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Elliott Wave Theory has changed the way people view price movements in the financial markets. Because of its significance in the industry, it should not come as a surprise that EW theory is very actively used by traders.
While its effectiveness has been proven over time, using this theory is still quite a challenge, especially for beginner traders.
To avoid being overwhelmed when using EW theory, it is largely recommended for traders to use special Elliott Wave software that provides the opportunity to use EW theory in conjunction with other important analytical solutions. This way, traders can make the most out of their trading ventures.
“At best, news is the tardy recognition of forces that have already been at work for some time and is startling only to those unaware of the trend.” - Ralph Nelson Elliott
In today’s guide, we will go through the best software providers for Elliott Wave theory. So, follow our guide and choose the software that fits your needs the best.
To take full advantage of the Elliott Wave theory, traders can use specifically created software that can assist them in finding the current patterns in the market. Contrary to popular belief, EW software is not created only for beginners and experienced traders can also find them useful.
After doing some thorough research, we were able to identify the best software providers for EW analyses. We focused on several different factors, including price, availability, number of indicators, as well as extra offers.
You can take a look at our individual reviews as we list and discuss the best Elliot Wave software providers below.
|Number of Indicators||10+|
|Extra Offers||Special guides, SWAT rules checklist|
SWAT is one of the leading programs that you can use to trade with Elliott Wave theory. This theory can be used by traders to spot large price movements in the market and enter positions before others.
The software offers traders additional services, such as special video tutorials and analysis, which are used by traders to learn more about the market. SWAT is available for the users of MetaTrader 4, which can make the software very comfortable to use for experienced traders.
It also gives traders the opportunity to access different types of guides on trading markets, to further enhance their knowledge and understanding of Forex trading. It comes with an amazing 46 percent win rate and is capable of providing traders with 7 percent monthly returns, with just a 2 percent risk per trade.
With a combination of popular Forex indicators and EW theory, this software can be a perfect choice for both beginner and experienced traders. It uses tools such as moving averages, Fibonacci levels, Fractals, and many others.
The price of the software starts at $492 per month. This tool can be used by traders to learn more about wave theory, which can be a great addition to one's trading aptitude.
|Price||$80 (Basic); $465 (Add-On for MetaStock)|
|Number of Indicators||10+|
|Availability||Standalone, or Add-on for MetaStock|
|Extra Offers||Simultaneous Chart Analysis|
ELWAVE is among the best-known software used by Elliott Wave theory users. ELWAVE is known for being highly accurate and for many traders, it is by far the best program to use for EW theory analyses. This program is very user-friendly and comes in two different subscription options, which can make it easier for traders to make their decision.
For those who are not yet sure whether they want to use this program or not, there is a special 30-day free trial offering. With this trial offer, traders can test out the software for 30 days and determine how useful it can be for their individual trading interests and technique.
ELWAVE offers its clients fully automated real-time charts, providing traders with additional labeled charts, projected targets, and exit points. Thanks to the clear and concise overview of the signals and current market trends, traders can learn a lot about price fluctuations and possible changes in the future.
By using the Condition Scripts, the software is able to define entry and exit criteria for positions with a maximum amount of accuracy. The software is very frequently updated to ensure that it keeps up with the demands of the changing market. The latest update of the software offers traders very well-developed and improved multi-monitor support, which can be an added advantage for traders.
|Price||$24 (Standard); $49 (Order Flow); $99 (Pro)*|
|Number of Indicators||30+|
|Extra Offers||Ticker Tape; Gann Analysis; Trade Automation|
*These prices are for a monthly subscription
MotiveWave software is one of the most established and easy-to-use charting, analysis, and trading programs created for individual traders. MotiveWave is known for featuring highly-effective advanced charting and drawing solutions, which are very easily customized.
These programs are also very easy-to-use and can be a great option for finding the Elliott Wave patterns. It uses indicators such as Fibonacci, Gartley, Gann, and many others. The best thing about this software is that it can be a great option for traders of all different budgets.
No matter what your initial budget is, you can easily find a solution offered by the company that fits your individual interests. This makes MotiveWave highly profitable and useful for traders of all different backgrounds and interests.
There are four main categories of software packages to choose from. The first option is the free community membership, which gives you access to the charting and trade simulation platform. The standard subscription to MotiveWave will cost you $24 per month and gives you access to the trading platform. You can also get it for a one-time payment of $245.
The order flow subscription option will cost you $49 and will give you access to the full-featured trading platform. You can get the platform with 4 monthly payments for $175, and the one-time payment for this version is $595.
The advanced trading platform can be used by Pro users and will cost $99 per month. The 3-month auto-renewing option will cost you $295, and the 6-month one-time payment costs $565. As for the lifetime purchase, it costs $1,495.
|Price||$49 (Casual Trader); $169 (Trader); $399 (Active Trader)*|
|Number of Indicators||100+|
|Extra Offers||Smart Tools, Wave Count Scanner|
*These prices are for a monthly subscription
With years of experience in the market, WaveBasis is an amazing tool for traders to use. WaveBasis is a great option for both experienced and beginner EW analysts, as it offers numerous additional tools to make your job easier.
The list of tools offered by the software is of a very high quality, which can match the style of many traders. This platform is fully web-based and allows traders to count the waves both manually and automatically.
WaveBasis offers its clients different types of subscription models. This way, the company ensures that traders of all different interests can find something that fits their individual trading needs and budget. Among them are three types of subscription opportunities, including Casual Trader, which costs $49 per month. It offers traders the opportunity to use 6 charts at the same time, and 3 workspace tabs.
The Trader option comes at $169 per month, and it provides traders access to 20 different charts at the same time, 10 workspace tabs, and gives them access to special smart tools. The final and most expensive subscription is called Active Trader and costs $399 per month. This option offers traders the opportunity to use 40 charts at the same time, 20 workspace tabs, and can count 2500 automatic waves a month.
All of the above-mentioned options are very good for those using EW theory for trading. This theory is an advanced trading idea, which brings together technical analysis and trading psychology.
In the 1930s, Ralph Nelson Elliott noticed that the prices in the financial markets were moving according to certain patterns. Prior to this, it was largely believed that the prices behaved in a random and chaotic manner. However, the findings of Elliott forever changed the way people view price fluctuations in the financial markets.
After years of working on the theory, Elliott wave managed to create the basis for an idea that has become very popular among traders around the world. The Elliott Wave theory differentiates different types of price trends in the market, which are named waves due to their wave-like movements.
According to Elliott, the prices in financial markets are largely influenced by trading psychology and the attitude of individuals can have a huge impact on price movements.
Over the years, this strategy has developed and become very popular among traders around the world. Although interest in this strategy grew massively around the world, many people still found it very hard to find a way to implement it properly.
To assist traders in using the theory, many software providers have created special programs that can be used specifically for wave counting. The above-discussed programs are some of the best ones available in the market.
MotiveWave is considered to be one of the best Elliott Wave software providers available in the market today. The software is very comfortable to use and offers traders access to over 30 indicators, which can make trading even easier.
But, this is not the only software you can use. SWAT, ELWAVE, and WaveBasis are similarly very good. All of these platforms have been very well studied and tested, and they are trusted by thousands of people around the world. Because of their long history and experience in the financial markets, they are believed to be leading software providers to use for EW theory analysts.
By taking a look at how the theory works, one can easily tell that the theory should be equally useful for any time frame. This is so because of the fact that the Elliott Wave patterns are fractal, and thus, it is very hard to say that there is any 'best' time frame for this theory. So, the best time frame for this theory is the one that fits your trading needs and interests the best.
If you are a short-term trader, you can use one-minute, five-minute, or one-hour charts. It all depends on your individual interests and other indicators that you are using in conjunction with this theory.
Yes, Elliott Wave theory works very well. While there are some different views when it comes to the reliability of this theory, the past few years have been a great example that this theory can offer great support for traders around the world.
The theory has been used in the market for decades now, and it has managed to gain massive popularity and following in the market. This does not mean that the theory is effective 100% of the time, but it can provide traders with a very detailed and good insight into the price movement if used in the correct way.