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In the training of Elliott diagram and Elview software, I will discuss Elliott wave theory and how Elview software relates to real-time data. elwave software is one of the automatic analyst software that helps analysts to count stock waves based on Elliott waves. By examining and identifying 5000 in a few minutes, this software presents and classifies suitable patterns in the form of possible scenarios based on the probability of occurrence. This software has been used for both Iranian and international stock markets, and its only challenge is entering data into the software.
In fact, in this video of Elview software training, you can see that Elview software allows you to read market data on dde or Dynamic Data Exchange servers.
Metatrader software is one of the famous software in the international market and Iranian stock exchange, which can connect to dde servers and read its data. In this session of Elview software training, we will teach you how to connect Metatrader software to Elview software so that you can view real-time data and signals on Elview software. El Wave software components include toolbar, Wave tree window, Summary inspector window and Chart window. I will explain each of these tools in the following sections.
How to transfer data to Elview software
From the toolbar at the top of the El View software, select the CHART option and then the NEW CHART option. Then enter the following settings in the opposite window.
Then click OK and the desired stock will be shown to you. At this stage, data transfer and chart analysis are finished. The components of Elview software include the following:
toolbar:
Wave tree window:
Summary inspector window:
Chart window:
The working principles of Elview software are based on Elliott’s theory. This theory was made by Mr. Ralph Elliot based on his research and observations in 1938. Mr. Elliot presented this theory based on price changes and based on that, he has explained the price movement periods in the form of repetitive and specific wave patterns.
In fact, these waves will show us the major psychology of people in the markets based on recurring and specific waves and patterns. From Mr. Elliott’s point of view, the characteristics of financial market movements are based on reasonable, emotional, ambiguity and group logic, and price changes are based on the three principles of time, pattern and proportion..
Mr. Elliott believed that everything that happens in the market has its roots in the past price, and based on the change in the repeated and specific patterns of the past, they can be related and expanded to the present and future.
How to use elwave software
In the previous part of Elview software training, I discussed the Elview theory, which was offered by Mr. Ralph Nelson Elliott to complete the Dow Theory for technical analysis of financial markets. According to the El Wave wave theory, each market cycle consists of 8 waves, which include 5 impulsive waves in the direction of the main movement of the market and 3 corrective and corrective waves against the direction of the market.
In this part of Elview software training, you will see that by entering the historical data of the usd.jpy currency pair and connecting to the dde or Dynamic Data Exchange server of MetaTrader, the data will be received in real time. You can also see the real time chart changes on Elview. In fact, in this part of Elview software training, we will discuss how to analyze and observe buying and selling signals based on the Elliott wave theory and the use of Elview software, and we will also explain how to use this software.
In this software, you can analyze manually and automatically. Manual method like analysis in Dynamic Trader software and.. Is. But in the automatic method, you must click the Analyze or Update Analysis option after running the chart. In this way, the analysis is updated and the complete result of the analysis is presented in the Summary inspector section.
In the Summary inspector window, the most important part is EASI.
The EASI column includes three parts: Negative (downward market trend), Positive (upward market trend), Neutral (market unpredictability). We will buy and sell when all directions in this column are ascending or descending.
Flaws of Elliott wave theory
The importance of the summary inspector window in ElView was mentioned earlier in the ElView software training to view the summary of all activities and alternatives and various counts.
One of the drawbacks to the Elliott wave theory is the alternatives and different counts. Because you may start from a point on the chart and conclude that you are now on wave 3. While in another place of the chart, see that you are on wave 4. This issue and receiving two different results may cause problems for buying and selling.
But in this part of El Wave software training, you can see how different alternatives numbered by El Wave wave are specified in this software. In this way, from the menu option Select Wave tree and you will see different alternatives numbered according to Elliott wave rules.
Then, by selecting the next option in the wave tree section , more than 12 types of alternatives will be shown based on different numbering, all of which are correct.
Also, in the continuation of ElView software training, you will understand the method of solving the problem in different alternatives and the conclusion of the ascending or descending trend according to these numbers.
Eliot theory problem solving method with Summary Inspector window
Summary Inspector to solve problems of Eliot’s theory It helps us by providing a summary of all the different alternatives. In fact, the problem of different alternatives in Elliot’s theory is solved in such a way that you enter a situation when our alternatives have declared a result. In this way, you can conclude that the trend is up or down.
Different columns of Summary Inspector:
Next, we will explain the different columns of the Summary Inspector:
Time frame
It is displayed from top to bottom from the highest to the shortest time frames up to level 14. To analyze the Iranian market, we use the above timeframes such as Mediate and Primary. Also, low time frames such as Minute to Level 14 are used for the Forex market.
EASI
The second column of this window contains EASI, which indicates the direction of different alternatives in the market (Negative, Positive, Neutral). When we make a purchase or share method when all directions in this column are negative or positive.
Trend
The third column of Trend which represents the direction. When all these are on the same side, you can enter the market.
Wave
The fourth Wave column shows which wave each of our available time frames is in now. It should be noted that the best Elliot wave is wave 3, during which you will enter the market more easily; Because both in terms of time and price range, wave 3 is the most reliable wave.
Target
Target means target. In the first row (Micro), the initial target was equal to 1.1170 and the next target was a little higher and equal to 1.1283, which is due to the upward trend. In fact, these targets determine your profit limit. (T/P) At the bottom of the chart on the right side, you will see the Target as a diamond or diamond in purple color.
Exit
Exit means exit and actually specifies S/L or loss limit. Therefore, if you reach this point, you should exit the market.
Reward / Risk / (R/R)
If it reaches the target, Mike will have a reward, and if it reaches the exit, you will have a loss or risk. R/R is a number obtained from the ratio of Rewrd to Risk and is important for decision making.
- 8< r/r< 1 means that the reward is greater than the risk and it is possible to enter the market.
- r/r> 1 means that the reward is smaller than the risk and entering the market is not recommended.
- If this ratio reaches 10, it is unrealistic and cannot be counted on.
Wave tree window
In this part of El Wave software training, we will refer to one of the other important windows in El Wave software called Wave tree. Wave tree is one of the more professional tools of El Wave for those who want to use Elliot wave theory and El Wave software. Analyze and predict the market. In fact, summary inspector is one of the basic tools of Elview and does not require any special knowledge of Elliott wave theory, and you will make decisions about buying and selling shares based on the numbers and figures in different columns.
In the El Wave software training, we will mention how to work with the Wave tree tool. The Wave tree tool will show the different alternatives detected by El Wave software. It is possible to start from a part on the chart and come to the conclusion that we are on the third wave, while in another part or time frame we are on another wave. Considering that El Vive ranks the alternatives, the first alternative is the strongest. (Alt:0)
Fibonacci theory
According to the Fibonacci theory, giving different points to different alternatives means that some alternatives are more consistent with Elliott waves and Fibonacci theory, and therefore get more points. On the other hand, some alternatives are less compatible and receive less points. So Alt:0 has a higher percentage of occurrence compared to Alt:1 and so on.
With a little attention, you will notice that some of the squares in this window have a gray cross, and the rest have no sign. If you see a cross, it means that the wave is not over yet and will continue. But if it does not have a cross, it means that the wave is completed and according to Elliott’s theory, it is a finished wave.
Another possibility in El Vio is that maybe we don’t want a general alternative; and request to view Extension3 which is identified on the minute time frame, for this purpose, right click on the square and you will see the Select alternative window.
By clicking on the next option , you will see different alternatives .
If you decide to check each wave separately, you should right click on it. Another feature of this program is Signal inspector. In order to open the corresponding window, you must double click on the desired wave
The Signal Inspector shows what points you will have based on that wave when you reach any point on the chart. The important thing is that the numbers that are in small letters are far from our suffering and the numbers that are shown in capital letters are close to our suffering and we can wait for them to happen.
When you reach CONFIRM, you should allow the software to receive new CONFIRMs. This means that if it goes up, a positive trend should be CONFIRMED and vice versa.
SCAN INSPECTOR
In this part of Elview software training by Mr. Farhad Moghadam Salimi, we will mention an important tool in Elview software called scan inspector. Sometimes in the capital market you need to be surrounded by a large number of different stocks or currency pairs, to understand which buy signals and which sell signals. This is very time-consuming by analyzing the chart of each stock and checking its waves. Hence this tool solves this problem
At the first scan, your list is empty and there are no currency pairs or stocks in it. In this step, you must prepare the currencies and shares that you intend to scan. For this purpose, click on Edit and then New and choose a name for your list.
Select the stocks and currency pairs you want and click Close. Now you have to select Edit option in the Conditions field to propose some conditions.
In the following video, there are more explanations about scan inspector features and how to create conditions for stock scanning and presenting results.
Then choose the conditions you want or create your desired condition. For the global market, due to the short-term strategy, implement the conditions on short-term time frames, and for the Iranian market, use long-term time frames. Also, you usually don’t go higher than Primary; Because you cannot have very large cycles in the chart, unless, for example, you want to have a 100-year chart of the Dow Jones or gold transactions.
Then click Start and the stock analysis program will start with the specified conditions.
Simulation inspector
In Elview software training, if we want to predict that a currency pair or share will be downward or upward in the future; You must enter the currency pair and open the chart.
In the Simulation Inspector, you will be able to apply your own strategy; You can also test and see if this strategy and Elliott wave theory and Elview software can detect the future trend of the currency pair or share or not. All strategies, whether weak or strong, must be tested over a period of time.
Strategy testing is done in the following two ways :
In this experiment, you will have the previous data of a share and test your strategy on this data.
This test is that you start the strategy from now on a micro or demo account and see what it looks like.
You have the possibility to test your strategy through the Simulation Inspector and see if it is a good strategy or not!
To use the Simulation Inspector, you must select a point from the graph and delete the date from that point onward as shown in the figure below. The figure below shows the number 25640 at this point.
Then select Start New Simulation.
You will see that the following dates have been removed. Enter a number around 25000 and then click OK.
You can enlarge the specified area by selecting the Zoom In option.
With a little attention you will notice that you have an upward movement and you have to decide which wave it is on and then see if you have to buy, sell or hold. For this purpose, analyze your chart and then look at the Summary Inspector and make the final conclusion. In the video below, you can see the work process at this stage of Elview software training.
Auto IB training and generating steady income
At every stage of your investment knowledge, you will need a steady income in this market. In general, two groups of amateur traders and professional traders are engaged in this market. The main income of professional traders is obtained through the capital market and trading.
Considering the country’s economic problems, the most profitable type of investment is property. But due to the high price of the property, not everyone can invest in it. Therefore, these people can use their capital in order not to lag behind inflation. Due to the high risk of the forex market, if you do not have the ability to take high risks, do not enter this market. Professional traders must generate steady income to enter the market. On the other hand, it should be noted that in no way should you involve other people’s capital with high leverage in forex.
One of the good ways to generate steady income is Auto IB. Auto IB means you are your own IP. This means that one percent (50%) of the commission will be returned to the account by the broker. In the video below, we will discuss the Auto IB method with the FXOPENN broker.
