Try setting the strength even lower. I sometimes work with 0.3 strength. Sometimes it tends to be buggy. Otherwise, I don't know what to say. I was having issues with my knife tool today. It's not working the way it should. Perhaps a re-install would do the job?
Ahhh yeah I hadn't thought about that. The pinch tool is rather topology sensitive. At least, it can be. Could you show a screenshot of your topology? Maybe it would help.
I've had issues with the brushes if my objects are too big or too small. Try comparing the scale to a mudbox cube or something. The buildup setting on the brush mite be crazy high as well. Hmm weird!
edit - actually if the other brushes are working ok then it probably would not be a scale issue.
Topology is certainly not an issue here - recently I've been sculpting some additional details on decimated meshes and haven't had any problems with the pinch brush.
I agree with Massbot; it might be a scale issue; sculpt, wax, foamy tend to work well regardless of the size, whereas pinch, scrape and knife are going all crazy on me if I mess up my scale.
How about a file format? If you're importing your base mesh as an .obj try .fbx instead. I never had any problems with .obj's myself, but you never know.
If you don't manage to solve your issues, you might want to try a different approach to getting your edges look the way you want. Personally, I try to avoid using Pinch since it messes up topology. Try to use Scrape on the surfaces close to your edges, whilst avoid scraping off the edges themselves. The closer you bring it to the edge, the sharper it gets; topology remains mostly intact.
If you want to reset mudbox delete the Mud folder in your documents folder (I usually copy it so I can copy back certain files).
I exported a default mud cube to refer to for scale, I still seem to get problems with brush strength being way to high sometimes however.
-Edit-
When you mentioned scaling your mesh, did you do that in Mudbox? I never scale anything in mudbox and generally try to avoid translating and roating meshes in the app too as it can cause some weird behaviour.
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How might I go about resetting transforms/xform etc. for this model?
edit - actually if the other brushes are working ok then it probably would not be a scale issue.
I agree with Massbot; it might be a scale issue; sculpt, wax, foamy tend to work well regardless of the size, whereas pinch, scrape and knife are going all crazy on me if I mess up my scale.
How about a file format? If you're importing your base mesh as an .obj try .fbx instead. I never had any problems with .obj's myself, but you never know.
If you don't manage to solve your issues, you might want to try a different approach to getting your edges look the way you want. Personally, I try to avoid using Pinch since it messes up topology. Try to use Scrape on the surfaces close to your edges, whilst avoid scraping off the edges themselves. The closer you bring it to the edge, the sharper it gets; topology remains mostly intact.
I exported a default mud cube to refer to for scale, I still seem to get problems with brush strength being way to high sometimes however.
-Edit-
When you mentioned scaling your mesh, did you do that in Mudbox? I never scale anything in mudbox and generally try to avoid translating and roating meshes in the app too as it can cause some weird behaviour.