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ELWAVE Add-on for MetaStock
Signals & Clusters
Expert Advisor
Data feeds/formats
Trade Station
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ELWAVE Add-on for Metastock


Released: December 23, 2004
Platforms: Windows 98/Me/NT/2000/XP
Required: Metastock version 7.2 or higher

ELWAVE Add-on for MetaStock is another step forward in the development of one of the world's best Elliott Wave program which has been made available to fit in the Metastock environment.

Simply the best

  • Easy does it
    Already the version 7.5, improved analysis engine has been used. The Metastock add-on targets simplicity, high quality wave count and ease of use. In a straightforward way, no hassle, you can select a chart and have it analyzed for the most preferred Elliott Wave count. It can be downloaded from the internet with a few clicks and no additional protection devices nor manuals need to be shipped. Ofcourse you need to have Metastock installed first.
  • features-labeling of waves
    The engine analyzes the waves using the Classic rules of the Elliott Wave as defined by Prechter in his book "Elliott Wave theory". The best, preferred count will be shown on the price data of a Metastock chart, after ELWAVE has researched 1000's of combinations. See the example below:

    Click to enlarge

    Example: NASDAQ-Chart, analyzed on October 27th 2004 (Close 1.480).

  • features-Expert Advisor
    In addition to the first step, labeling the waves in the chart, you can ask the Expert Advisor for a crystal clear interpretation of the analysis. This will be explained in plain natural language, now avaialble in English, German and Dutch. First a conclusion will be presented with below a more detailed explanation. See the example below:

    Click to enlarge

    Example: NASDAQ-Chart with Expert Commentary, analyzed on October 27th 2004 (Close 1.480), showing 3 consecutive uptrends, which gives a clear BUY advice with price-targets of 1522 (short-term) to 1538 (medium term).

  • features-Summary Inspector
    Additional to the Expert Advisor the Summary Inspector is shown in the same window as the Expert. It clearly shows the consecutive wave degrees or patterns in patterns and most importantly, if every wave degree supports the same price direction. One of the nice things it includes is its clear targets for every wave degree, which are based on Fibonacci. This is the most certain, high probability target, which will be reached most of the time. Please see chart above at the bottom of the left window.

But what's the difference?

Here's a comparison table of the features of ELWAVE stand-alone vs. ELWAVE Add-on for MetaStock

Feature ELWAVE stand-alone ELWAVE for MetaStock

Support for daily charts


Support for intraday charts /
realtime through DDE

YES (req. Intraday module) NO
Support for realtime charts
(Fully integrated link to eSignal,, RealTick, Tenfore, Tai-Pan and more)
YES (req. UDS ServerFeed module) NO
Summary (multi-timeframe targets, trends) YES (req. Trading Signals module) YES
Target Zones YES (req. Trading Signals module) NO
Scanning (Explorer) YES (req. Scanning module ) NO
Expert Commentary YES (req. Expert Advisor module) YES