Elliott Wave Functionality
The Elliott Wave functionality in MotiveWave is initiated in any of the following six ways. Only one of those is dynamic which is the Auto Elliott Wave study.
Elliott Wave Components
You are able to plot Elliott Wave using the available manual components. Select View > Components to access the components panel. The components can be manually moved and adjusted to your view of the markets.
Auto Wave is static in that once it plots the Elliott Wave count, it will not change. The only difference between the Auto Analyze and Auto Wave, is that Auto Wave allows you to visually set your data window via the mouse by selecting a range of bars. Click and drag to select the data window.
Unlike the Auto Elliott Wave study, Auto Analyze is static in that once it plots the Elliott Wave count, it will not change. This will allow you to change or modify the results as you see fit. It will allow you to set your data window via look back bars or from a specific date. Please see the link below explaining the data window versus start date. https://support.motivewave.com/knowledge-base/elliott-wave-data-window-vs-start-date/
Auto Elliott Wave Study
This will act like any other study and the results are dynamic meaning that they may change as new data is being presented. As new data becomes available, the Auto Elliott Wave study will recalculate and re-plot wave counts if it deems necessary. It will allow you to set your data window via look back bars or from a specific date.
Elliott Wave Scanner
From a Scanner panel or page you can also create and initiate a market scan based on Elliott Wave 2, Wave 3, Wave 4, Wave 5, or Wave E (Triangle).
Elliott Wave Trading Strategies
You can automate your entries and exits using the built-in Elliott Wave strategies. Entry orders are automatically created to scale in based on wave ratios. Stop orders are placed at wave invalidation points and optionally trail as the market moves in your favor. Exit orders are created for you based on wave ratios.
For videos on Elliott Wave, please refer to the Elliott Wave section found on the following page: