Trading and charting application Technician, which launched in July last year, keeps beefing up the technical analysis capabilities available to its users.
The company has just announced the launch of the WaveBasis Elliott Wave Power Tools, an innovative technology in Elliott Wave detection and analysis, which is available exclusively on the Technician platform.
WaveBasis, in its essence, offers a set of easy-to-use tools to conduct Elliott Wave analysis. It is a workflow accelerator that seeks to facilitate the application of traditional Wave analysis, while providing unique insights and trading decision support.
The WaveBasis engine uses proprietary statistical and machine learning algorithms, along with expert system techniques, to offer the so-called AutoCount. AutoCounts show traders precisely where Elliott Wave patterns have been found in a chart, including the exact pattern (or sub-pattern) name and degree, as well as an indication of whether or not each wave in the count has been confirmed/completed. In the case of unconfirmed/uncompleted waves, an indication of possible alternate waves is also displayed, so that a trader is aware of the possibilities for an evolving market context.
The toolkit also offers the capabilities of drawing waves, whereas the Insights Panel allows traders to explore the most important aspects of a wave count to quickly assess what the count is telling them about the current market context.
You can find out more about WaveBasis Elliott Wave Power Tools (and pricing terms) by clicking here.