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ELWAVE® is the leading Elliott Wave trading software, offering the very best in automated Elliott Wave analysis. ELWAVE is easy to use and requires no knowledge of Elliott Wave Theory. With ELWAVE® you can:
Unlike with other so-called Elliott Wave software products, what you get with ELWAVE® is the real deal: a thorough Elliott Wave analysis. Instead of using a simple momentum or oscillator approach, ELWAVE's analysis engine uses a model that includes the whole of Elliott Wave theory using dedicated, proprietary pattern recognition algorithms.
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. As complicated as Elliott Wave Theory may be, using ELWAVE® is simple. Here's why.
Clear signals based on all wave counts
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. 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, through the Summary and Target Clusters, 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 be concerned 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.
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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. In short a complete, Elliott Wave analysis of your chart. The analysis is done in the background so you can continue working with your charts while ELWAVE completes its analyses. Exclusive to the Bloomberg App Portal edition of ELWAVE, we have re-coded the analysis engine and have managed to make it up to 10 times faster than before without any loss of detail or accuracy, resulting in almost instantaneous results on most systems and for most charts.
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
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.
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 those familiar with Elliott Wave Theory itself, the Wave Inspector offers 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. 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!
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.
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.
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 frames.
Please send us an email if you would like to try ELWAVE for Bloomberg.