FoMO is real. And nowhere is this more apparent than when you’re scrolling through Instagram–seeing post after post from successful traders–and realizing you’re not one of them. Why can’t that be you? Well, it can. But the hardest part of the process is knowing where to start–it is 2023 after all. Fortunately, we may be able to help. This MotiveWave review will break down what the platform is and if it’s a right fit for you.
What is MotiveWave?
MotiveWave is a comprehensive trading platform that offers impressive functionality and powerful tools for traders to analyze financial markets.
The software is designed and developed by MotiveWave Software, a company established in 2010 and is now a well-known name among traders worldwide.
Ultimately, MotiveWave is designed to cater to the needs of individual traders and professionals.
MotiveWave provides a vast array of features including advanced charting, technical analysis tools, market scanning and strategy development that can help traders make informed trading decisions.
The software supports a wide range of asset classes including stocks, futures, options, forex and cryptocurrencies.
MotiveWave Review: The Features
MotiveWave offers many features that traders of all levels can deem beneficial. Here are a few to get you started:
Easy Navigation
Before we get into the technical side, let’s start with something easy. One of the most significant benefits of MotiveWave is its user-friendly interface, which makes it easy for users to navigate and use the software.
The platform is highly customizable, allowing traders to tailor the workspace to their preferences. Users can choose from various chart types including candlestick, bar, line and Renko charts. Additionally, you can customize the colours, fonts and other visual elements to your liking.
Charting
MotiveWave’s charting capabilities are among the most advanced in the industry, with over 300 built-in technical indicators and studies, including Fibonacci retracements, moving averages and Bollinger Bands–making it an excellent option for traders who rely on technical analysis.
The software also supports multiple timeframes, allowing traders to analyze the market from different perspectives.
Market Scanner
Another standout feature of MotiveWave is its market scanner which allows traders to quickly identify potential trading opportunities based on user-defined criteria.
The scanner can filter through thousands of stocks, futures and forex pairs to find assets that meet specific technical or fundamental criteria.
Strategy Development
MotiveWave also provides a powerful strategy development environment, allowing traders to create and backtest custom trading strategies to evaluate their effectiveness over time.
The software supports a wide range of programming languages including Java, Python and JavaScript–providing access to historical data for testing strategies.
Trading Simulator
The software’s simulation capabilities are particularly impressive–it allows users to test strategies on historical data in real-time.
This feature allows traders to gain confidence in their strategies before deploying them in the live market, reducing the risk of losses due to untested trading strategies.
Variety of Management Systems
MotiveWave also offers a variety of order types, including market, limit, stop and trailing stop orders, allowing traders to execute trades with precision and efficiency. Additionally, MotiveWave also provides advanced risk management features, including automated stop loss and take profit orders.
The software also supports multiple account types, including cash, margin and IRA accounts, providing access to a variety of data feeds and brokers.
Advanced Tools
Perhaps the most attractive feature–the attribute that receives the most hype–is the broad range of professional-grade tools that MotiveWave offers. This includes Fibonacci retracements, Gann fans, point-and-figure charts and, most importantly, Elliot wave analysis.
These tools provide advanced traders with more effective ways of analyzing the market, enabling them to make better-informed trading decisions.
Pricing Plans
MotiveWave offers a free plan that comes with the charting and trade simulator platform. The three paid subscriptions they offer are as follows:
1. Standard: At $24/mo, the Standard plan comes with Gann analysis, harmonic analysis and chart trading capabilities.
2. Order Flow: This plan features the full trading platform and will run you $49/mo.
3. Pro: The most advanced, the Pro plan comes in at $99/mo and features backtesting, advanced Fibonacci tools, option chains and advanced alerts.
The Drawbacks
We’ve been harping on the pros of MotiveWave long enough. For the sake of transparency, here are a few things we think could be better.
For starters, the platform’s pricing model may be a barrier for some traders, as it requires a one-time purchase license fee or an annual subscription for access to some of the advanced features like strategy analysis and optimization. Other platforms such as TradingView have a more straightforward process.
Additionally, the range of asset classes covered is limited relative to some of its rivals such as FinViz. This could make it less appealing for traders looking to diversify their portfolios with exotic assets.
Another potential drawback of MotiveWave is its steep learning curve, especially for new traders. The platform’s vast range of features and tools makes it challenging to navigate, making it more suitable for experienced traders familiar with trading software.
Final Thoughts
In our opinion, MotiveWave is a great software for traders of all levels. The advanced technical analysis and charting platforms speak for themselves.
In short, it can potentially help you become the kind of trader whose Instagram followers have FoMO. If this sounds like a plan to you, click here to get started with MotiveWave.
