The Wave Scanner gadget gives you the power to search for your favorite Elliott Wave trade setups across an entire list of market symbols with a single click. It’s the fastest way to draw your attention to your most preferred potential trading opportunities.
Never miss another great wave setup!
You decide which wave setups, markets, and timeframe you’re interested in. Then with one click, the scanner will search for those setups and display the ones that match your criteria. You can also choose from a collection of powerful filters to display only the setups that best meet your trading objectives.
Your favorite trade setups – Automatically scan wave setups that you choose
Watchlist integration – Conveniently select one of your watchlists to scan (or enter market symbols individually)
Next Subwaves integration – All scan setups are complete wave counts that can be inspected in the Next Subwaves gadget
Chart integration – Trade setups can be quickly highlighted on charts with one click
Advanced filters – Customize scan results to only find trade setups that meet your specific criteria
Save and re-use scans – Once you create a scan, it’s saved in your workspace so you can easily re-run it later
NOTE: The Wave Scanner is not a substitute for critical analysis. For best results, you should consider results from the scanner as a starting point for deeper inspection using the many tools that the WaveBasis platform provides for pro-caliber Elliott Wave analysis.
How do I use it?
Select the Wave Scanner gadget from one of the gadget menus, as you would any other gadget. Once the gadget is open in your workspace, you’re ready to create your first scan.
Creating a scan
Click the “+” button in the top right corner of the Wave Scanner to open the scan pop-up dialog. The dialog includes several tabs to allow you to precisely define the trade setups you would like to scan for:
The General tab allows you enter a name for your scan, along with any notes or comments that you’d like to make about the scan.
Choose a wave setup (or more than one for Trader plan and up users) to scan for. You must choose at least one wave setup before you can save your scan.
- Enter symbols to scan by typing them one at a time into the Selected symbols area
- Choose one of your watchlists from the dropdown menu to add some or all of the watchlist’s symbols to your scan
- When a watchlist is displayed, simply click on a symbol to add that symbol to the scan
- Click a symbol in the Selected symbols list to remove it from the scan
Choose a chart resolution and time range on the Timeframe tab.
Refine your scan by filtering for specific criteria (Only available with the Trader and up plans).
Interacting with scans in the scan list
Once you’ve created and saved a scan, it will appear in the list of scans displayed in the main gadget window. The list displays the name of the scan along with its status and the last time it was run.
You can sort the list by Name, Status, or Last Run by clicking the corresponding header in table.
Hovering your mouse cursor over a scan in the list will display a toolbar containing familiar tools as show below:
Running a scan
- Click the Run button on the toolbar as shown above to start a scan.
- While the scan is running, its status will display as “Scanning…“.
- When the scan is complete, its status will display as “Ready“.
- While the scan is running, results will be displayed in the results area under the scan as trade setups are found. You can review and interact with a scan’s results while the scan is still running
Click a scan’s name in the list to open the results area under the scan.
NOTE: While a scan is running, the Run button turns into a Cancel button, so that you can cancel a running scan before it completes.
Viewing scan results
Each scan result in the list highlights a potential trade setup as defined by the options you have selected for the scan.
Clicking a result will display the trade setup on the current chart, along with the complete wave count that the setup was found in. The corresponding target area for the setup is also highlighted (this requires that you have the Support/Resistance Smart tool enabled).
This allows you to quickly assess the potential setup in the proper context right on the chart. The wave count displayed on the chart is just like any other wave count in your workspace. This means you can interact with it using all of the platform tools that you’re used to.
If you’ve used the Next Subwaves gadget, the columns in the scan results list will be familiar:
Symbol – The market symbol the setup applies to
Wave – The wave and pattern name for setup
R/R – This is the ranking for the expected profit potential (Reward/Risk) suggested by a particular wave setup. It will show a number of colored stars from zero to a maximum of 3
Potential – The profit potential of the setup in percentage terms from the current market price to the projected target
Status – This is an indication of whether the market has already moved far enough in the direction of the next wave to consider the setup confirmed. An orange checkmark means the setup is close to being confirmed, while a green checkmark indicates that the setup has been confirmed. A red circle with a line through it indicates that the wave projection is invalid, which usually means that the count should be recalculated to include the most recent market action.
NOTE: R/R is only included with the Trader and up plans. Lower plan levels indicate whether the setup is a long or short trade.
Running simultaneous scans
Trader and up plans allow multiple scans to be run at the same time, for those who are in a hurry!