Omega Max works with effect damage, or damage from your own attacks. It's still obviously a very weak card, though. (This was pointed out even in the anime.)
Worth noting that Rainbow Life is essentially a much, much better version of this card. (Though it does come with a discard cost for what that's worth, and isn't much use against an unexpected Half Counter or something.)
Also this card requires you to take damage first before the LP gain. If you're dead from the damage you can't activate this card at all while Enchanted Javelin heals before you're taking damage so you can survive the attack
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