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Elwave 9.x Reviewed



Finally, the long-awaited release of ELWAVE 9.x is here! With a host of new features, such as: custom indicators (we support bothC# and VB, an industry-first), Summary Alerts (show popups or send email messages in real-time based on fully customizable Scanning conditions).



What`s so exciting about this release is that, for the first time, it combines the power of our unique Elliott Wave analysis engine with a custom indicator and scripting engine that is yet to find its equal within one single software package. With the full power of the C# and Visual Basic .NET programming languages at your disposal there`s no limit to what you can do.

Our powerful editor which offers features such as syntax highlighting, keyword completion , parameter info tooltips and visual error indication. All this makes programming your own indicators a joy.

This release of ELWAVE 9.0 contains the following new features and enhancements:
  • Custom indicators with the following features:
    • Use C# and VB to write your formulas/indicators
      An industry first, ELWAVE allows you to write your own formulas in either C# (C Sharp) or VB (Visual Basic) .NET programming languages. These extremely powerful and versatile programming languages offer you everything you need to write your own indicator formulas. Calling of user-defined functions from othe user-defined functions is fully supported.
      The selection between C# and VB is a global setting that affects all formulas.
    • Full-fledged editor with highlighting, keyword completion and Intellisense prompting
      The built-in formula/script editor offers full syntax highlighting, keyword completion, parameter info tooltips and visual error indication. In addition you can easily define the parameters that your function accepts. Parameter types supported are: integer (whole number), string (text), floating (floating point number) or Price Field which can be one of the following: Open, High, Low, Close, Volume. Default values can be set for each parameter.
    • More control over appearance of (custom) indicators
      Our new custom-indicator engine offers more control over the appearance of your indicator formulas: you can freely choose the graph/line style (including histogram) and color of each formula.
    • Combine multiple formulas in a single indicator
      Multiple formulas can be combined in a single indicator consisting of multiple graphs and a single formula can be used in multiple indicators. In addition, you can override the default values for each formula’s parameters. This allows you for example to create an indicator that consists of three SMA’s with different default periods.
    To get started with custom indicators, open a chart and either right-click on the chart and select Indicators or selectInsert|New indicator pane… from the menu. Then click on the New… button to start creating your own indicator. The first step will be to Add a new formula to your indicator. Core objects and functions and that you can use in your indicator code are Open, High, Low, Close, Volume and Ref(periods).

    The last one, Ref, can be used to reference data from other bars. For example Ref(Close, -5) will return the Close value 5 bars before the current bar/record. A sample custom indicator script named SMA (sample) is provided with an implementation of a Simple Moving Average in both C# and VB code. Instead of writing Ref(Close, shift) you can also writeClose[shift] in C# (square brackets) or Close(shift) in VB (round brackets).

    This feature requires the .NET 2.0 framework, a free download from Microsoft, to be installed on your computer. Chances are high that this framework is already present on your computer. If not, ELWAVE will direct you to the download page for .NET 2.0 on the Microsoft website when you try to use this feature.
  • Summary Alerts (requires Scanning module)
    By right-clicking on a chart and selecting Alerts you can define alerts based on changes in the Summary Inspector. Add any number of alert conditions by clicking the Add button. For each condition you can specify when it is triggered (ie if the condition becomes true, false or whenever it changes from one to the other). Several different actions can be taken if your alert fires, more on than below under Trigger Actions.

    Summary alerts can be saved as part of a template that can be applied to every new chart that you create.
  • Trigger lines (price level alerts)
    Trigger lines now can trigger any action instead of just playing a sound through your speakers. Simply drag a Trigger Line onto your chart and you can define the exact price level as well as determine what action should be taken when the trigger line is crossed.
  • Trend line / trend channel alerts
    Trend lines and trend channels too can trigger any action whenever the trend line or one of the trend lines comprising a trend channel is crossed.
  • Trigger Actions
    An important addition to ELWAVE 9.0 is the ability to not only play a sound when an alert is triggered but also perform a number of other actions:
    • Show Message
      The Show Message action can be used to show an on-screen message in response to alerts from the Summary Inspector, Trigger Lines (price level alert) or Trend lines. A specific message can be typed for each alert individually. In addition, depending on the source of the alert, certain fields can be inserted that are replaced by their actual value when the alert fires:

      Summary Alert:
      • symbol – The symbol of the chart in which the alert occurred
      • condition – The name of the scan condition that triggered the alert
      • trigger info – Display why the alert was triggered (condition changed to true or false) and on what level (wave degree)
      Trigger line (price level alert)
      • symbol – The symbol of the chart in which the alert occurred
      • prev.closeval – The price level just before the alert was triggered
      • curr.closeval – The price level after the alert was triggered
      • trigger.priceval – The threshold/trigger level of this alert
      Trend line, trend channel
      • symbol – The symbol of the chart in which the alert occurred
      • prev.closeval – The price level just before the alert was triggered
      • curr.closeval – The price level after the alert was triggered
    • Send Email
      The Send Email action can be used to send emails in response to alerts from the Summary Inspector, Trigger Lines (price level alert) or Trend lines. A specific message can be typed for each alert individually. In addition to the special fields listed for the Show Message action, the following fields can be used:

      Summary Alert, Trigger Line (price level alert), Trend line/channel:
      • chart screenshot – An actual bitmap image of the chart at the moment the alert was triggered. This field is only available in the email message body, not in the subject line
    • Run Application
      The Run Application action can be used to run an external application in response to alerts from the Summary Inspector, Trigger Lines (price level alert) or Trend lines. With the exception of the chart screenshot field, all fields mentioned thus far can be passed to the external program as command line arguments.
    • Play Sound
      The Play Sound action can be used alone or in combination with another action to alert you to potential trading opportunities.
  • Alert Window
    All alerts that have been fired are listed in the Alert Window, accessible through View|Alert Window. Clicking on an alert in the Alert Window will open the corresponding chart and make it active.
  • ToolTips for Summary Inspector items
    Tooltips have been added for each item in the Summary Inspector to explain what they are. In addition, for items Target1, Target2 and Exit, the corresponding item in the chart is highlighed and also indicated by a tooltip. This also works the other way around: if you let your mouse hover on top of a summary target (diamond shaped) or exit (triangle shaped) in the chart, the corresponding item in the Summary Inspector is highlighted and indicated by a tooltip.
  • ToolTips for wave targets
    ToolTips have also been added for each target that is part of the currently displayed wave count. The ToolTip clearly shows how the target was calculated, ie the ratio that was used and the waves that have been referenced.
  • Chart background gradient
    By right-clicking on a chart and select Chart Properties you can now define the chart background to be a gradient which, depending on the color you select, can be easier on the eyes than a pure white or black or solid color background.


It is simple!
In the window at the bottom of the chart you find the wave degrees or time frames listed in the Summary Inspector window, from the larger time frames to the smallest time frames. The largest time frame is at the top called "CYCLE" which EASI (target indicator) is positive and trend is up. On the same line you will find other information with regard to this wave degree, but the most important news is that it has a very positive reading.
At the lowest position in this window you will find "Minute" time frame which also shows a positive reading.
With one glance you will notice that the chart above, which is a very long term chart of the Dow Jones from November 14th 2002, has a positive outlook. It will get even more positive if theIntemediate and thePrimary time frames turn to positive as well!
It looks totally different when the outlook is bearish. The software will tell you without any hesitation. Take a look at the example below, which display an analysis of March 16, 2002 when the Dow started to decline more and more...Now the smallest time frames are NEGATIVE!
This is very much correct looking at the decline that happened thereafter



You can test the outcome in ELWAVE for yourself for any period you like and for any time frame you like to trade.
For example, if you use 3 months of intraday data, ELWAVE will analyse very short time frames, which perfectly fit day traders.


Forecasting an UP TREND
Look at the analysis below.
ELWAVE has analysed the smallest patterns in patterns. All trends are POSITIVE, forecasting the further up trend that made the Dow reach 9000 later. In this case 6 time frames show an uptrend, a very strong signal. In practice however, it suffices when 2 or 3 time frames show uptrends, but the more trends are up the stronger the signal.



Forecasting an DOWN TREND
Now look at the picture as of September 18th, when the decline was only just beginning...Look at the Summary Inspector: all time frames show NEGATIVE and a down trend! The greyed out data is not part of the analysis, it shows the actual movement of the stock after the analysis was made




 


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