@estromhold, I noticed you posted the same review on other sites as well.
What is your association with the vendor?
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I have no association with the vendor at all. I'm just a trader considering the MotiveWave platform. There seems to be very little information about it out in the trading community and I thought I would try to contribute some. As you can see, most of my review is just facts. I've only added a couple of lines of opinion based on my short trial with the software.
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I've been using Motivewave for the last few months. As a charting tool I think it's hard to beat. I've used Ninjatrader, Metatrader4, Protrend Advanced Charts and MW is by far and away the best
I'm not a huge fan of Elliot wave but it does seem to work.
MWs's trading functionality is easy to get on with.
I have found a few bugs here and there but so far they've only been cosmetic
The down side for me is the lack of community support for it so far. Granted I suspect that's because it's a relatively new kid on the block but I'm really hoping it starts to take off. The MW forum is a bit weak as far as I'm concerned, the MW team tend to just post "Send your issues to our support e-mail" which for me doesn't encourage a community.
I've been playing with the JAVA SDK and it's easy enough to create new indicators and strategies however I'm not an expert JAVA coder so I'm struggling with some of the aspects of it and there aren't enough examples out there for me to feed off.
I've decided I will persevere and I hope to become a better JAVA coder. I've been coding EAs in Metatrader4 over the last year and would rather code using a more generic language. Over the next few months I hope the MW SDK get richer as well to include more of their indicators (studies)
It might be worth creating a new MotiveWave specific sub forum here in the hope that it encourages others?
I just started using this platform (trial of the Trade Edition, which is the version that is $295), and have placed a few trades with it on the EUR/USD 5 minute chart. I think this software is excellent... it's strange that not many people are using it. The charts look amazing, and the software is streamlined and very fast. It's not JUST for elliot wave traders and fibonacci traders. The Trade Edition doesn't even have any of that stuff (nor do the Strategy and Professional editions, for that matter). Their customer service has been excellent, and their technical support staff are pretty responsive. They only offer email support, though. But I guess that's good enough for me, as they aren't a broker.
Oanda is my broker, and the data feed connection is fine. You can easily place trades from the chart, and attach limits and stops, and use automated trade management strategies.
If you are a day trader or long term trader and want a really responsive platform with elegant charts that look better than anything else out there, MotiveWave is worth a try... I just wish they had a larger community. I did speak to their customer service, they informed me that they will be revamping their forum and putting it back online. Perhaps that will foster some more community interaction and the sharing of custom coded "stuff". I have attached a chart of the 5 minute EUR/USD from 4/28/2015 taken from MotiveWave. I like my charts black/white and with very clear and bold candlesticks. You can see how nice they look in MotiveWave (I numbered the bars myself for some commentary purposes).
I downloaded the demo and set it up with my broker and data feed. It looks like ninja trader. But my God, there are so many options. It's a bit overwhelming coming from the ninja trader platform. I mean, the manual is 190 pages.. I tried to set it up with tick data and ran into some issues, So I stopped. I would rate it a C Overall.
It looks nothing like NinjaTrader. I do not agree that it is hard to use compared to NT. I have used both NT and MotiveWave - MW is by far more intuitive. I think they have made a great manual, which explains all the features pretty well. I would rather have a detailed manual rather than a one liner.
What data provider and broker do you use, and what instrument do you use with tick charts?? Do you mind sharing the problems you experienced for the benefit of the thread? It doesn't help anyone to rate software with a letter grade after using it for a few minutes.
Last edited by mangolassi; May 4th, 2015 at 10:50 PM.
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I've attached some screenshots of both platforms on their trade manager page.. As for the number of options. I should have specified Study, not options.. Where there are quite a few.
I haven't looked much into the manual as I couldn't get my tick charts to display without an error.
I have IQ feed and interactive brokers. Both wouldn't work with a larger tick value.
When I tried to specify a tick value of more than 100 it gives me some error. I would like to use a 2000 tick chart. So no such luck there. The instrument I trade is Forex. I gave my overall impressions with a letter grade. I used it more than a couple minutes. I also wish they had a few more themes available for the UI. I am not a fan of Windows 8.. Overall I like the program, I just wish there were some changes. I'm more of a price action trader. So extra features and such are not preferred. I.e. study.
after working with the software for a bit longer. I have revised My overall grade to B. As the pricing is quite competitive and seems pretty lightweight. But please get some other themes and make sure it works with tick charts.
Tick chart (2000 bars)
Candlestick Bars (The color to red and Black)
Last edited by Magiklair; May 5th, 2015 at 11:26 PM.