include detail on using OmniPilot with RTX3.
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Wes

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Subject : RE: Latest Howto for Omnit Pilot?
Posted : 1/27/2014 1:00 PM
Post #22627 - In reply to #22624

I'm baffled
I have Pilot set to trade using RT_Trader, Nirvana Broker, paper acct.
It starts OT etc ... but never takes actions on new trades.

But .. it will close trades that I make manually.

Here are my RT_Trader settings
Attached file : Wes_OP.docx (58KB - 259 downloads)

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adm

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Subject : RE: Latest Howto for Omnit Pilot?
Posted : 1/27/2014 2:48 PM
Post #22628 - In reply to #22622

I was able to use OmniPilot today with the RTX-3 Trading Profile.

Wes: The only difference in settings from what you posted that I could see was at OmniPilot >>RT Trader>>Account>>Allocation Method, I selected “Use Tradeplan Defaults”. For OmniPilot, I used RT_Trader.txt.

However, it must be realized that I am far from proficient at using Portfolio Simulation, allocation methods, etc.
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Wes

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Subject : RE: Latest Howto for Omnit Pilot?
Posted : 1/27/2014 4:25 PM
Post #22629 - In reply to #22622

I used Manual Allocation because I don't understand the use 'Tradeplan' Defaults for allocation...
As far as I know, a tradeplan doesn't have any kind of 'default' for the allocation amount.
Can anyone explain ?

ADM .. what size/number of shares did OP use for you?

But I did find out why it was not placing trades.
I see these errors .. somehow it is getting confused on the allocation.

399 does not meet the minimum allocation size of 10% of Buying Power.
Jan 27, 10:53:53 Script: Initial share based on max allocation: 399.2016
Jan 27, 10:47:26 Script: Trade allocation size is $9,987.44 at the cost/share of $60.90.
164 does not meet the minimum allocation size of 10% of Buying Power.
Jan 27, 10:47:26 Script: Initial share based on max allocation: 164.2063
Jan 27, 10:44:55 Script: Trade allocation size is $9,987.60 at the cost/share of $60.90.
164 does not meet the minimum allocation size of 10% of Buying Power.
Jan 27, 10:44:55 Script: Initial share based on max allocation: 164.2036
Jan 27, 09:06:04 OmniPilot: OnStartup completed.
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adm

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Subject : RE: Latest Howto for Omnit Pilot?
Posted : 1/27/2014 9:51 PM
Post #22630 - In reply to #22622

Wes:

I use Portfolio Simulation to select an allocation method for automated trading. But I don’t know which allocation method/settings are best, I am constantly tinkering and trying different settings.

adm
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Frank Birch

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Subject : RE: Latest Howto for Omnit Pilot?
Posted : 1/29/2014 4:49 PM
Post #22643 - In reply to #22630

Hi to all,

Adm, there are many allocation methods to choose from and can be a bit daunting at first!

But the first step is to make sure you have your settings correct from the start and not to make mistakes so double check everything.
So lets go step by step.

GO INTO EDIT SETTINGS

1/ trade source tab
Make sure the FOCUS TAB is highlighted
make sure you have ALL STRAGEIES enabled
Make sure you have the time frame of choice select(if using RTX-3 it will be 3 minutes only)

2/account settings tab
starting balance by default is 50k but to be realistic put the actual amount of money you have to trade with try and round it up.
leverage should be set to 4(I think this is correct for stocks but you may need to check this)
advisor cut off leave blank.

3/trading parameters
max allocation set to 3%(this can change but 3% is being conservative).
min shares set to 1
max shares set to 100(I see this being a grey area due to the min and max cost of the stocks, like some trading at $10 or $80)so try 100 for now nad keep in mind you may need to change this.
To the right hand side of this tab you will see allocation method.
you will need to have per trade allocation ticked
re use intraday money needs to be ticked.

4/test period tab
make sure this is set to back test only

5/simulation constraints
you will need to have worse drawdown enabled by default its 20% but you can change this if required but 20% is conservative.

6/commissions
This is so important to add! what ever your cost of business is you will need to add this by default its 00.1 but change this to suite.
Also worth remembering what ever the cost is it should also be added to the TEST SETTINGS TAB in the TO-DO-LIST so they are both the same.

7/trade selection
you do not need to do anything with this.

Now once you have gone through this process we go onto the next task.
At the top you have a number of allocation methods to choose from correct.
Only some of them you need to use and others you need not worry about(this is another thread on its own)

so what you need to do is tick on each tab at the top and put a tick in the boxes of the allocation methods I add below.

FIXED TRADE SIZE
FIXED DOLLAR AMOUNT
% OF EQUITY
$ TO EQUITY
SIZE TO EQUITY
FIXED RISK (you may not have this, this allocation method come with the turtle trader plug in this allocation method may also help with the min and max share size)

Now once you have done all of the above you can now RUN ANALYSIS.
Then comes the interesting part and may be whats confusing you.
You now have 5 allocation methods running and it will not take long once its run you will get 5 equity reports showing in different colours.
But above the graphs will be another window giving you the results and stats on each allocation method.
Normally the allocation method at the top is the best one to use and may be you will find some allocation methods are the same just stick to the top method.

If you have giving all the correct information in the settings tab then what you see will be correct.
You may still need to change some things like Max % to trade and MAX shares to trade but in geral your good to go.

Now once you have found the best allocation method you now go back into realtime mode.
drop the chevron on the right hand side of the chart and then go into trade calculator and you then will see your allocation method highlighted now choose this and hit save.

Now go into omnipilot and set it up and choose trade plan as default method(this uses your best allocation method that you had found)

Also worth noting on RTX-3 its open meaning you can use strategy wizard on the new RT trading block.
So if your not happy with the equity reports you see or the draw down is to much run it on strategy wizard to reduce the numbers of trades and better PPT this in turn should reduce your drawdown.

I hope this helps.

Regards

Frank Birch




[Edited by Frank Birch on 1/29/2014 5:11 PM]

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adm

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Subject : RE: Latest Howto for Omnit Pilot?
Posted : 1/30/2014 10:21 AM
Post #22647 - In reply to #22622

Frank:

Thank you so very much for your help. I have looked at some of your settings and will continue to test OmniPilot with RTX-3 and post additional findings.

I do use the Fixed Risk allocation method with an EOD profile on another computer, but haven’t been able to use Fixed Risk with the RTX-3 Trading Profile and OmniPilot.

adm
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