28 Sep 2011, 6:26 AM
ELWAVE® is the leading Elliott Wave trading software, offering the very best in automated Elliott Wave analysis. ELWAVE has generated a lot of interest all over the world over the years, which has resulted in reviews in various well known and well respected magazines in many different countries.
- Find the best opportunities for trades based on a thorough, fully automated Elliott Wave analysis
- Know exactly when to get out of a trade
- Trade virtually any type of security including stocks, commodities, futures and forex
- Trade any time frame, from position trading to day trading
- Trade any market
- Automatically monitor your trading in real-time with fully customizable conditions for audio or email alerts
- Use data from your favorite daily or real-time data vendor
Unlike with other so-called Elliott Wave software products, what you get with ELWAVE® is the real deal:
a thorough Elliott Wave analysis. ELWAVE's analysis engine uses a model
that includes the whole of Elliott Wave theory, including essential
aspects such as the fractal nature of Elliott Wave, without
simplifications or shotcuts, thereby offering you the full power of this
method. In addition, ELWAVE's analysis is always consistent, objective and unbiased. As complicated as Elliott Wave Theory may be, using ELWAVE® is simple. Here's why.
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. In reality there is almost always
more than just one valid wave count. 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. This is the best way to find good trading opportunities using Elliott Wave Theory and ELWAVE® is the only software that can do this.
What this means is that you don't have to bother yourself so
much with the actual wave counts 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. Read on to find
out how this works.
The basis for all of ELWAVE's analytical power is formed by the Elliott Wave analysis engine contained in the Automatic module. The Automatic module generates multiple wave counts, labels the chart and draws trendlines, target levels and exit levels.
In short a complete, Elliott Wave based analysis of your chart. The
analysis done in the background so you can continue working with your
charts while ELWAVE completes its analyses.
Building upon the Automatic module's analysis results, the Trading Signals module generates a statistical summary which encompasses information from all valid wave counts and for multiple time frames. The Summary includes readings for the Trend, current wave, Target, Reward, Risk and Riskreward ratio as shown below:
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||Example Summary Inspector
With this information you can easily decide whether or not a
trade makes sense for you. Even if you don't know anything about Elliott
Wave you will quickly learn how to use this information to your
advantage. The information in the Summary can also be used to scan an
entire universe of symbols to look for opportunities to trade; more on
that in the section entitled 'Scanning & real-time monitoring' below.
Even easier to use than the Summary and just as unique to ELWAVE is a feature named Target Clusters.
By combining the targets from all wave counts and wave degrees (time
frames) and overlaying them graphically on your chart, it allows you to instantly spot the actual trend and the most likely target in terms of price and time
as well as the degree of consensus between these wave counts and wave
degrees on these important variables. 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.
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.
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.
For traders that want even more guidance there is a final cherry on the pie: the Expert Advisor.
This will tell you in plain English how to interpret the analysis
results and whether there is an opportunity to make a trade. The Expert Advisor allows anyone to take advantage of the power of Elliott Wave analysis, even if you don't know anything about Elliott Wave Theory.
By contrast, for Elliott Wave experts the Wave Tree and Wave
Inspector offer a unique insight into the heart of the Elliott Wave
analysis performed by ELWAVE. You can explore every detail of the
analysis and view the complete set of rules and guidelines that have
been checked for each individual subwave. You can even create your own
wave count either from scratch or using the automatically generated wave
count as a basis and let ELWAVE check your count for mistakes or
inconsistencies. Again, this is for experts with a keen interest in
Elliott Wave Theory only; if you don't want to know how the engine
works, just leave the hood closed!
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). Because scanning in ELWAVE is
based on the trading signals as displayed in the Summary Inspector
window, you can scan for (fully customizable) criteria such as trend,
reward, risk, riskreward etc. all based on the signals and targets
derived from the automated Elliott Wave analysis. 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.
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. Our Realtime Alerts allow you to lean back and let your computer do the hard work.
Simply setup the criteria and let ELWAVE monitor the market for you,
alerting you only when an interesting trade comes along based on your
own, fully customizable criteria for such things as reward, risk,
riskreward etc. all based on the signals and targets derived from the
automated Elliott Wave analysis. In fact, you can use the exact same
'scan conditions' from the Scanning module to define your Realtime
The actual alert method can be a simple message box or audible
signal on your PC or it can be an email that is sent to your mobile
phone or PDA, complete with attached screenshot of the chart that
triggered the signal.
You can even run an external program to respond to the Alert for
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. 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.
For Trend lines and channels and trigger lines you can define Alerts similar to what was shown in the section on 'real-time monitoring'.
course you can also choose from a range of indicators such as
Alligator, DSS Bressert, SMA, EMA, Ichimoku, MACD, RSI, Stochastic, TSI,
Bollinger Bands, Keltner Channels, Parabolic, Elliott Oscillator,
Stochastic, DMI/ADX, Awesome Oscillator and Accelerator. If that's not
enought you can easily roll your own indicators in either C# or Visual
When it comes to charting and other basic functionality,
ELWAVE offers everything you would expect from a professional charting
application. Fast and fluent scrolling, zooming and screen updates with
no flicker. For charting styles you can choose between line style, OHLC
bars and Candle Sticks charting styles and customize colors and
spacing. Indicators can be overlaid on the main chart or kept in
separate panes with each pane having a set of tabs to allow quick
switching between indicators.
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
Unique to ELWAVE is the Automatic compression which provides a
smooth, continuous re-compression of the underlying data into bars.
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.
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
Other features include the ability to save and restore a collection of charts in a single action as a Screen, save your chart layout including preferred indicators as a Template and a Quote Monitor.
ELWAVE is compatible with nimbleDataProPlus and nimbleDataPlusLite.
Currently, the last build tested and works as expected is 'September 22 2011' of ELWAVE 9.6
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. Any market that is sufficiently liquid and
free can be analyzed.
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
This section is about OS compatibility.
ELWAVE is compatible with 32 and 64 bit versions of Windows
XP, Windows Vista and Windows 7. ELWAVE cannot run inside a virtual
machine, the only way to run ELWAVE on a Mac is by booting straight into
Windows through Bootcamp.
ELWAVE consists of several fully integrated 'modules' so
you can purchase a license for just those features that you actually
need. If you are unsure what modules you would need, please click here for automated shop assistant on ELWAVE's Website which tells you what you need after answering a few simple questions.