However you choose to look at it, trading is definitely the modern man’s game. Anyone asked to imagine a trader would probably picture them surrounded by endless charts filled with impossible-to-read data. And that is true. But don’t forget to also add to the equation the software that provides all these charts and numbers. It’s safe to say that any trader’s trading game is actually shaped by the software they work with, as the industry wouldn’t probably exist without electronic trading platforms and specific market software.
Having said this, there are a lot of software applications available on the market that offer various features meant to assist traders. Most trading software out there comes with stock screening, research, trade and analysis functions, as well as many other attractive added-value features that ultimately convince the trader to sign up. However, with such a multitude of trading software offers on the market, it’s difficult to distinguish between them and set the best one apart. Or the best one that suits your particular trading needs and style, for that matter.
What Should You Look For In a Trading Software?
There are a few basic factors that every trading software should tick off the must-have list. Among them are reliability, trading conditions, fund safety and licensing. Some software applications out there even offer more advanced features like pattern recognition features, that ultimately spare the trader a considerable amount of time when trying to identify these patterns by simply following the charts.
Of course, all these factors are tied to the pricing options these software applications offer – these functionalities usually come bundled up as packages for which you pay a monthly fee. It’s generally advisable to avoid those trading software applications that offer too much at a too little cost. Ultimately, after all these factors are weighed in, it all comes down to ease of use and how comfortable each trader is with using that specific software.
What Is Motivewave Software and What Does It Stand For?
The Toronto, Canada-based company Motivewave Software is, how it describes itself, a company that offers all the necessary tools to help the individual trader with their trading, analysis and charting activities. Motivewave Software was created in 2010 and, at that time, the software was actually only a niche of a more famous trading software and soon became what is today, as a result of the customer’s feedback, who wanted both that famous software’s analysis capabilities and a full-fledged trading platform all-in-one.
Motivewave Software prides itself in offering traders both the necessary analysis tools, such as Ratio, Fibonacci, Radio Wave, Gann and Gartley Analysis and the features that you would normally benefit from on a standalone trading platform: custom strategies and strategy trading, walk-forward testing, backtesting, reporting, replay mode, and trade simulation.
What Does Motivewave Software Offer?
Let’s take a closer look at what products Motivewave Software has to offer. This software comes in five different editions, each with its own functionalities and associated pricing. Traders will also be happy to know that they can also mix and match these editions, according to their needs, and they can also top them off with different add-on modules.
A nice perk the company offers is the possibility for traders to test each edition out in a 14-day free trial. This can be extremely helpful, as it can help you clarify your charting and trading needs better without having to spend any money. Having said this, we’ll now delve deeper into what each edition has to offer, what the price is and what functionalities can be then added to them.
1. The Charts Edition
This is the first and most basic edition that Motivewave Software has to offer and is tailored to help a beginner trading analyst. This has all the basic components, among which Trend Line, Comment, Fib Extension, Fix Expansion, Fib Retracement, Fork and Arrow Markers. On top of this, you can also expect studies such as PSAR, RSI, Pivot Points, Ichimoku Kinko Hyo.
Trading analysts will also have at their disposal tools such as guides for time and prices, a semi-log scale, unlimited alternate analyses, analysis management, Max 2 chart templates and many more. The Charts Edition can be purchased at $99 with a lifetime license, which means that you will benefit from one year of support and updates. From that point on, you still get to benefit from the Charts Edition as is, but will not have any more access to further support and updates.
You can always top off this edition with any of these following four add-on modules: the Elliott Wave module at $397, the Auto Elliott Wave at $497, the Gartley at $197 and the Gann priced at $197 as well.
2. The Charts Plus Edition
At $195 and sold with a lifetime license as well, this edition a small add-on to the basic Charts Edition. Having said this, the beginner trading analyst will benefit from everything the Charts Edition has to offer, plus a couple of other features such as multi-timeframe studies, replay mode, chart templates and over 275 popular studies – to be noted that among these studies are not included the Elliott Wave or the Harmonic Shape Studies.
This edition can also be topped off with the exact same four add-on modules as in the Charts Edition, at the exact same prices, and with four additional modules. These are as follows: the Commentary & Markers one at $97, the Advanced Fibonacci module at $249, the Advanced Charts module at $249 and the General Analysis module at $197.
After a year has passed since you have activated your Lifetime License, you can activate at any time an Updates package at $49, enabling you to get access to another year of support and updates from Motivewave Software.
3. The Trade Edition
This Motivewave Software edition takes the Charts Edition as a starting point, to which it adds a myriad of other functionalities and features in order to serve as an elementary trading platform for any beginner trader. This will up your trading game by enabling you to trade directly from the charts, offering you a trade panel, as well as Buy/Sell boxes and DOM.
What’s more, this edition makes it easy for you to add, edit or cancel any orders on the chart, have attached orders and one-click orders. The package also comes with entry and exit strategies, multiple instrument overlay, trade history, multi-timeframe studies and order management. For that matter, this is an edition that comes with a full set of studies.
The Trade Edition can be topped off with the same four add-on modules that you could get with the Charts Edition, as well as with the other four modules you could get for the Charts Plus Edition, at the same price.This edition can be purchased at $295 with a lifetime license, to which you can add the optional Upgrades package for $79 after the first year.
4. The Strategy Edition
This edition from Motivewave Software builds up from the Trade Edition, to which it adds multiple other features meant to help traders develop, execute and optimize their trading strategies.
Available at $595 with a lifetime license, this edition also comes with features such as strategy execution and backtesting, strategy optimization (exhaustive and genetic), backtesting reporting and walk-forward testing, replay mode, console pages and trader manager strategy, over 30 built-in strategies, advanced alerts and Heikin Ashi candles.
Similarly, with the Trade Edition, the Strategy Edition can be topped off with the same eight add-in modules, at the same prices. Additionally, after one year has passed since you’ve activated your lifetime license, you can buy yourself another year of updates and support with $109.
5. The Professional Edition
This has everything the Strategy Edition has to offer plus a few other great perks. Some of them are: option chains, study scanner, components panel for easy-access to tools, quote sheets, chart linking and chart templates, advanced Fibonacci tools, marker tools and many more.
For this option you have the possibility of a lease payment, as follows: the 90-days lease at $185 and the 6-month lease at 340. You can, of course, get the lifetime license at $995, with the possibility to add the Updates package whenever you want to at $149.
6. The Ultimate Edition
As the name suggests, this is the edition that is comprised of all the other editions. As Motivewave Software indicates, this edition has all the functionalities of the software, so there is no need for any add-on modules. Compared to the Professional Edition, this edition has a series of important extra features among which are: Gann components, Elliott Wave Tools, Automatic Wave Labeling, Auto Analyzer (for Elliott Wave), Elliott Wave Scanner and Strategies, Gartley Tools and Gartley Scanner.
This is also the first edition to include the Elliott Wave Study and the Harmonic Shape Study. Payment for this edition comes in the shape of a lease and we have a 90-day lease at $295 and 6-month lease at $555, respectively.
Motivewave Software also has the lifetime license option available at $1595, to which you can extra years of updates as you may wish. If you pay the lifetime license via Paypal you will need to pay in four installments of $475 each.
Apart from the products themselves, Motivewave Software also offers a multitude of tools and instruments to assist any traders in their activities, regardless if they are mere beginners or more advanced players. There are video tutorials you can access on the website, a helpful how-to section, studies, strategies, and guides.
The software also integrates well with a myriad of brokers, among which names such as: Coinigy, Berkeley Futures, Direct FX, FOREX.com, TD Ameritrade, Optimus Futures and many more. Their extensive list of accepted brokers only stands as a further plus to their credibility and reliability.
Having said this, we can assume that with so many trading software options available on the market, Motivewave is a great starting point for anyone looking to up their charting and trading game, regardless of their current level.
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new thing as well as improving his jiu-jitsu skills. He currently resides in New York City. Learn More >>