Support Board
Date/Time: Mon, 17 Mar 2025 00:07:14 +0000
Sierra Chart - Elliot Wave?
View Count: 2986
| [2020-12-27 17:47:37] |
| Chadly - Posts: 65 |
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In the future, does Sierra Chart plan to do an Elliot Wave study/indicator/alert? Thanks guys!! love SC. |
| [2020-12-27 18:54:28] |
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We will look into this.
Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing |
| [2020-12-28 02:38:21] |
| ertrader - Posts: 682 |
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This would be good!
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| [2020-12-28 04:15:49] |
| User90125 - Posts: 715 |
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+1
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| [2021-01-06 03:32:32] |
| SC Support Tom - Posts: 450 |
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I have been looking into this, but I have not yet found a mathematically precise description of Elliott Waves. I have ordered Elliott's book in the hopes that it will remedy the situation. If anyone has a reputable source that is mathematically sound, then please share it here and I will look at it.
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| [2022-04-07 13:06:05] |
| User769783 - Posts: 191 |
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@ SC Support Tom, I will love to work with you on this. I have been awaiting eagerly for the day SC integrates the Elliot Wave, based on the actual theory itself. I understand what you are looking for and willing to help in any way I can. Are you still looking to do this? Thank you...
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| [2022-04-12 07:45:04] |
| SC Support Tom - Posts: 450 |
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WRT Post #6: Yes, email me at Tom@sierrachart.com. |
| [2022-06-03 21:57:46] |
| User497645 - Posts: 7 |
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+1
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| [2022-06-04 13:35:09] |
| User372626 - Posts: 59 |
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+1
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| [2022-06-07 00:46:55] |
| SC Support Tom - Posts: 450 |
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We are working on this.
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| [2022-06-07 12:16:14] |
| BenjaminR - Posts: 172 |
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Elliott Waves are based on fibonacci, full stop. There's the math. There are rules & guidelines that govern wave count. This involves pattern recognition, as there are two kinds of waves: motive waves, & corrective waves. With motive waves, there are impulse waves, leading diagonals, & ending diagonals. With the corrective waves, there are Zig Zags, Flats, & Triangles. The math is in the fibonacci relationships. I recommend these books: The Wave Principle by Prechter & Frost (available for free @ www.elliottwave.com) & Elliott Wave Trading by Kennedy & Gorman. It might be worth the expense for Sierra Chart to rent or buy MotiveWave software in your study of how to create an indicator- they seem to do it the best. Look forward to what you produce, as Sierra Chart is the best in software engineering. Date Time Of Last Edit: 2022-06-07 12:16:58
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| [2022-06-17 21:16:23] |
| User769783 - Posts: 191 |
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Motive Wave is not the best at this. WaveBasis has the ideal way to plot automated wave counts onto a trading chart, based on pure EW rules. If SC could integrate the WaveBasis technology, all other platforms would officially give it up and shut down operation!!
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| [2022-06-18 13:03:05] |
| User365411 - Posts: 193 |
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As a user of Elliott wave theory for about 30 years my opinion is that coding a study on automatic counting of Elliott waves is a total waste of time and SC engineers would do better to focus on other aspects that are left behind on other studies. To apply the theory you have to know it well and apply it for years, reading a book is not enough, and it's not like porting a formula written for tradestation or similar. There are too many variables and nuances to implement and filter, the risk is to obtain a study that does not satisfy anyone because it does not work as everyone expects it to work according to his personal theory. And add job to SC staff to modiìfy this and that... Rather a simple but comprehensive tool to manually draw and edit waves could be useful, as already exists in tradingview. For automatic wave counting in my opinion it is better to use programs that were created just to do that and that have programmers and consultants who know exactly what to write in the code. Just my 2cents Date Time Of Last Edit: 2022-06-18 13:15:26
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| [2022-06-18 14:44:43] |
| User769783 - Posts: 191 |
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Sierra Chart engineers I beg your team to find the solution like the folks at WaveBasis! Adding the EW to your arsenal will be a vey huge achievement and appreciated by most of your professional users... ..... |
| [2022-06-18 21:13:56] |
| User497645 - Posts: 7 |
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Agree Stage 1 should be to add drawing tools like TradingView, this is basic functionality - people who use EW require these tools to quickly mark-up their own charts. Now as a Stage 2 - I agree it would be aweesome to build incremental functionlity - that automates/detects key EW points. But let's get the basic first ... |
| [2022-06-19 20:03:48] |
| BenjaminR - Posts: 172 |
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User769783 wrote, "Motive Wave is not the best at this. WaveBasis has the ideal way to plot automated wave counts onto a trading chart, based on pure EW rules" ~ So the good people at MotiveWave are making up their own rules? Not so, Joe. I've had extensive training in the Wave Principle, & although there is more than one way to interpret or label waves under different conditions, MotiveWave is an excellent resource. Have you ever owned it? I don't subscribe to WaveBasis, & it likely does just fine. Odds seem high User769783 is sold on WaveBasis, & would like to drop their costly subscription fees for an alternative in Sierra Chart. Nothing wrong with that; however, slagging off MotiveWave is selfish, prejudicial, & likely an opinion not based on actual ownership of the product. User36541 wrote, "As a user of Elliott wave theory for about 30 years my opinion is that coding a study on automatic counting of Elliott waves is a total waste of time and SC engineers would do better to focus on other aspects that are left behind on other studies." ~ Seems the engineers at Sierra Chart are pretty smart, & quite capable of determining what is or is not a 'total waste of time'- as a matter of fact, they have no problem saying so, if they indeed believe something would be a waste of their time. User36541 also wrote, "To apply the theory you have to know it well and apply it for years, reading a book is not enough, and it's not like porting a formula written for tradestation or similar." ~ To 'apply the theory you have to know it well & apply it for years', can be said of absolutely ANY indicator study, such as stochastics or even MACD. Context takes time & experience. Why would an auto-count need to be any different? Your point here is immaterial & irrelevant anyway; for example, I purchased MotiveWave primarily as a learning tool, & secondarily to help w/ wave counts on fast bar periods/shorter time frames. The use of the tools for checking my own work, or helping to identify a count where I've been puzzled, has been invaluable. It was important in my development, just as an Elliott Wave tool(s) in Sierra Chart would also be to traders who have already chosen or would like to learn the Wave Principle as part of their market understanding. User36541 also wrote, "For automatic wave counting in my opinion it is better to use programs that were created just to do that and that have programmers and consultants who know exactly what to write in the code." ~ Creating an excellent study which provides accurate wave counts according to the clear & simple rules & guidelines of the Wave Principle, is EXACTLY what is in Sierra Chart Engineering's wheelhouse. It is unclear why you felt your comments were necessary at all, except that it seems you'd like to passive-aggressively tell Engineering a thing or two that YOU would rather direct their energies to. Your '2cents' is overvalued, even at that price. However, you also wrote, "Rather a simple but comprehensive tool to manually draw and edit waves could be useful". That was worth something. The rest is absolutely rubbish. Date Time Of Last Edit: 2022-06-19 20:10:10
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| [2022-06-19 21:34:15] |
| User365411 - Posts: 193 |
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@ BenjaminR Much of what you say is completely wrong but if you don't understand the difference between coding a stochastic that has precise mathematical rules versus a theory that is interpretable ... well that's your problem. About the fact that SC programmers are able to code it, never had any doubts. And thanks for you kindly words, 1 cent or less is enough for me. Have a good day |
| [2022-06-20 00:17:10] |
| BenjaminR - Posts: 172 |
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@User365411 There are some precise rules & the rest IS mathematical, based on Fibonacci relationships. There are odds based differences in likely projections; for example, a Wave 2 *might* retrace 38.2%, maybe 50%, most commonly 61.8%, sometimes deeper to 78.6%- & sometimes it will take out the origin, invalidating it as the beginning of an Impulse wave altogether. But there is a hierarchy of common projections & retracements, which form the various corrective waves or motive waves, & therefore indicate the next likely wave. But you seem to have to relegated it to being next to entirely subjective- but really, for the sake of a study which counts waves according to the rules & guidelines & fib relationships- it's not subjective at all. However, there often are a few ways to label waves on a particular chart, & still not break any of the rules- that is where individuality & interpretation comes into play. Using Stochastics is indeed 'theoretical', just as much as Elliott Wave. You have to know how to read things in context, or qualify the values using other indicators, patterns, or other methods. Lastly, nothing I said was wrong, it was entirely correct. Have a super awesome day yourself. Date Time Of Last Edit: 2022-06-20 15:07:10
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| [2022-08-21 21:13:36] |
| User168683 - Posts: 4 |
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Any news on this topic ?
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| [2022-08-22 06:25:35] |
| SC Support Tom - Posts: 450 |
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This is still in the works.
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