Support Board
Date/Time: Sun, 16 Mar 2025 17:31:38 +0000
Post From: Sierra Chart - Elliot Wave?
| [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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