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CPRM5 is a must-have
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JimDean
Posted 7/27/2012 2:34 PM (#3776)
Subject: CPRM5 is a must-have



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I've always felt, and often said, that Nirvana's chart-pattern tools are unequalled - actually, not even distantly approximated - by anything else available to traders. The advances made in version 4 were exceptional, and now that version 5 has brought us not only a System for each pattern-variant, but also the ability to tailor our use of the tools to their historical profitability - and even offers us the flexibility to "design our own" patterns, I just can't help but put this at the top of my "must buy" recommendation, on a par with with Strategy Wizard.

Here is a link to the brochure (very low intro price):
http://www.omnitrader.com/patterns/pdf/?pdf

Here is a link to the download (requires license and OT12pr2S):
http://www.omnitrader.com/currentclients/downloads/item.asp?Prodcod...
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FransArntzen
Posted 7/27/2012 3:15 PM (#3777 - in reply to #3776)
Subject: CPRM5 is a must-have



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Hello Jim,

I am sure you are right. But my problem, question is, in future they will charge us for $49 a month for the pattern scan. And that is to much for me as a simple customer. So my question is, is it also valuable without the scanservice of Nirvana.

Best regards,

Frans
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SanjivBansal
Posted 7/28/2012 4:07 AM (#3780 - in reply to #3776)
Subject: CPRM5 is a must-have



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Hello Mr. Dean,

Thanks for your views. There are two things, your views about which will greatly help:

1. How does it compare with the the FREE software by Mr. Thomas Bulkowski http://www.thepatternsite.com/patternz.html . Though I have not had experience with the Pattern offerings of Nirvana, the Patternz Software by Mr. Bulkowski appears to be miles better than many paid offerings.

2. I am also having problem similar to the one being envisaged by Mr. Frans in the post above. Nirvana seems to be inclined towards heavy control of user experience and subjecting the user to subscription charges almost everywhere. They unilaterally change program features like ASCII Import in TEST Profiles and their email support department as well as their forum moderators go silent on legitimate user querries when users are subjected to such changes. Sometimes we can not even do the things as guided in help file. http://www.omnitrader.com/currentclients/proforum/thread-view.asp?t...

I appreciate your followup on the problem; However as you are aware I had thought of revisiting OmniTrader after a few years taking courage from your writing; however now again seem to be losing some hope.

My personal view is that had Nirvana considered to make it convenient for users use ASCII data in Nirvana Products more users will continue to stay with their products as cost of understanding their products will not get bloated by data etc. subscriptions (In case the users does not otherwise need the data). It will not conflict with their data product offerings as once the user gets confortable with the products he can take decision about paid RT offering.

Thanks again for your guidances.

With Regards

Sanjiv Bansal


(This writing may have diverted a bit from the core topic of the thread. Please guide as appropriate if you find it so.)

Edited by SanjivBansal 7/28/2012 4:11 AM
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JimDean
Posted 7/28/2012 6:57 AM (#3781 - in reply to #3780)
Subject: CPRM5 is a must-have



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I don't often give sweeping recommendations about things. So, the fact that I am doing so in this case is probably as good a response as any.

1. Regarding the data feed for the scans - that is optional and NON essential. In fact there is a separate Room dedicated to it. It's "nice" that they are bundling the Scans for a year for free, but I'd recommend the plugin without that feature. Since they have now included a System to match each of the gazillion Patterns, you can duplicate the scans yourself, using a Strategy approach - but it will take a long time to execute (for good reason).

2. Bulkowski has done an excellent job. But it's a "standalone" product - and it does not contain the level of expert-system filtering that Nirvana provides, nor does it integrate with Nirvana's unique approach to Strategy analysis. It's the difference between buying a high quality handsaw versus a fully versatile table saw including helper stands and attached vacuum.

3. My general suggestion is that rather than critique the product sight-unseen, you ought to buy it and exercise it carefully for 30 days to see what it does. Nirvana is always willing to give timely refunds if you don't want to keep it. That way you can do your own comparisons.

4. Complaints about specific data service issues should not be posted in this Room or for that matter in this forum (per forum covenants), unless you are presenting a workaround. There are obviously difficulties that ANY small company will have with overseas support - but I know the people well enough at Nirvana to confidently say they want to help if they can. Re the data service - again, Nirvana is a small company and cannot afford to build interfaces to every data service on the planet. They know of those needs, and are trying to meet them. Usually there is an "entry" cost related to providing foreign-exchange data that is far too high, compared to the number of customers who would sign up to defer those costs.

5. Regarding the fee based Scan services, hey, that's your choice. If you don't see a value in it, don't get it. If the search for timely and useful patterns across a wide universe of US stocks is useful to your trading, and if their service saves you a bunch of time and hassle, then it's an easy decision. My recommendations about this plugin are NOT dependent on the monthly subscription.

I'm providing responses here to the off-topic questions and comments above, as a courtesy - but there is no benefit that I can see to our participants, to debate (or gripe) about these things here - you should post concerns on Nirvana's forum, in as constructive a way as you can, asking specific questions rather than airing general dissatisfaction, and I'm sure they will do what they can to help, within the scope of their resources and other demands on their time.

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SanjivBansal
Posted 7/28/2012 10:56 AM (#3782 - in reply to #3776)
Subject: CPRM5 is a must-have



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Thanks again for your guidance. Your writings and responses have always been educative; not just for Trading Research - they help us evolve as a better human being. I really appreciate your gracious massage.

With Regards

Sanjiv Bansal
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DonSchuman
Posted 8/11/2012 1:24 PM (#3822 - in reply to #3776)
Subject: CPRM5 is a must-have



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I am really glad to see your high endorsement of CPRM 5. I have CPRM 3 which I thought was decent. I passed on CPRM 4, but when I read the brochure for CPRM 5, there was no doubt in my mind -- so I bought it.

I think this would be a good one to open a room for and since chart patterns are such a basic part of trading I would love to have a video and training pertaining to its application.

CPRM 5 comes with Ed Down's seminar but I would like something that gets more into the weeds and pulls in more practical application.

Anyway, thanks for posting your recommendation Jim. It validates my instincts on this one.

Don
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JimDean
Posted 8/11/2012 1:29 PM (#3823 - in reply to #3822)
Subject: CPRM5 is a must-have



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Hi, Don:

You've already got your wish ;~) This Thread is in a Room that is dedicated to this plugin.

So, if you want to discussion uses of CPRM5, just start a new thread here with an appropriately specific name.
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