MotiveWave is an advanced charting service that features easy-to-use software with deep technical analysis and trading capabilities by integrating its software with your current broker. The charts are highly customizable with a ton of different indicators you can utilize based on your trading style and strategies with specialized indicators like Elliott Wave, Fibonacci, Gartely, Gann and Ratio analysis. They also feature powerful scanners, strategy building, back testing, replay mode and trade simulation. What I really like about MotiveWave is that they have a product package that will meet any budget and their software compatible with Mac OS. The only thing you should double check is if your broker is listed as compatible with their software because not all of them are. You can check this link out for a list of supported brokers.
One thing that I really liked was that they offered a user guide for every product and even a guide for downloading the software. The information is laid out in an easy-to-use format that makes understanding the complex software a lot easier.
MotiveWave has a few different products you can chose from based on what you need and what your budget is. What is really nice is that their fees are one time meaning you don’t have to pay a monthly fee for their software. So for their first package it’s only $99 and includes all the basic charting capabilities with plenty of indicators including moving averages, trend lines, Fib Expansions/Extensions and a bunch of other useful tools and indicators. Once you pay the $99 you get the software for as long as you want but you only get customer support and the updates for the software for the first year so anything after that you’ll the same version. This is the cheapest package they offer with the next one being Chart Plus that runs $195 for the licensing fee. It has everything that you get in the basic version plus a ton more studies and you’ll get the replay mode so you can watch stocks trading over again to see how you can improve. I find this tool to be very useful especially when the market first opens and everything is trading fast.
The next edition is simply called Trade which runs $295 for a lifetime license and includes everything mentioned before plus you’ll gain access to advanced order entry, time and sales and different time frame studies for traders using multiple charts to name a few of the additions. The biggest addition with this version is you’ll be able to trade straight from the charts which makes thing a lot easier and more streamlined.
Following the Trade edition is the Strategy edition that bumps up in price to $595 for the lifetime license. This is where things start to get interesting as you will now have access to built in strategies, the ability to build your own strategies with Java scripts, back testing, replay mode and advanced alerts to name a few. These are some very powerful additions with back testing something that I use frequently to test new strategies that I’m working on. Replay mode has also played an important role in improving my trading by going back and watching price action I am able to analyze my thought process with more clarity so I can work on my decision making when I’m in the heat of the moment.
Professional is the second to last edition that they offer with a lifetime license costing $995. In this edition you’ll have access to everything else mentioned before plus the ability to have multiple brokers connected to the software, option chains, advanced fibonacci, custom instruments and a study scanner to name some of the upgrades. The main benefit from this upgrade is the ability to access multiple brokers at the same time.
The last edition is called the Ultimate Edition and it runs $1595 for the lifetime license. This edition has everything I’ve talked about before plus you will get advanced studies with the Elliot Wave, Gartley Components, and Gann Components with automatic chart plotting and scanning. This may seem like a lot but if you’re planning on using it for a while then the licensing fee will get cheaper and cheaper each month since you are only paying it one time as opposed to say eSignal that charges a monthly fee.
MotiveWave has a good thing going here with powerful charting capabilities and a plethora of upgrades and add-ons that can make it even more powerful. The price points may seem like a lot at first but like I mentioned above, the longer you use it the cheaper it becomes. So for example if you paid the $195 edition for one year that comes out to $16.25 a month but if you use it for two years it comes down to just $8.12 per month. That’s a deal! They also have option to lease the license for a certain period of time at a discounted price and if you want to try it beore committing any money you can check out there free trial that they offer. Overall, MotiveWave has a solid product that will provide some sophisticated and powerful charting to your trading arsenal.
As always, if you have any questions or comments regarding MotiveWave, please leave us a message below!
Reviews by Warrior Trading