Our latest MotiveWave Review will assess if the MotiveWave Software company can help you analyze, trade and evolve within the exciting world of self-directed investing.
Like many successful companies, MotiveWave Software had humble beginnings. I wouldn't say it grew out of a few guys working in a garage as Apple did.
Is MotiveWave a Good Broker? (Review Breakdown)
- This MotiveWave charting platform offers more tools and features for beginning trading analysts who use more complex strategies. You get all the features of the Charts platform. Also, you get more templates, multi time frame studies, replay mode, and over 275 indicators.
But it all began in 2008 with one man's quest to create his own ideal Elliot Wave analysis software. Subsequently, today MotiveWave offers advanced trading platforms and research tools with a wide array of features.
Our MotiveWave review takes a look at the different platforms they offer. Stock trading tools offer a lot of help with trading.
Trading is something that requires practice to perfect the skill. Many times new traders jump into stock trading without proper training.
As a result, 90% of traders fail. However, when you spend time studying and practice trading, then your success rate skyrockets.
Finding the right broker is key. Hence this MotiveWave review. You can see if you'd be interested in them.
This charting platform is a useful tool for beginners, swing-traders, and position traders. If your style is such that you don't need a lot of sophisticated features, this could be the platform for you.
The charts are high quality with watch lists and over 40 indicators. Additionally, you get two chart templates, access to dozens of studies, and more.
This platform adds trading ability to the charts, and it's suitable for beginning traders. Moreover, it integrates seamlessly with any of the more than two dozen supported brokerage accounts.
The platform includes features like level II data, a full set of studies, and everything needed to trade stocks, Forex, futures, indices, E-mini, etc.
Read our post on how to make money in the stock market for beginners to learn how trade in order to put this MotiveWave review to use.
Our MotiveWave review takes a look at this version. Which adds strategy testing and optimization tools to the Trade platform.
Designed for more experienced traders, it includes backtesting, walk-forward testing, and over 30 built-in strategies.
Or you can develop your plans and execute them automatically. Also, you get advanced alerts, data import/export, replay mode, and more.
As the name implies, this platform is for experienced traders. It starts with all the features of the Strategy version.
Then it adds option chains, study scanner, quote sheets, advanced Fibonacci tools, and more. Also, it integrates multiple broker/data service connections in one workspace, while it includes 4 of the add-ons.
This version has everything, all the features of the other platforms and all the add-on modules. The 'Ultimate' option is the full bells and whistles platform for experienced active traders.
Our stock trading service also offers a 14 day free trial. As a result, you can use this MotiveWave review coupled with our 14 day free trial.
6. Add-On Modules
MotiveWave Software accommodates multiple trading styles, strategies, and skill levels. Not only does the company provide a variety of platforms, but also enables users to further customize by offering a selection of add-ons.
The Elliot Wave tools, which was where MotiveWave all began, help traders identify the five waves; including the coveted wave 3.
The Auto Elliot Wave tool, which requires the separate Elliot Wave Module, will plot and label the waves automatically. However, the Elliot Wave Scanner comes with the Ultimate platform only.
Other add-on options for traders who seek to identify harmonic patterns are:
- Gann tools (Gann box, fan, grid, wedge, Gann angles, etc.)
- Gartley tools (Bull and bear patterns of Bat, Butterfly, Crab, Cypher, Shark, and more. Note that the Gartley Scanner is only included in the Ultimate platform.)
- Advanced Fibonacci tools (retracement, extension, and expansion. Also box, fan, grid, and wedge, plus arc, half arc, circle, and ratio, etc.)
Additionally, MotiveWave offers General Analysis, Advanced Charts, and Commentary & Markers add-ons for traders engaged in even more sophisticated technical analysis strategies.
What Are MotiveWave's Fees and Commissions for 2020? (Pricing Review Breakdown)
- Here are MotiveWave's fees and commissions:
- Lifetime license fees for Charts and Charts Plus are $99 and $195 respectively.
- The Trade platform lifetime license is $295.
- Strategy platform $595.
- Professional platform $995.
- The Ultimate platform lifetime license runs at $1595 and includes all the add-ons.
- Currently, the prices of Add-on Modules range from $97 to $497.
- Another option sold separately is one year of updates and support ranging from $29 to $199 depending on the platform.
- The first year of updates and support is free; then after that, it's optional.
MotiveWave Software's pricing is a bit different in that you have the options of leasing or acquiring lifetime licenses. In general, the more features the platform has, the higher the price.
Lease options are one month, 90 days, or 6 months, and a lifetime license is forever. For those interested in a lifetime license yet unable to make the payment in one lump sum, you can divide it into 4 monthly payments. Though it may cost a little more.
Final Thoughts: MotiveWave Review
I'm a big believer in preparedness. MotiveWave Software has put together a powerful tool for all levels of experience. As a result, traders can do their homework ahead of just jumping into the stock market arena.
"Tips are for waiters” is a one-liner used by the TV show host Jim Cramer of ‘Mad Money’ fame to make a point that you must study before you invest and not follow others blindly.
Not only can't we argue against that, but it is also the philosophy of the Bullish Bears Community.