MotiveWave is an all-in-one trading platform with some unique features. The platform features standard charting and technical indicators with the addition of unique scanners and backtesting tools. Read our review to see if it is a good fit for you.
MotiveWave is a desktop charting package with advanced technical analysis capabilities. Rather than just existing as a standalone charting package, MotiveWave aims to act more as an entire market analysis console. It addition to advanced technical analysis tools like Fibonacci, Gann, Wave, Ratio Analysis, and Gartley, the software has scanners, backtesters, walk-forward testing, a trading simulator, and plenty more tools which, if purchased alone, would be more expensive than a MotiveWave license.
MotiveWave offers multiple different licenses ranging from a basic charting package, to a full suite of charts, backtesting, walk-forward testing, strategy execution, and more. Rather than selling monthly subscriptions to their service, MotiveWave sells lifetime licenses, of which you can start a payment plan for to pay off over a period of time.
Here are the plans offered by MotiveWave:
How Do Plans Compare?
Each plan offers an incremental increase in functionality above the previous plan, but each plan is targeted at a specific type of trader. For example, the most basic Charts plan, which costs $99 for a lifetime license, is targeted at investors and swing traders who don’t use sophisticated strategies, don’t use lots of indicators, and don’t require many features beyond quality charting.
Charts+, which costs $199 for a license is for traders with more complex strategies who require more chart templates, more indicators, and additional advanced features, but that don’t have a use for many of the extra features like backtesting, walk-forward testing, or scanners.
The next plan is the Trade plan, which is quite similar to Charts+, with a few extra charting features and the ability to integrate your brokerage account into MotiveWave and trade from your charts. This is targeted at a certain personality type that doesn’t want multiple pieces of trading software open, and wants everything “in-the-box.”
The Strategy plan is targeted at traders with a more quantitative mindset. This plan includes the ability to develop trading strategies and automatically execute them, strategy backtesting and optimization, walk forward testing, and other features that a quant wants in a software package.
The second most expensive plan is the Professional plan. Moving from Strategy to Professional, the additional features included are quite slim, but if you need them to trade, you’re pretty much required to move up to this plan. You get more advanced Fibonacci analysis, option chains, the ability to integrate multiple brokerage accounts, a study-based scanner, and a few other tools.
The most expensive plan is the Ultimate plan, which is only required for traders who require more sophisticated Elliot Wave, Gartley, Gann, or Hurst tools.
To me, it seems that the Strategy plan offers the best value for the price. It offers the largest jump in features for a smaller increase in price, compared to more expensive plans.
MotiveWave’s charts rival the top charts in the industry. The charts are endlessly customizable, allowing you to change the scaling, bar type, whether each candle should be based on momentum, time, or range, and you can trade directly from the charts with the Trade plan. They offer anything you can ask for in a stock chart.
With that said, there are so many charting packages out there, that they’ve become a bit of a commodity. Even discount brokers are offering advanced dynamic charting to clients for free nowadays. When evaluating a chart’s quality, beyond basic features like zooming and scaling, I think it’s best to judge it based on additional functionality compared to other charting packages out there.
One feature that is rare to find in charting platforms is the inclusion of time, momentum, range, volume, percentage, and range-based charts. Additionally, you can use second-based charts, whether it’s a 5-second, or 30-second chart.
Second-based charts is a feature that I’ve never seen in a stock charting platform, only for futures. It’s like a scalper’s dream, as without this, they’re forced to use tick or range charts, which may be better for scalping, however, it is nice to have the choice to use a 10-second chart.
MotiveWave comes with built-in trading strategies which you can deploy automatically, or you can build your own trading strategy.
Here’s an example of William Blau’s Directional Trend Index, which is a built-in technical trading strategy that uses what looks like a modified MACD to look for market trends.
Back and Forward Testing
MotiveWave has a powerful data testing system. You can perform basic tasks like backtests, which many platforms offer, then you can optimize the strategy based on a backtest, and you can even make MotiveWave forward test a strategy based on generated data. Walk forward testing can get quite confusing if you don’t know what you’re doing.
The backtesting is quite basic, and doesn’t differ much from most other basic backtesting platforms. It’s quite similar to the backtester you’ll find on the Money.Net platform.
When optimizing a strategy, MotiveWave offers two alogorithms, one is exhaustive, which tries all possible combinations, and the other is genetic, which uses genetic algorithms to find the optimal parameters.
Who is MotiveWave Best For?
MotiveWave is an excellent platform and should be considered if you’re looking for either charting, or a fully-fledged platform with all the gadgets and trade execution you need. Given that you can buy a lifetime license, in my opinion, there are few other platforms that can compete on price.
Let’s assume a 5-year subscription to TradingView.com, which is a web-based competitor to MotiveWave. If you subscribe to TradingView’s Premium plan for 5 years, it will cost you $2,397, and you don’t own a license. You’re just leasing the platform. On the other hand, even MotiveWave’s most expensive plan costs $1,595 for a lifetime license. While TradingView is likely to update more frequently, MotiveWave definitely has the price advantage.
There is something to be said about MotiveWave’s business model, however. Their customers are one-time buyers, so they have no residual income. Their entire business is based on customer acquisition, because for them, there is no such thing as customer retention. This can misalign the incentives between the developer and the consumer, what incentive does the company have to treat your right, or update their platform further once they have your money? There’s also the possibility that, because of their business model, they may go out of business at some point, leaving you with a valueless “lifetime” license.
If you were to ask me personally if I’d subscribe to MotiveWave, I’d probably buy the lifetime license to Charts+, that way, no matter what happens in my life, I always have a quality charting platform (assuming they stay in business). But, in terms of daily use, I’d still make the more expensive choice of going with TradingView, both because I like the platform, and because they add features so frequently.