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How to Use ELWAVE for MetaStock to Enhance Your Trading
ELWAVE for MetaStock is a powerful add-on that allows you to perform automated Elliott Wave analysis on your MetaStock charts. Elliott Wave theory is a popular method of identifying and forecasting market trends and patterns based on the psychology of the market participants. By using ELWAVE for MetaStock, you can benefit from the following features:
Automatic Elliott Wave labeling and projection of targets and exits
Clear and concise summary of signals on multiple time frames
Powerful scanning for bullish and bearish stocks based on wave criteria
Easy to use interface with the press of a button
Customizable scripts and alerts to connect ELWAVE to other programs or your broker's trading interface
ELWAVE for MetaStock is compatible with MetaStock version 7.2 or higher and works with any Windows operating system from Windows 98 onwards. You can download a free 30-day trial from https://elwave.com/ and see for yourself how ELWAVE can improve your trading performance.
In this article, we will show you how to install and use ELWAVE for MetaStock in a few simple steps.
Step 1: Install ELWAVE for MetaStock
To install ELWAVE for MetaStock, you need to have MetaStock already installed on your computer. Then, you can download the ELWAVE for MetaStock installer from https://elwave.com/ and run it. Follow the instructions on the screen and accept the license agreement. The installer will automatically detect your MetaStock folder and copy the necessary files there.
Step 2: Launch ELWAVE for MetaStock
To launch ELWAVE for MetaStock, you need to open MetaStock and select a chart that you want to analyze. Then, click on the Tools menu and choose ELWAVE for MetaStock. A new window will open with the ELWAVE logo and a progress bar. Wait until the analysis is complete and then click on OK.
Step 3: View the Results
After the analysis is done, you will see the Elliott Wave labels and projections on your MetaStock chart. You can zoom in or out to see more details or switch between different time frames. You can also click on the Summary button at the bottom of the chart to see a table with the signals and targets for each wave degree. You can also print or save the summary as a PDF file.
Step 4: Customize Your Settings
If you want to change some settings or preferences of ELWAVE for MetaStock, you can click on the Options button at the bottom of the chart. A new window will open with several tabs where you can adjust various parameters such as wave rules, colors, fonts, alerts, scripts, etc. You can also save your settings as a template and apply it to other charts.
Step 5: Scan for Stocks
One of the most useful features of ELWAVE for MetaStock is the ability to scan for stocks that meet certain wave criteria. For example, you can scan for stocks that are in a third wave up or down, or stocks that have completed a five-wave impulse or a three-wave correction. To do this, you need to click on the Scan button at the bottom of the chart. A new window will open with a list of available scans that you can choose from. You can also create your own scans by using the Condition Scripts feature. Once you select a scan, click on Start Scan and wait until the results are displayed. You can then view the charts of the selected stocks by clicking on their symbols.
ELWAVE for MetaStock is a valuable tool for any trader who wants to apply Elliott Wave theory to their trading strategy. It offers automatic, objective, and consistent wave analysis that can help you identify trends, patterns, targets, exits, and opportunities in any market and time frame. You can try it for free for 30 days by downloading it from https://el 248dff8e21