Best Elliott Wave Software and Tools Reviewed
Elliott Wave Theory requires accurate charting, labeling, and pattern recognition. While manual analysis is valuable, Elliott Wave software can speed up your workflow and reduce human error—especially for beginners and active traders.
This guide reviews the top tools used for Elliott Wave analysis, based on features, accuracy, and user experience.
1. MotiveWave
Best for: Professional Elliott Wave analysts
Features:
- Full Elliott Wave suite (manual and auto labeling)
- Built-in Fibonacci tools and wave validation
- Strategy backtesting and alerts
- Multiple degrees and complex pattern recognition
Pros:
- Extremely accurate for detailed wave analysis
- Advanced automation features
- Supports multi-timeframe analysis
Cons:
- Learning curve
- Paid plans required for most features
2. TradingView
Best for: Beginners and everyday traders
Features:
- Manual Elliott Wave drawing tool
- Easy-to-use charting interface
- Custom scripts and community-built indicators
- Works on all devices, including mobile
Pros:
- Free version available
- Great for learning and testing wave counts
- Cloud-based, no installation needed
Cons:
- No automatic wave detection
- Limited degree customization
3. Elliott Wave International Tools
Best for: Those following Robert Prechter’s school of thought
Features:
- Wave counts and forecasts from experienced analysts
- Educational content
- Chart services for major markets (stocks, forex, crypto)
Pros:
- Analysis by Elliott Wave experts
- Access to community and learning resources
Cons:
- Not interactive software—primarily educational and forecast-based
- Subscription required
4. NinjaTrader (with Add-Ons)
Best for: Active futures and forex traders
Features:
- Add-ons available for Elliott Wave labeling
- Advanced technical charting and automation
- Supports algorithmic strategies
Pros:
- Fast, real-time performance
- Customizable with plugins and third-party tools
Cons:
- Requires technical setup
- Add-ons may have additional costs
5. WaveBasis
Best for: Traders looking for AI-powered wave counts
Features:
- Automatic wave labeling
- Real-time chart scanning and alerts
- Web-based access, no installation
Pros:
- Great for quick analysis
- Beginner-friendly interface
- Free trial available
Cons:
- Accuracy can vary
- Best results when manually reviewed
Choosing the Right Tool
| Tool | Auto Labeling | Platform Type | Best For |
|---|---|---|---|
| MotiveWave | ✅ Yes | Desktop | Professionals |
| TradingView | ❌ No | Web/Mobile | Beginners |
| WaveBasis | ✅ Yes | Web-based | Fast analysis |
| NinjaTrader | ⚠️ Add-ons | Desktop | Futures traders |
| EW Int’l | ❌ Forecasts | Web-based | Education and insights |
Conclusion
The best Elliott Wave software depends on your experience level and trading needs. Beginners may prefer TradingView or WaveBasis for ease of use, while advanced traders benefit from the precision of MotiveWave or NinjaTrader. Regardless of the tool, remember that no software can replace proper wave knowledge—use these platforms to support, not substitute, your analysis.
FAQs
What is the best Elliott Wave software for beginners?
TradingView is a great starting point due to its user-friendly interface and drawing tools.
Can I rely on auto-labeled Elliott Waves?
Use them as a guide, but always validate counts manually.
Is Elliott Wave software free?
Some tools like TradingView offer free versions. Others, like MotiveWave and WaveBasis, have paid tiers.
Can I use Elliott Wave software on mobile?
Yes—TradingView and WaveBasis are mobile-friendly.
Do I need software to use Elliott Wave Theory?
Not necessarily. You can label waves manually, but software makes it faster and more accurate.