To wave on Instagram Live, you will need to have the latest version of the Instagram app on your device. During an Instagram Live video, you should see a “Wave” button on the bottom right corner of the screen. Tap on the “Wave” button, and you should see a wave animation appear on your screen. This animation will be visible to the person hosting the live video and will let them know you are there and active in the live session. Keep in mind that the wave feature is only available during live videos, not pre-recorded ones.