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OmniTrader 2017 Upgrade Forums
Plug-ins for OmniTrader
Chart Pattern systems
Last Activity 8/13/2018 10:32 AM
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Stumpy

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Subject : Chart Pattern systems
Posted : 5/7/2017 11:54 PM
Post #41010

Hi All,
I have both Chart Patterns and CPRM 2 what extra benefit would I get by up grading to CPRM 6 and what patterns does CPRM 6 look for ?
Thanks in advance

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Barry Cohen

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Subject : RE: Chart Pattern systems
Posted : 5/8/2017 10:50 AM
Post #41012 - In reply to #41010

I see you have the first versions of CPRM & CPS, so there's quite a bit you're missing that CPRM6 would give you:

- New strategies
- Updated Interface with additional settings
- Added Micro Patterns
- Added new pattern types: Channels, Double/Triple Tops & Bottoms, Cup & Handle, Head & Shoulders, Ranges, Scallops
- Ability to make custom patterns
- Chart Pattern Profit Analyzer tool with reports
- Multiple timeframe pattern columns - allows you to add Focus List columns for all the pattern columns for any timeframe within the profile.
- Additional Pattern Seminars

You can check out more about CPRM6 here:

http://cprm6.omnitrader.com/
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Stumpy

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Subject : RE: Chart Pattern systems
Posted : 5/8/2017 11:33 AM
Post #41014 - In reply to #41010

Sounds great Barry has the ability to detect patterns been upgraded as well as extra patterns added ie say the saucers are they found and drawn more accurately than on version 2 as with any of the other patterns
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Barry Cohen

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Subject : RE: Chart Pattern systems
Posted : 5/8/2017 11:59 AM
Post #41015 - In reply to #41014

It's possible, but I'm not sure. If not, you can always try to make a custom Saucer pattern. The customization for Saucers allows you to modify the width, length, & anchor distance. I would recommend trying it out, you could always return it if it doesn't meet your needs.
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Jim Dean

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Subject : RE: Chart Pattern systems
Posted : 5/8/2017 3:21 PM
Post #41019 - In reply to #41015

Fwiw:

In my opinion the chart pattern tools that Nirvana provides are in the top 10% of all their offerings, and to the best of my knowledge are far more robust than anything else offered in the tech analysis market.

Another added feature that Barry did not mention is that now all the patterns can be used as Systems to create entries in Strategies. I *wish* they had been made into Indicators as well (or instead), but having them as systems is quite beneficial.

Also, in recent versions they've radically improved the ability to "vet" which patterns work best for a given symbol based on its history. That's very valuable. As well as the ability to define your own patterns.

It's well worth upgrading to.

(And btw I don't make these kind of sweeping recommendations very often.)
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Stumpy

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Subject : RE: Chart Pattern systems
Posted : 5/8/2017 7:02 PM
Post #41022 - In reply to #41010

Thanks Jim coming from you that is a very very solid recommendation.
I am getting sick of giving back so much profit with trailing stops and figure with reliable patterns I can set profit targets.Has that been part of your experience?

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Jim Dean

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Subject : RE: Chart Pattern systems
Posted : 5/8/2017 7:17 PM
Post #41023 - In reply to #41022

I don't currently rely on patterns other than support and resistance, esp consolidations, as a part of the custom mechanical systems that I design from scratch. However for the discretionary trader they provide a good "structure" to evaluate the current market situation with.

My personal belief is that smart exits and filters are more important than getting a "precise" entry, since designing strats for super-good entries too often falls in the trap of curve fitting.

I also am a very strong proponent of smart sizing for each trade, taking into account both the dollars at risk (based on active stop) and the dollars tied up in the trade (based on share price) - both in proportion to equity.

So, what I focus on personally is not "in the mainstream" - my belief re the value of the pattern tools from Nirvana is related to how they have designed and implemented that analysis, and its "non-colinearity" with other mechanisms.

Sort of a rambling response but I hope it helps. Bottom line - don't do something because someone else believes in it and it works for them, but because *you* understand it well and believe if fits your nature and goals. If for you chart patterns fit that description well, then I'd highly recommend using Nirvana's solutions. But remember - the chart pattern is 90% about entries - don't fail to do good filtering and trade management!

(End of sermon ;-)
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Stumpy

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Subject : RE: Chart Pattern systems
Posted : 5/8/2017 7:27 PM
Post #41024 - In reply to #41010

Yes I came to a similar conclusion the signal is just hey look at me you have to decide which ones to take the signals just narrow down the selection process
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Stumpy

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Subject : RE: Chart Pattern systems
Posted : 5/10/2017 1:14 AM
Post #41025 - In reply to #41010

Great set of training videos here http://cprm6.omnitrader.com/
well worth a look if thinking about CPRM6
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