For traders looking to do stock picking (selecting stocks that are read to explode from a large universe of symbols), the Scan Inspector offers a unique way to filter out those symbols (be it actual stocks, curreny pairs or any other type of security). By scanning for criteria on multiple time frames (wave degrees) you can scan for, say, a ‘wave 3 in a wave 3 in a wave 3’, or simply for an uptrend in 3 consecutive time frames. Apply your own criteria for reward, risk and riskreward and you will have your own tailor-made trading setup scanner.
TradingView
This is the best way to find good trading opportunities using Elliott Wave Theory and ELWAVE® is the only software that can do this. Many traders who try to use Elliott Wave in their trading focus on finding the one best wave count and base their trades upon this supposedly only correct analysis. Instead of obsessing about which of these is the best or ‘right’ one, ELWAVE® keeps track of all valid wave counts for you and gives you clear signals based on their degree of consensus. For real-time traders we’ve taken the concept of scanning to the next level. Nobody enjoys watching their screen all day waiting for a possible trade.
- For charting styles you can choose between line style, OHLC bars and Candle Sticks charting styles and customize colors and spacing.
- Many traders who try to use Elliott Wave in their trading focus on finding the one best wave count and base their trades upon this supposedly single correct analysis.
- Even easier to use than the Summary and just as unique to ELWAVE is a feature named Target Clusters.
- A wide range of charting options and standard technical analysis techniques is available.
- ELWAVE will constantly check your chart for any events that may trigger a signal such as confirmation of a wave which can result in new target and exit calculations.
Just like Elliott Wave Theory itself, ELWAVE can be used on virtually any market and on any time frame. Whether you trade stocks, futures, forex or commodities and regardless of time frame, you can use the power of ELWAVE to help you make the best trades. The best Elliott Wave software depends on your experience level and trading needs. Beginners may prefer TradingView or WaveBasis for ease of use, while advanced traders benefit from the precision of MotiveWave or NinjaTrader.
Elliott Wave International Tools
This allows you to zoom in smoothly on any particular range of your chart (for example with the mouse wheel) with no need to choose between discrete compression steps like 1 minute, 2 minute, 5 minute etc. If you have a real-time feed ELWAVE will constantly check your chart for any events that may trigger a signal such as confirmation of a wave which can result in new target and exit calculations. TradingView is a great starting point due to its user-friendly interface and drawing tools.
Automatically Color Coded Fibonacci and Elliott Wave Trends
Our Realtime Alerts allow you to lean back and let your computer do the hard work. In fact, you can use the exact same ‘scan conditions’ from the Scanning module to define your Realtime Alerts. ELWAVE is capable of analyzing long-term daily charts for long term projections and trades as well as very short term charts down to 1 minute and even tick charts for day trading on the smallest of time frames. Together, these core features allow you to reap the maximum benefit from Elliott Wave analysis while avoiding most common pitfalls that might otherwise hinder succesfull application of this powerful analysis method. Only ELWAVE offers this extremely powerful combination of Elliott Wave based analysis tools.
- With this information you can easily decide whether or not a trade makes sense for you.
- TradingView is a great starting point due to its user-friendly interface and drawing tools.
- ELWAVE consists of several fully integrated ‘modules’ so you can purchase a license for just those features that you actually need.
- Many traders who try to use Elliott Wave in their trading focus on finding the one best wave count and base their trades upon this supposedly only correct analysis.
Choosing the Right Tool
Of course ELWAVE is best known for its unrivalled automated Elliott Wave analysis. In addition, it offers everything you might want in end-of-day or real-time technical analysis charting software. A wide range of charting options and standard technical analysis techniques is available.
The basis for all of ELWAVE’s analytical power is formed by the Elliott Wave analysis engine that generates multiple wave counts, labels the chart and draws trendlines, target levels and exit levels. The analysis is done in the background so you can continue working with your charts while ELWAVE completes its analyses. Many traders who try to use Elliott Wave in their trading focus on finding the one best wave count and base their trades upon this supposedly single correct analysis. Instead of obsessing about which of these is the best or ‘right’ one, ELWAVE® keeps track of all valid wave counts for you and, through the Summary and Target Clusters, gives you clear signals based on their degree of consensus.
This guide reviews the top tools used for Elliott Wave analysis, based on features, accuracy, and user experience. Essential aspects such as the fractal nature of Elliott Wave (patterns within patterns) and Fibonacci ratios are an integral part of the analysis engine, thereby offering you the full power of this method. In addition, ELWAVE’s analysis is always consistent, objective and unbiased. Elliott Wave Theory requires accurate charting, labeling, and pattern recognition.
For MetaStock we have developed a special ELWAVE for MetaStock Add-On which can do the same thing for MetaStock. Please note that the regular version of ELWAVE can also import your MetaStock files directly. The Birds Eye View window lets you keep track of where you are when zooming in on some particular detail of your chart so you will always know where you are. You can also use the Birds Eye View itself for scrolling or zooming in our out. To help you keep your bearings, zooming in ELWAVE is a smooth animated action.
Quick and simple screening can be performed through the Filter Row (see screenshot above) while more complex screening can be done by creating a dedicated filter. Filters can be based either on Elliott Wave (Summary) analysis results of indicator cross-overs. A filter’s result can be shown in a separate column in the monitor panel or it can be activated to show only those tickers that satisfy the active filters.
For example you can easily draw Trend lines, Trend channels, Speed lines, Logarithmic Spirals, Trigger lines, Fibonacci time projections, Fibonacci extension and retracement, Gann Fans and Comment boxes to annotate your chart. ELWAVE® Pro is our latest product which brings you all the power of Elliott Wave analysis without the complexity. It is based on ELWAVE for Bloomberg which was re-designed from the ground up to be as simple to use as possible. It offers unseen before real-time screening and ranking based on our acclaimed Elliott Wave analysis engine that so many traders have come to rely upon.
Regardless of the tool, remember that no software can replace proper wave knowledge—use these platforms to support, not substitute, your analysis. What this means is that you don’t have to be concerned so much with the actual wave counts elliott wave software themselves. Just take a look at the Summary Inspector and the Target Clusters and you will get an instant feel of what the market is doing and where it’s going. You can also instantly switch between time intervals with no need to reload data from your data vendor as ELWAVE can instantly show your loaded 1 minute data as, say, 5 minute bars. Keep in mind that the actual interval does not affect a proper Elliott Wave analysis as performed by ELWAVE, switching intervals is for your own convenience and viewing comfort. What this means is that you don’t have to bother yourself so much with the actual wave counts themselves.