IRIS(spider software) IS IT WORTH IT?

#1
Hey guys wanted to know.. is Iris technical analysis software worth paying for Rs.50000/ per annum..or is there way getting a similar software(live block deals,scanning for breakouts etc) for free????

Thanks,
 
#5
Reg: Live Block deals.
Metastock has a critical feature called explorer. It will scan the entire market with a set of preconditions you can feed into it.
All you really need to do is set the condition to Volume traded >10% of the average trading volume for the last several bars and it will automatically give you all scrips that have had a large block traded. I use the method to also look for surges of buying interest that result in a rally later.
The good thing about IRIS is
  1. It's lightning fast. Quotes are displayes as graphs in microseconds.
  2. It's directly connected to NSE and you wont experience connection breakage due to server load
  3. Live Block deals are directly fed from NSE circulars. So no volume scanning reqd
  4. It's a damn sight cheaper than Viratech (Equis/Metastock)

I've had IRIS demonstrated to me. I've also seen it in action. Their problem is the data feed is damn expensive.
Feed#1 Rs 48,000/- NSE Equities and FnO
Feed#2 Rs16,000/- BSE but only if you have Feed#1.
(Prices as quoted to me.)
Further the worst thing is that you can install it only on a single pc. If you have an accidental format or virus attack, their technician will need to visit you to install the software.

Their charts are another issue, there is very little auto scaling or manual scaling available, the problem is in a fast moving market , the right end of the market can take you by surprise.

Another fact is that their indicators, scanners and alerts system are rudimentary compared to a Metastock class software. I'd suggest you use Amibroker if you can't afford Metastock.
 
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#10
If you are a starter with technical analysis than go for IRIS.
I understand that IRIS is ok but I'd advise you to stick with the charts on Yahoo finance until you graduate to paying Rs 1,00,000/- a year from Equis.
Equis datafeed is the best though horrendously expensive....

Nowadays many brokers will give you Tech Analysis as well as Order execution capability for 1/10 th the price of an Equis membership.
And the price is just advance brokerage which they'll gladly refund at the year's end if you renew your subscription.They'll throw in thier research and tips as well.

I'm sorry if I seem to be giving the impression that IRIS is pretty much overpriced but I believe it is so.
Take my beliefs with a grain of salt and experiment with other brokers before buying IRIS.
Sincerely
Paras Parmar
 

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