Product Review: Wave59 by Dennis D. Peterson
Wave59 is easily one of the most sophisticated technical analysis tools you’ll find on the market. It does many things, does them well, and does many things that no other product does. All of the software is written by Ceo Earik Beann and includes indicators and other tools created by Beann. His background includes trading commodities as well as bonds on the Chicago Board of Trade (Cbot). The graphical user interface (Gui) is superb and gives you the sense that something really good is coming. What prompted Beann to write this software? He was a solution provider to TradeStation, but there wasn’t a way to square a chart in a way that mimicked W.D. Gann’s use so he could overlay drawing objects and see how they might predict market turning points. Beann thought it would take him six months, but instead it took him three years, and this is the result.
The first screen you see after logging on is a blank area surrounded by movable menu groups. Example menu groups are “Chart” with items like “Format,” “Drawing,” “Systems,” and so on, or “Measuring” with icons to display various measurements such as the bar count between bars on a chart. You can move the menus to any location you want and they will actually shrink if you put them in a location where some of the menu items can’t be displayed.
What’s available in the menus depends on the version of Wave59 you are using as well as the datafeed. If you are using the Pro version of Wave59, it includes a real-time datafeed, and if you are using the end-of-day version, you can use free Yahoo! data (if you check the bottom of the main Yahoo! Finance page, you’ll see that the data comes from Csi), MetaStock, or Ascii-formatted data. The real-time datafeed is proprietary, and you’ll need to input futures, stocks, and so on with a prefix. For example, Boeing is S.BA and the emini is F.EPH0. There’s a symbol lookup to help you.