Over the years, this strategy has developed and become very popular among traders around the world. Although interest in this strategy grew massively around the world, many people still found it very hard to find a way to implement it properly. With TradeStation you can view part of the analysis results directly in TradeStation. 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.

It offers traders the opportunity to use 6 charts at the same time, and 3 workspace tabs. MotiveWave is considered to be one of the best Elliott Wave software providers available in the market today. The software is very comfortable to use and offers traders access to over 30 indicators, which can make trading even easier. Of course ELWAVE is best known for its unrivalled automated Elliott Wave analysis.

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. For Trend lines and channels and trigger lines you can define Alerts similar to what was shown in the section on real-time monitoring.

Track ‘n Trade The Ultimate Elliott Wave Trading

• 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.
• What this means is that you don’t have to be concerned so much with the actual wave counts themselves.
• After years of working on the theory, Elliott wave managed to create the basis for an idea that has become very popular among traders around the world.
• We focused on several different factors, including price, availability, number of indicators, as well as extra offers.
• For charting styles you can choose between line style, OHLC bars and Candle Sticks charting styles and customize colors and spacing.

To take full advantage of the Elliott Wave theory, traders can use specifically created software that can assist them in finding the current patterns in the market. Contrary to popular belief, EW software is not created only for beginners and experienced traders can also find them useful. In today’s guide, we will go through the best software providers for Elliott Wave theory. When it comes to charting and other basic functionality, ELWAVE offers everything you would expect from a professional charting application. For charting styles you can choose between line style, OHLC bars and Candle Sticks charting styles and customize colors and spacing.

Automated & Mathematically Calculated

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 what is the best elliott wave software in a separate column in the monitor panel or it can be activated to show only those tickers that satisfy the active filters. What this means is that you don’t have to be concerned so much with the actual wave counts themselves. The theory has been used in the market for decades now, and it has managed to gain massive popularity and following in the market.

• A wide range of charting options and standard technical analysis techniques is available.
• 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.
• The Automatic module generates multiple wave counts, labels the chart and draws trendlines, target levels and exit levels.
• The first option is the free community membership, which gives you access to the charting and trade simulation platform.

ELWAVE

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® 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.

This platform is fully web-based and allows traders to count the waves both manually and automatically. 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. 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. If you are a short-term trader, you can use one-minute, five-minute, or one-hour charts. It all depends on your individual interests and other indicators that you are using in conjunction with this theory.

This does not mean that the theory is effective 100% of the time, but it can provide traders with a very detailed and good insight into the price movement if used in the correct way. By taking a look at how the theory works, one can easily tell that the theory should be equally useful for any time frame. This is so because of the fact that the Elliott Wave patterns are fractal, and thus, it is very hard to say that there is any ‘best’ time frame for this theory. So, the best time frame for this theory is the one that fits your trading needs and interests the best. After years of working on the theory, Elliott wave managed to create the basis for an idea that has become very popular among traders around the world.

Elliott Wave, Price & Time Projections*

Because of its significance in the industry, it should not come as a surprise that EW theory is very actively used by traders. Advanced yet simple to use, the Monitor panel offers real-time monitoring and screening of securities which can be fully customized according to your needs. Display values from the Elliott Wave (Summary) analysis results such as Reward%, R/R, Trend, Current Wave or indicator values. All of these platforms have been very well studied and tested, and they are trusted by thousands of people around the world.

Even easier to use than the Summary and just as unique to ELWAVE is a feature named Target Clusters. The better an Elliott Wave analysis fits together, the narrower the target bands will be. You can also instantly see if there is discrepancy between projected trends and targets from opposing wave counts. 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.

Automatically Color Coded Fibonacci and Elliott Wave Trends

ELWAVE consists of several fully integrated ‘modules’ so you can purchase a license for just those features that you actually need. Our partner, XM, lets you access a free demo account to apply your knowledge.

A Quick Overview of EW Theory

With a combination of popular Forex indicators and EW theory, this software can be a perfect choice for both beginner and experienced traders. It uses tools such as moving averages, Fibonacci levels, Fractals, and many others. It also gives traders the opportunity to access different types of guides on trading markets, to further enhance their knowledge and understanding of Forex trading. It comes with an amazing 46 percent win rate and is capable of providing traders with 7 percent monthly returns, with just a 2 percent risk per trade.