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  ELWAVE | Features | Guided Tour | Testimonials | Reviews | FAQ | Get Demo

Frequently Asked Questions

1.  ELWAVE MODULES           :: top ::
  On this page:
  1 ELWAVE modules
  2 ELWAVE characteristics
  3 ELWAVE Trial-version
  4 ELWAVE features
  5 Toolbars
  6 Summary inspector
  7 Quick Targets
  8 Analysis
  9 About Elliott Wave
  10 Indexes, stocks, commodities or forex?
  11 Data formats and Real time datafeed
  12 Hardware requirements
What are the different features between the basic, automatic, trading signals, target clusters etc.?

Below we will give you a short explanation of the several modules of ELWAVE.

The Basic module of ELWAVE includes the charting, indicators, technical tools such as trendlines, channels, as well as the possibility to easily label the chart yourself. Once you have labeled the chart you can check the validity of the wave count, project Fibonacci price targets and take a look at all Fibonacci relationships in an instant.

In addition the Basic module offers you the possibility to register your trades in real time or to test your trading strategy by simulating the chart step by step. At any time you can click the REPORT button to show the results of your trading.


However, you need the Automatic module to do the Elliott Wave analysis fully automatically. This module is the heart of the program. It is the best and fastest Elliott Wave pattern recognition engine available. The secret of the Elliot wave is the application of patterns in patterns in ...etc. When patterns in patterns confirm each other at some point a sort of domino effect will result, which will forecast market moves with uncanny accuracy. This is exactly how we have designed and implemented the software, as a true Elliott wave model.

If you would like to add a fully automatic interpretation of Elliott alternatives with crystal clear results in the so called "Summary Inspector, you would need the Trading Signals module as well. It will give a clear outlook and automatically monitor the markets for you.

The Target Clusters module will present you time targets (Time Clusters) and price targets combined with time targets (Target Zones). This module also includes a batch processor so that you can run an analysis for a list of stocks in one effort. This module is only available if you have a full version end-of-day or intra day.

If you like to use ELWAVE on intra day files you would also need the Intra day module.

The Scanning standard module allows you to scan a list of stocks to match your own predifined criteria, therefore allowing you to track a much bigger market and save you a lot of time in stock picking. This module scans end of day data only. You can either define your own criteria or use the already defined criteria that comes with the Scanning module.

The Scanning professional module can do the same as the Scanning standard module, but allows you to scan intraday data files (not in real time yet) and allows you to make much more detailed search criteria, for example you can search very specifically on a combination of waves in different wave degrees.

2.  ELWAVE CHARACTERISTICS           :: top ::
What makes ELWAVE different from other comparable programs?

The unique characteristics of ELWAVE are:

  • Now using the power of the Elliott Wave is a snap. The software does a fully automatic Elliott Wave analysis
  • In spite of the complexity and its unmatched detailed analysis it is very,very fast
  • ELWAVE's analysis is a true Elliott Wave model not just a momentum model. Generally it is known for as the best of its kind with highest quality and most detailed Elliott Wave analysis.
  • Connect to an intraday datafeed with ELWAVE and it will check the chart continuously for signals, even reanalyze when critical price levels have been triggered and warn you in time.
  • The software consistly evaluates every rule and guideline to determine the best outcome. This outcome is presented in the Summary Inspector crystal clear
  • You can easily test or record your trades using the Simulation inspector.
  • Many indicators are availble to be used to increase the power of the Elliott Wave even more
  • ELWAVE's Wave Inspector gives complete information or summary on every pattern, which is unmatched and of unequaled edcational value
  • ELWAVE has no limits in analysis depth, apart from the 14wave degrees available.
  • ELWAVE labels the WHOLE chart, not just the latter part and does so very quickly, important because the total picture determines the score of a pattern.
  • Using ELWAVE you can analyze any section of the chart, without the need to re-analyze the whole chart again. This means that intra day analysis can get updated as quickly as possible.
  • If you wish you can define your own wave count and have ELWAVE analyze or check part of it.
  • You have available 2 sets of rules, one implementing the Classic rules containing very strict Elliott interpretation and the Modern rules that include all our knowledge acquired in more than 12 years of research. In addition, the Modern rules give more agressive signals in a retrace of more then 50%.
  • We have developed a special proportion Fibonacci and swing filter, which groups waves of the same degree together. It will combine time and price lengths of waves and will recognize that a sharp wave 2 connects to a flat wave 4 that has very little retracement. This way ELWAVE will determine relevant multiple time frames by itself, where every wave degree represents a time frame and all waves are correctly grouped together.
  • For experienced users ELWAVE shows all Fibonacci time as well as price relationships of patterns in the Wave inspector, if they exist, and takes this into account when calculating scores you use and control all Elliott tools such as channels, Fibonacci targets, log spiral, golden ratio time ruler etc.
  • With a manual wave count, the Fibonacci pane shows all Fibonacci ratios of the selected wave and its sub-waves at once.
  • Very easy navigation of the chart by using the Wave tree, automatic adjustment of detail, zoom in etc.
  • ELWAVE offers complete insight and transparency, since almost all rules and guidelines for each pattern are listed. Clicking on a rule or guideline, it will show in the chart. The path a pattern will follow is shown in the chart (by clicking on that pattern) as well as targets, where one can inspect targets for each pattern.
  • ELWAVE can read extremely large files
  • Complete flexibility, you define screen layout as you like, load several screens, overrule the count (only for experts) etc.
3.  ELWAVE TRIAL-VERSION           :: top ::
What is included in the trial version of ELWAVE?

The trial version includes all available modules of ELWAVE (see ELWAVE MODULES). So it is a full version of ELWAVE, but for a limited period of 30 days only.

Do I get credited for the trial version if I decide to buy your software?

Yes, if you decide to buy our product the amount paid for the trial will be deducted from the price.


4.  ELWAVE FEATURES           :: top ::

I like Elliott Wave Analyzer(© Elliottician) colored map of probabilities for future prices. I don't necessarily need the pretty colors, but does ELWAVE have anything that will give me a summary of where, given the many alternatives, price is likely to be?

We indeed provide a summary (for at least 3 time frames!) that in our opinion is much more precise than a heat wave. Sometimes, when critical levels are broken, there is only one way to go, up or down, as long as the exit is not hit. This is what ELWAVE projects for 3 time frames, which are patterns in patterns in patterns or rephrased, smaller trends in larger trends. If for example all time frames turn to a positive, get ready for acceleration. The Summary Inspector, which comes with the Trading Signals module, presents a composite picture of all underlying alternatives, signaling when trading opportunities really emerge. In addition, for every time frame our software projects an exit and average target in the chart calculated using all underlying alternatives. Apart from this, target bars are calculated which are specific targets for a pattern. ELWAVE will watch the market and update the analysis automatically in real-time if critical levels are broken. This could mean that some patterns get invalidated, targets, exits and risk reward parameter recalculated or even a positive could turn in a neutral or negative.

Our Target Clusters module will project high probability time clusters where reversals can take place. Combined with price clusters this will project a high probability area in the chart where price and time wise reversals can be expected.

What exactly is the simulation feature?

In our simulation feature you can instruct ELWAVE to neglect data and see what it would have forecasted. Next you can compare the actual outcome with the forecast of ELWAVE. It is an excellent tool to learn to use the Summary Inspector and back test your strategy. This feature is only available when you have the Trading Signals module.

Please explain how to use the simulation feature?

To make the simulation work, you need to do the following:

  1. You need to have the Trading Signals module.
  2. To determine where in the chart you would like to truncate future data, move your mouse pointer to that spot and remember the index number at the right in the status bar on the bottom of your screen.
  3. Go to ‘Options’ and select ‘Truncate price data’.
  4. Insert the index number (every index number is a consecutive data point) and press OK
  5. Now the chart will be truncated and ELWAVE will not take future data into account while doing an analysis.
  6. Choose from ‘Analyse’ the option ‘entire analysis’. ELWAVE will come up with the analysis for that point in time.
  7. When the entire analysis is completed you may add future data step by step, using [ctrl] + 1 (1 adds 1 data point, 2 adds 2 data points, 3 adds 4 data points and 4 adds 8 data points and so on).
    ELWAVE will update the analysis if necessary. Make sure the ‘automatic update analysis’ is on in the ‘Analysis options’ menu under ‘Options’. Alerts in the Alert Inspector are displayed, while at the same time updating the Summary Inspector.

Let's say I follow ten commodities and I want automatic analyses done on them overnight. Is there a way to do this sort of batch processing with ELWAVE?

Yes, You can do so using the Scan inspector. You can define your own list of commodities to analyze. The scanning module even allows you to scan for only those commodities which match your predefined criteria

I am not sure what the little triangles and diamonds are to the right of the price action?

The diamonds are the average targets (for every time frame a separate diamond is displayed in the color of the time frame) calculated from all underlying alternatives, which can be regarded as a minimum target. The triangles are the first exit points, where only the first alternative will be dismissed. The target bars are Fibonacci projections.

5.  TOOLBARS           :: top ::
I've lost my toolbar some how.

You can get your toolbar (Chart objects or Wave Labels toolbar) back in two manners:

  1. Change your screen to a higher resolution (e.g. from 800x600 to 1280x1024), then you will probably find your toolbar in some corner. You can then drag it back to ELWAVE and change back your monitor settings.
  2. You will have to edit the elwaveXX.ini file to refind the toolbars (XX stands for the version you are using, so 5.0b will be elwave50.ini). Please delete the following lines in the elwaveXX.ini file (in your Windows directory):


    Now restart ELWAVE and it should be positioned on its default location.

6.  SUMMARY INSPECTOR           :: top ::
Please tell me what it means when the analysis was completed but nothing appeared in the Summary Inspector?

If no signals were triggered, this will be displayed in the inspector. You could try a precise or detailed plus extra wave degrees to see if the Summary Inspector stays empty. Another explanation is that something is wrong with the rules files.

Is it possible to export the simulated results to an ASCII file, so that a program, like Excel, can carry out further analysis.

You can export the summary signals to a text file and import it in Excel. Just choose 'Options' and then 'Export summary signals'.

7.  QUICK TARGETS           :: top ::
I can't select Fibonacci ratios or Quick targets after an automatic analysis.

In an automatic analysis the target bars are already displayed in the chart, for each time frame you can see a small triangle, square and a vertical line. These are the targets calculated from all the possible alternatives.
If you want to see quick targets for a specific alternative you must do the following steps:

  1. Select the alternative you want to see by using the wave-tree
  2. Go to ‘Analyse’ and select ‘Convert to wave count’.
  3. A copy of the previous chart will appear.
  4. In this copy you can change the labeling and also select a certain label.
  5. After you have selected the label from which you want to see a quick target press your right mouse button and select ‘Quick targets’.
  6. You will see the Fibonacci targets for the project wave.

I have noticed that ELWAVE sometimes projects a double set of Fibonacci targets, usually with wave 4 projections.

This is correct, whenever you project a target for wave 5 it will give you a Fibonacci target from wave 1 and a Fibonacci target from wave 3. If you click on the target itself you can see to which wave it is related to, that wave will have two little squares that light up.

After I’ve analyzed the chart there are no target bars. What would cause this?

Normally targets will not show up if these are not available. There are several explanations for this:

  1. This could be the case when e.g. wave 1 has no beginning point.
  2. It just could be that not enough detail is shown using the wave tree (especially older versions than 4.0). Using the detail scroll bar underneath the chart, more detail can be added to the chart, possibly showing target bars.
  3. Target bars could be out of the range of the Y-axis. Adjust the Y-axis by clicking on it.
8.  ANALYSIS           :: top ::
How do I change the time period over which the real-time analysis takes place? At present the analysis is on tick data as this is what comes directly through the DDE link, however I would like to use 1Min and 3Min analysis. How can I do this?

You can not change the analysis as such, because it is necessary to evaluate all data. However you could instruct ELWAVE to only check the signals every 2 or 5 minutes or other time periods. ELWAVE will itself look for optimal compression to find the consecutive wave degrees, which are not necessarily related to static time frames.

What is the meaning of the blue square displayed on some major tops and bottoms?

The blue squares displayed on some major tops and bottoms are turning-points in order to find the correct time frames, but this is only for internal use by the program.

What is the quickest way to update an analysis? Considering that my computer needs on average twenty minutes for each update, because of insufficient PC power. I also prefer to use the ‘very precise’ option.

The precise options need more time than the other options, you can either use less 'extra wave degrees' or you can use less 'turning points' for the smallest time frame or smaller time frames.
You therefore have to go to the ELWAVEXX.ini file (XX stands for the version-number and you can find this file using windows explorer under c:\windows) In this file look for the following:

Analysis type=4 (this depends on your current settings)
Zigzag maximum level 0=3
Zigzag maximum level 1=23
Zigzag maximum level 2=10
Zigzag maximum level 3=10
Analysis depth=4

You then have to change the 'Zigzag maximum level 3=' from 10 to 7 or 8 for example (minimum is 5, else it cannot find a five wave structure).
This should speed up your analysis considerably, but could influence your analysis. You can check this by analyzing the same file with the two settings and look for important differences.

Are two years of data enough to perform a thorough and reliable forecast? Is wave counting with your software data sensitive?

Two years of intra day data is sufficient enough to make a good analysis, but it depends on what time frame you use it for. For day trading or short term position trading it should be more than enough data. If it were end-of-day data, we would like to advise you to use at least five years of end-of-day data.
More important than the size of the data is the fact the file should preferably begin just before a major top or bottom.

9.  ABOUT ELLIOTT WAVE           :: top ::
Could you please give me an indication of the length of each time frame (wave degree) as they are defined in the software, i.e. is Grand Super Cycle about 200 years? And Super Cycle, Cycle, Primary, etc.?

In our software the wave degrees are NOT connected to the cycle length normally attributed to wave degrees in Elliott Wave theory. An automatic analysis will always begin with the Super Cycle irrespective of the chart being a 3 day chart or a 100 year chart.
The time it takes a wave of a particular degree to complete is subject to a lot of discussion. It is the relativeness of the wave degrees that is more important (e.g. first Cycle, then Primary and then Intermediate) than the actual time that is associated with each degree.
The most important thing is the pattern in pattern concept. Waves should be grouped together correctly in a pattern, because waves within a pattern must be of the same degree. The proportion of waves, which combines time as well as price, determines whether waves belong to the same wave degree.

Could your software distinguish non-zigzag corrective waves?

Our software tries every possible combination of patterns. If a wave contains a non-zigzag corrective wave that adheres to all rules, it will be found.

10.  INDEXES, STOCKS, COMMODITIES OR FOREX?           :: top ::
I would like to know if your software supports currency trading for foreign exchange, like JPY, GBP, DM and etc.?

ELWAVE can analyze any kind of security as long as you can feed it some historical price data in one of the formats it supports.
Human emotions, which is the cause of all price changes, translate into the same patterns time and again. This is exactly why the Elliott Wave Principle works so well.

11.  DATA FORMATS AND REAL TIME DATAFEED           :: top ::
Can ELWAVE use files from Tradestation?

Yes, ELWAVE can read the Globalserver datafiles directly, but only for TS 2000i. A TradeStation-add on module is also available now, which makes it possible to get an Elliott Wave count in your TradeStation 2000i chart.

Can ELWAVE read Omega .omz files?

The old Omega .omz files are not supported, but the new Globalserver .xpo formats are.
You could convert to ASCII and then import intra day or (EOD) files in ELWAVE. Alternatively ELWAVE can read Metastock intra day files.

What sources would you recommend?

Our intra day module supports a real-time link with most data vendors. Either by linking it directly to ELWAVE or by using Excel. Consult your data vendor to see if they provide this link.
The following data vendors provide real time links that have been confirmed to work:

  • DBC eSignal
  • Reuters (Reuters also has the possibility of retrieving Metastock files)
  • Tenfore
  • CQG
  • Euro4cast
  • NDK
  • ActivePlus
  • Eurobech
  • TFD

Now we have added the following EOD data formats in addition to ASCII, Metastock and KeyWordWall$treet: FutureSource, CSI, Techtools, TC2000 and Globalserver.

I do not know what a DDE data feed is?

A DDE link (Dynamic Data Exchange) is a feature of the Windows operating system to connect to other software and retrieve and update data. Almost all data vendors allow you to retrieve real-time data in Excel, this is done through a DDE link.

I have recently been given access to the real-time module, however I am unable to use it, since I am unable to highlight REAL-TIME FEED within SCENARIO. How can I activate it?

Probably you are using an END-OF-DAY file, which can not be used to connect to a real time feed. This is because an intra day file has a time column, an end-of-day file has not. Therefore we advise you to build an intra day file from scratch and to keep it running next to a separate daily file or you have to obtain historical intra day data.

How do I make a real time data feed?

First you have to make sure that your data vendor supplies a DDE-link. You can find out by trying to retrieve data in Excel.
If you already have historical intra day data, go to ‘Scenario’ select ‘New’ then ‘From price data’ and load this file into ELWAVE. Make sure it is in ASCII or Mestastock format. If it is not, than you first have to transform it into one of these formats. Once you have loaded the file successfully into ELWAVE, go to ‘Scenario’ and ‘Real time datafeed’. The following box will appear:

There are two ways you can make a real-time datafeed with ELWAVE:

  1. Directly into ELWAVE:
    1. You will need to know what formula to fill in. If you are able to retrieve data in Excel, make this link and stand on the cell in which the data is shown. A formula will appear which looks like this: =servername|’topic’!’item’.
    2. With this formula you can fill out the dialog box:
      • In ‘DDE Server’ you must enter the servername (first part of the formula up to |).
      • In ‘Ticker (Topic)’ enter the second part of the formula without the quotes, this part is usually the name or code of the stock you are retrieving (depending on your vendor).
      • In ‘Close (item)’ fill in the last part of the formula, also without the quotes. This part of the formula tells you what information of the selected stock you are retrieving (e.g. lastprice, bid, offer, etc.).
      • With the multiplier next to ‘Close (item)’ you can change the data received into the same format as your datafile. E.g. your datafile has stored the Dollar/Yen as 120.12, but real-time data is retrieved as 1,2012. You can multiply by 100 times, so that the data retrieved matches your historical data.
      • ‘Date (item)’ and ‘Time (item)’ can be filled out if your vendor provides these items. If you leave it blank, ELWAVE will automatically use your system date and time. If you live in a different time zone than where the stock is traded, you might want to choose to have the time of that time zone instead of your local time, therefore you can fill out these boxes.
      • In ‘Auto save’ you can define the time for ELWAVE to make a backup of the retrieved data.
      • You have to determine where you want the data to be saved, when you press ‘Change location or file type’, you can rename the file or have it stored on an other place.
      • You can fill out the trading hours, this is optional. Sometimes your data vendor keeps sending ticks after trading has been suspended, this will corrupt you file. Using the trading hours, ELWAVE will ignore all incoming data that is not within the specified trading hours.
      • Press ‘OK’ and you should see data coming in.
      • Troubleshooting: If after you have pressed ‘OK’ and ELWAVE returns an error message, usually two things can be the cause:
        1. Your DDE server is not active.
        2. You have not filled out the box correctly. Try to verify that the items have been filled out exactly as required (including capitals and forward- or backward slashes).
        3. Your data vendor does not support a direct link with ELWAVE.
      • Save the chart as a scenario, this way you don’t have to fill out the dialog box each time you open the datafile. Opening the scenario automatically opens the right datafile and the dialog box has already been filled, just press ‘OK’.
  2. If your data vendor does not support a direct link, you can also link it through Excel:
    1. Make a link from your data vendor to Excel.
    2. Save the Excel workbook. Tip: Give this workbook the same name as the stock that is being retrieved.
    3. Fill out the dialog box by repeating the steps as described under 1b, but this time ‘DDE Server’ is EXCEL, ‘Ticker (Topic)’ is Workbookname.xls and ‘Close (item)’ is C.
    4. Always have the Excel workbook open, else it will not have a DDE server.
    5. Save the chart as a scenario, this way you don’t have to fill out the dialog box each time you open the datafile. Opening the scenario automatically opens the right datafile and the dialog box has already been filled, just press ‘OK’.

If you don’t have historical data you will have to build your own file from scratch. Go to ‘Scenario’ select ‘New’ and then ‘From real time datafeed’, the same dialog box will appear and repeat the steps under 1 or 2 as described above.

12.  HARDWARE REQUIREMENTS           :: top ::
On which platforms does ELWAVE run ?

Officially supported operating systems are Windows XP, Vista and 7 (32, 64-bit).

What minimum hardware requirements do I need in order to run ELWAVE effectively?

In order to have ELWAVE run effectively, the minimum system requirements are:

  • Windows XP
  • Intel or AMD processor 1.5Ghz
  • 512 MB internal memory
  • 100 MB hard-disk space installed, 200 MB of free space required during installation
  • Data in MetaStock or ASCII format

For intra day and scanning we recommend at least 2GB of internal memory