WaveBasis Review

WaveBasis Review

WaveBasis is an Elliot Wave analysis software. It combines classic Elliot Wave principles with modern technology to provide a fresh approach to wave analysis software. WaveBasis provides quick, flexible, automated and comprehensive Elliot Wave analysis. The intuitive WaveBasis platform delivers new ways for traders to accelerate their workflow. It constantly validates automatic Elliot Wave counts with high-speed tools to give experts an edge.

WaveBasis has award-winning, fast, modern, sleek real time charts with a user-friendly drag and drop experience, catering to every type of investor. It goes without saying that better trading tools can mean better informed trades and control of positions.

That being said, in this WaveBasis Review we will take a look at some of its key features to help determine if it is something that you will find beneficial adding to your daily trading activities.

Company Overview

WaveBasis is located in New York, USA. They designed their proprietary software from the ground up with the ambition to shift power into the hands of both beginner and experienced traders, by facilitating the application of wave analysis in the most natural and efficient way possible. WaveBasis aims to make Elliott Wave analysis smarter, faster, and more efficient.

What is Wave Analysis?

The Elliott Wave Theory is named after Ralph Nelson Elliott (28 July 1871 – 15 January 1948). He was an American accountant and author. Inspired by the Dow Theory and by observations found throughout nature, Elliott concluded that the movement of the stock market could be predicted by observing and identifying a repetitive pattern of waves.

WaveBasis describes itself as “the future of wave analysis”. The Wave analysis is based on the notion that markets follow specific patterns called waves which are the result of a natural rhythm of crowd psychology that exists in all markets. There are several advanced wave theories.

Wave analysis offers insights into trend dynamics and helps you understand price movements in a much deeper way. The Elliott Wave principle consists of impulse and corrective waves at its core.

The essence of Elliott waves is that prices alternate between impulsive phases that establish the trend and corrective phases that retrace the trend. In their most basic and straightforward form, impulses contain 5 lower degree waves and corrections contain 3 lower degree waves.

Waves Analysis
Waves Analysis

Simply put, movement in the direction of the trend is unfolding in 5 waves (called motive wave) while any correction against the trend is in three waves (called corrective wave). The movement in the direction of the trend is labelled as 1, 2, 3, 4, and 5. The three-wave correction is labelled as a, b, and c. These patterns can be seen in long term as well as short term charts.

The core Elliot Wave rules are as follows:

  1. Wave 2 never retraces more than 100% of wave 1.
  2. Wave 3 cannot be the shortest of the three impulse waves, namely waves 1, 3 and 5.
  3. Wave 4 does not overlap with the price territory of wave 1, except in the rare case of a diagonal triangle formation.
Elliot Waves Chart
Elliot Waves Chart

Some of the main things that I like about the Elliot Wave theory is that it has been around for a long time and is considered a significant indication of potential market movements. You can find waves on any chart timeframe and any trading instrument, thus making it an extremely versatile form of market analysis. Active day trades may look for waves on the lower timeframes to get in and out of the market quickly, whereas the more long-term trader could use the higher chart timeframes to look for swing trading opportunities.

I think that it is perhaps not as widely used as some other indicators such as the moving average, primarily because traders do not know what it is or find it to complicated to use. That is where the WaveBasis software platform comes into use.

What is WaveBasis?

WaveBasis Platform
WaveBasis Platform

WaveBasis is a web-based platform for conducting in-depth technical analysis including the automatic detection of Elliott Wave patterns in financial markets. This can save traders from hours of learning about Elliot waves and looking for them on their charts.

It’s a workflow accelerator that aims to facilitate the application of traditional Wave analysis in the most natural and efficient way possible, while providing unique insights and innovative trading decision support.

WaveBasis has an innovative collection of unique trading tools, specifically tailored for wave analysts and traders alike. It features a sophisticated pattern recognition engine that can automatically determine high probability, valid Elliott Wave counts.

The exclusive Smart Tools and powerful Wave Count Scanner can help users to identify potential trading opportunities in real time and assist with price pattern-based risk management. Keep in mind, you do not have to take the wave signals as they are, you can also add your own technical analysis, fundamental analysis and price action analysis to further valid them.

If you want to count waves manually or have the process fully automated for you, WaveBasis provides a fast and easy way to implement Elliot Waves into your daily trading, with a sophisticated, intuitive and award-winning platform.

WaveBasis Features

WaveBasis can give informative market insights to both newer and experienced Elliott Wave analysts. It uses proprietary technology with a modern look/feel to facilitate wave analysis and forecasting in an efficient and easy to interpret manner.

New traders will find interactive tools that can quickly help to improve their Elliott Wave knowledge and skills. On the other hand, those who have some experience and are already familiar with Elliot Wave principles, can start to implement them in new and exciting ways.

WaveBasis uses web-based charting and technical analysis, with flexible workspaces that support drag and drop customization, creating a new standard for industry leading Elliot Wave analysis.

Some of the key features of the WaveBasis platform include:

High-Speed Elliott Wave Analysis

Automatic wave counts, and innovative companion tools to streamline manual wave counting.

Top Class Charts

Award-winning, high-performance, real time charts. There is 12+ chart styles, multi-chart layouts, and multiple in-app tabs.

Trading Tools Collection

WaveBasis implements over 100+ Indicators, 35+ drawing tools, including the exclusive Smart Tools and advanced Wave Scanner.

Support Trading Activity

Users can get unique insights into Elliott Wave patterns, to help them make informed trading decisions.

WaveBasis Platform

The WaveBasis Platform is packed with a vast array of features and functionality. It is a powerful yet easy to use platform that aims to make wave analysis quick, easy and accessible to everyone.

Workspace

The platform supports multiple chart layouts and has 12+ chart styles.

WaveBasis Chart Layouts
WaveBasis Chart Layouts

Users can edit automatic wave counts and automatic pattern forecasts.

WaveBasis Wave Counts
WaveBasis Wave Counts

It has flexible layouts with drag-and-drop functionality.

WaveBasis Flexible Layouts
WaveBasis Flexible Layouts

Track charts and counts over time with chart management.

WaveBasis Chart Management
WaveBasis Chart Management

Keep market context in focus with multiple timeframe analysis.

WaveBasis Multiple Timeframes
WaveBasis Multiple Timeframes

Multiple in-app tabs to help try to ensure that users never miss an opportunity.

WaveBasis Workspace Tabs
WaveBasis Workspace Tabs

Smart Tools

Fibonacci Levels are always on so you do not need to use a separate tool.

WaveBasis Fibonacci Levels
WaveBasis Fibonacci Levels

Smart tools follow your mouse cursor so that you can easily identify convergences.

WaveBasis Smart Tools
WaveBasis Smart Tools

Anticipate potential trade setups with automated support and resistance zones.

WaveBasis Support & Resistance
WaveBasis Support & Resistance

Accelerate your manual wave counting with automatic wave stacking.

WaveBasis Wave Stacking
WaveBasis Wave Stacking

Use a variety of overlays in any combination that you need to.

WaveBasis Overlays
WaveBasis Overlays

You never have to guess where to start as the platform has an automatic wave count starting point.

WaveBasis Start Point
WaveBasis Start Point

Insight

Spot trade opportunities across multiple timeframes simultaneously.

WaveBasis Subwaves
WaveBasis Subwaves

Establish clear risk parameters and easily access multiple wave counts.

WaveBasis Auto Counts
WaveBasis Auto Counts

Key pattern rules and guidelines linked to charts for quick insight.

WaveBasis Wave Guide
WaveBasis Wave Guide

Pattern sub-wave ratios linked to charts for immediate insight.

WaveBasis Wave Ratios
WaveBasis Wave Ratios

Expert automatic forecasts can be like having a professional guide you.

WaveBasis Count Forecaster
WaveBasis Count Forecaster

Wave Scanner

Watch list integration to scan the instruments that you track.

WaveBasis Watchlist
WaveBasis Watchlist

Easy to manage multiple scans to cover all of your favourite setups.

WaveBasis Wave Scanner
WaveBasis Wave Scanner

Detailed trade setups that include potential reward to risk, etc.

WaveBasis Scanner Results
WaveBasis Scanner Results

Powerful filters to help you find the best setups for your trading style.

WaveBasis Scanner Filters
WaveBasis Scanner Filters

WaveBasis Pricing

There is a choice of packages available so that you an choose a plan which suits your own trading style. You can upgrade or downgrade your subscription plan at any time. Data feeds are included with all of the subscription plans without any additional fees.

All subscriptions start with a 14-day free trial of the trader plan. No credit card is required to do the free trial, and you are not obligated to continue with your subscription after the trial period ends.

At the end of your free trial, if you haven’t entered your payment information and subscribed to one of the paid plans, your subscription will automatically switch to the Free plan. Therefore, you don’t need to cancel your free trial if you find that WaveBasis isn’t for you right now. The platform will continue to be entirely free to use.

The WaveBasis subscription plans are as follows:

Active Trader

This plan is designed for those who plan on tracking many markets, and making frequent trades via the intraday charts. It can help to streamline your workflow, spend less time planning trades, and confidently keep you up to speed with the current wave action.

  • 2500 Automatic Wave Counts per month
  • 40 Simultaneous Charts
  • 20 Workspace Tabs
  • All Smart Tools
  • Basic + Premium Gadgets
  • $399 per month

Trader

The trader plan is ideal if you trade frequently, prioritize Elliott Wave analysis in your trading, or if you want to implement the power of automatic wave counts to keep up with the latest market movements.

  • 1000 Automatic Wave Counts per month
  • 20 Simultaneous Charts
  • 10 Workspace Tabs
  • All Smart Tools
  • Basic + Premium Gadgets
  • $169 per month

Casual Trader

The casual trader package is the basic option that offers the power and flexibility to help give you a trading edge. It includes the best wave counts, charts, and technical analysis features, without the more advanced automation features that the WaveBasis platform can offer.

  • 250 Automatic Wave Counts per month
  • 6 Simultaneous Charts
  • 3 Workspace Tabs
  • Limited Smart Tools
  • Basic Gadgets
  • $49 per month

WaveBasis Free Plan

In addition to the paid subscriptions, there is a WaveBasis free plan that comes with limited availability of their wave analysis tools. However, if you do not really plan on doing much Elliott Wave analysis, don’t need to run numerous automatic wave counts on a frequent basis, or just want to utilise the web-based charting, the free plan could be an option worth exploring.

WaveBasis Summary

If you have made it this far, you should have a good idea of the wave analysis principles and how the WaveBasis platform can do a great job of identifying wave patterns. It is one of the most intuitive, objective and complete Elliot Wave software’s available that I have seen over the years.

The WaveBasis platform is advanced yet user-friendly, with an abundance of useful trading tools and features to ensure a seamless application for both beginner and experienced traders. It is very reasonably priced when you consider the sheer amount of time it can save from having to learn wave analysis principles and looking for them on your charts.

That being said, I would ensure that you have a clear understanding of the wave principles that the software implements rather than to take the signals without actually knowing why they have occurred. Furthermore, I would add my own market analysis for confirmation and make sure that my money management is suitable according to my trading goals.

You will need a forex broker if you want to be able to place trades based on the wave analysis conducted within the WaveBasis platform. I would personally always prefer to use an ECN forex broker as I find that they tend to have some of the most competitive trading conditions. This includes liquidity pools that combine a variety of liquidity providers (LPs) which means that trades can get executed at the best available prices with minimal delay. There is also no dealing desk intervention and thus no conflict of interest between broker and trader.

There is a 14-day trial if you wish to see whether the WaveBasis platform is suitable for your own individual needs. The customer support team will be happy to answer any questions that you may have related to the software whilst there is a blog and plethora of additional information on the official WaveBasis website which you can visit by clicking the link below.

WaveBasis

From $49 Per Month
8

Functionality

8.0/10

Usability

8.0/10

Versatility

8.0/10

Features

  • Comprehensive wave analysis
  • Elliot Wave principles
  • Fibonacci levels
  • Automated chart analysis
  • Any timeframe
  • Any trading instrument
  • Any trading broker
  • Various packages
  • Free trial
  • Full support