MotiveWave Software is a private company based in Toronto, Ontario Canada. Developers of this firm decided to create a powerful software for traders due to the market needs and the need for convenient tools to studying price movements of assets, in particular the analysis of charts using Elliott Waves. The company released the first version of Elliott Wave Software 1.0 in 2011 and continued to expand its functionality up to the development of a modern and full-fledged research platform for traders. Recently, the company presented the 6th iteration of their software, which has been scrutinized by many enthusiasts in trading.
MotiveWave presents a downloadable console for complete market analysis. It is a desktop research and trading platform with many attractive and unique features. The platform can be connected to a number of brokerage companies and data trading services. Along with the popular basic features, this software is heavily focused on providing various tools for professional trading.
The service has standard charts and technical indicators with additional convenient scanners and testing tools to monitoring price movements based on advanced technical analysis. In addition to the advanced tools, such as Fibonacci, Gann, Gartley, and Elliott Wave, the software provides users with a trading simulator, forward testing features, and various scanners. If they are purchased separately, it will be more expensive than simply purchasing a MotiveWave license.
MotiveWave Tariff Plans
MotiveWave offers several different licenses, ranging from the basic charting package to complete sets of tools with forward and step-by-step testing, support for strategies selected, and more. Instead of selling monthly subscriptions to its services, MotiveWave offers lifetime licenses, and traders can choose a tariff plan to pay off over a certain period of time.
Motivewave pricing is based on the cost of an edition with all updating and supporting features selected by a user. Each of the six editions was aimed to meet the needs and motives of the end-users. All six versions come with lifetime licenses and one-year rental options. Starting with the basic Charts edition, each next edition included more tools and functions.
Editions and Their Prices
Their Charts Edition for $99 is the primary platform for beginning investors and swing traders. The platform includes more than 40 chart indicators and watch lists, and it allows the use of two chart templates maximum. Updates and support fees cost $29 per year.
The Charts Plus edition for $195 includes everything from the Charts license, unlimited number of chart templates, more than 295 indicators, several timeframes, and playback mode. Updates and support will cost $49 a year after the first year of its use.
The Trade edition package for $295 is intended for traders who want to have additional trading opportunities and tools, including level 2 and timing and selling features. Only two chart templates are available. Updating and supporting services will cost $79 a year.
The Strategy edition for $595 is designed for users who use automated trading strategies and backtesting. This package includes 30 built-in strategies and customizable alerts, as well as a playback mode. This plan offers the best result for a reasonable fee. Traders can get every necessary update and support for $109 a year.
The Professional edition for $995 provides users with a solid background in trading analysis. It includes all the features of the Strategy edition, as well as several ways of connecting a broker or a data service. Also, it has a research scanner, option chains, extended charts, and advanced Fibonacci tools. A 90-day rental costs $185, six months – $340, and a life-time license assumes a payment plan by four PayPal payments of $296 each. Updates and support are provided for $149 annually.
The Ultimate edition for $1,595 includes every feature of the previous editions and all add-on modules. Most importantly, this edition is comprised of a scanner for Elliott Waves and harmonic patterns, which is not available as an additional feature. Since the license is quite expensive, customers have the opportunity to rent this edition in 90 day increments for $295 or for six months for $555. A lifetime license can be purchased for $1,595 with an advance payment or in four-monthly payments via PayPal for $475. Updates and support will cost $199 a year, and a free 14-day trial version is also provided.
The purchasing price for a cheaper edition can be credited to the higher edition during the first year of use. Prices for additional features usually range from $97 to $397 each.
Free Trial and Demo Accounts
One of the benefits of the MotiveWave platform is that it usually comes with a 14-day free trial. This allows traders to understand whether or not the chosen package meets their requirements before paying for it. Users can start testing the input and output signals with this software by using their demo accounts. When It becomes evident as to what potential trading results might be, the Elliott Wave indicator can briefly show all the necessary data.
MotiveWave charts can provide a trader with every opportunity by using their graphs. These charts may well compete with the best competitors in the industry. They offer infinite possibilities for customization, that allows a trader to change the scale and data on which are candle based. In addition to ordinary candles, MotiveWave uses more complex types such as Renko, Ichimoku, Heikin Ashi, and Point-and-Figure.
One of the features rarely found in similar platforms is the ability to switch between charts based on time, momentum, volume, percent, and range. With a subscription to the Trade edition, the user is able to trade directly from the charts. In addition, traders can use second-based charts, ranging from 5-second to 30-second ones. Second-based charts are an essential instrument for a scalping trader because only tick or range charts can be used instead of them.
MotiveWave has an extensive array of functions, depending on which edition and which add-ons are used. Some of the unique features are tools for Elliott Wave and harmonic patterns. The Elliott’s wave theory shows every trend and consist of five waves, which are identified by various characteristics and correlations. Harmonic patterns are also identified by matching specific relationships based on the Fibonacci law at each of the points (X, A, B, C, D). Like the Elliott Wave, a precise definition of the starting points that can allow traders to reproduce the predicted price trajectories according to the impending wave.
By determining which wave is coming, traders can anticipate further movement and trade according to the trajectory of the subsequent waves. The third wave is the most powerful movement based on momentum that traders want to detect in time. The Elliott Wave tools are most useful for this. However, the Elliott Wave scanner is only included in the Ultimate edition package.
Social Media and FAQ
The company also uses its pages on Facebook and Twitter to promote its trading platform and its different tools. Many videos about MotiveWave products can be found on YouTube. Customers can also contact the technical support or sales department via emails. They also lack a FAQ section which is absent on the company’s website.