Elliott tools can be applied to a price or indicator chart using the "Objects โ Elliott" items of the "Insert" menu or the "Line Studies" toolbar.
Two types of Elliott tools for displaying waves are available in the platform:
Type | Description | |
Impulse Wave | According to Elliott's theory, impulse waves create a directed trend (bull or bear) and cause the market to move very actively. Five points are necessary to draw this tool. | |
Elliott Correction Wave | Corrective waves (rollbacks) are characterized by moving against the trend. |
Section "Elliott Wave Theory" features theoretical aspect of working with these objects. Practical details are described in section "Construction of waves".