Elliott Wave Trend is a technical indicator designed to maximize Elliott Wave Analysis for both trend and reversal trading. Elliott Wave is a popular trading strategy that can be used for both trend and reversal trading in Forex and Stock market. Elliott Wave Analysis was devised by Ralph Elliott in 1938 for the first time. Elliott Wave Trend was designed for the scientific wave counting based on the template and pattern approach first devised by Young Ho Seo. This tool focuses to get rid of the vagueness of the classic Elliott Wave Counting using the guideline from the template and pattern approach. In doing so, firstly Elliott Wave Trend offers the template for your wave counting. Secondly, it offers Wave Structural Score to assist to identify accurate wave formation. It offers both impulse wave Structural Score and corrective wave Structure Score. Structural Score is the rating to show how good your Elliott Wave pattern is. 100% means that it is good wave pattern. The score below 80% or negative values means that you might have some mistakes in your analysis. Elliott Wave Trend will correct some obvious mistake in your wave counting if the counting goes against the three Wave rules proposed by Ralph Elliott.
The powerful feature of Elliott Wave Trend does not stop there. Once wave counting is done, Elliott Wave Trend will automatically deliver all the important information for your trading. Firstly, it will automatically spot all the important Fibonacci retracement in your wave counting. Secondly, it will automatically draw base channel, acceleration channel and deceleration channel. In addition, it will automatically identify some important envelops for your breakout trading too.
With our Elliott Wave Trend, you can save and load your wave counting for future use. At the same time, you can send your wave counting to your friends or your clients for potential trading advice. Of course, you can also receive the wave counting from other Elliott Wave Technician who uses our Elliott Wave Trend.
Operation with buttons and mouse clicks
Impulse: Press this button first to start labelling impulse waves (wave 12345) on your chart. When this button is off, you can not label any impulse wave in your chart. Once this button is pressed, then double click in your chart to label each impulse wave (i.e. wave 1, 2, 3, 4 and 5). When you finish labelling for impulse wave, just release this button again. Note that in your first double click, origin (.) of your wave will be marked. After that, label 1, 2, 3, 4 and 5 will follow.
Correct: Press this button for labelling corrective waves on your chart. It works the same way as the Impulse button
ABCDE: Press this button for labelling ABCDE waves on your chart. It works the same way as the Impulse button
DE Label: DE Label is the short for delete label. When you press this button, the latest label will be deleted from your chart.
DE Cycle 1: DE Cycle 1 is the short for Delete Cycle 1. When you press this button, all the labels in the current wave cycle will be deleted. While impulse button pressed, pressing DE Cycle 1 will remove all the labels for impulse wave in the current cycle only leaving the labels for corrective wave. While correct button pressed, pressing DE Cycle 1 button will remove all the labels for corrective wave in the current cycle only.
DE ALL: DE ALL is the short for delete all. When you press this buttons, all the labels will be removed regardless of their cycle.
Draw Line: You should use this button after your labelling is done in your chart. When you press this button, Elliott Wave Trend will connect each label with lines automatically.
DE Cycle 2: DE Cycle 2 is the short for Delete Cycle 2. When you press this button, all the lines in the current wave cycle will be deleted. While impulse button pressed, pressing DE Cycle 2 will remove all the lines for impulse wave in the current cycle only leaving the lines for corrective wave. While correct button pressed, pressing DE Cycle 2 button will remove all the lines for corrective wave in the current cycle only.
DE All Line: DE All Line is the short for Delete All Lines. When you press this buttons, all the lines will be removed regardless of their cycle.
WaveTemp: Press this button to show and hide the template. Please note that the template provided by Elliott Wave Trend only shows the rough wave counting. These are only there for starters. For experienced traders, this might be not necessary.
<< : decrease Cycle
>> : increase Cycle
Elliott Wave Cycle
You can use following eight-wave cycles for your analysis and trading. Note that full stop “.” denote for origin. If you wish, you can customize this labeling for your own convenience.
Elliott Wave Trading are the close cousin of Harmonic Pattern and Price Breakout Pattern Trading. Therefore, you can combine your Elliott Wave Trading with these powerful Price Action and Pattern Trading tools too. While you are using them, you will naturally find lots of connection between Elliott Wave Trading and all the other techniques.
This product is the off the shelf product in the store. Therefore, we do not take any personal modification or personal customization request. For our products, we do not provide any code library or any support for your coding.Youtube Video