MotiveWave review: Toronto-built charting for advanced traders
Official site: motivewave.com
MotiveWave Software has built its platform in Toronto since 2010, which makes it the only Canadian company in our rankings. It is a desktop platform for advanced traders, best known for its Elliott Wave tools and order flow studies. It runs on Windows, macOS and Linux, including a native Linux build, and there are apps for iOS and Android.
Pros and cons
Pros
- Desktop versions for Windows, macOS and Linux, including a native Linux build
- Lease monthly or buy a lifetime licence outright
- Elliott Wave tools and scanner, order flow studies and an advanced DOM
- 280+ studies and a Java SDK
- 14-day trial with no credit card, then a free Community edition
Cons
- Market data is not included; you connect your own broker or data feed
- Questrade, other Canadian brokers and TSX data are not on its connections page
- A year of updates and support for a purchased licence costs $55 to $295
- Five editions take some reading before you buy
Key facts
| Company | MotiveWave Software |
|---|---|
| Founded | 2010 |
| Headquarters | Toronto, Ontario, Canada |
| Editions (lease or one-time) | Standard $24/mo or $245; Order Flow $49/mo or $595; EW Lite $89/mo or $1,395; PRO $99/mo or $1,495; Ultimate $159/mo or $2,295 |
| Other terms | 3- and 6-month leases and a 4-payment purchase option |
| Updates and support | 1 year for purchased licences: $55 (Standard) to $295 (Ultimate) |
| Free plan | Community edition after the trial: one broker/data connection per workspace, 280+ studies, forum-only support |
| Free trial | 14 days, no credit card (normally the Ultimate edition) |
| Platforms | Windows, macOS, Linux, iOS, Android |
| Markets | Stocks, futures, forex, options, crypto, CFDs |
| Connections | 30+ broker and data-feed connections, including Interactive Brokers |
| Support | Email, user forum, documentation and video library |
| Level | Advanced |
Editions and pricing
There are five paid editions, each sold as an auto-renewing lease or a one-time purchase. Standard is $24/mo or $245, Order Flow $49/mo or $595, EW Lite $89/mo or $1,395, PRO $99/mo or $1,495, and Ultimate $159/mo or $2,295. Three- and six-month leases and a four-payment purchase are also offered. Buying outright pays off after about 10 months on Standard and about 14 months on Ultimate, before the cost of a year of updates and support. MotiveWave doesn't print a currency code next to these prices, so confirm it at checkout.
Elliott Wave, order flow and strategy testing
Ultimate includes the Elliott Wave tools and an Elliott Wave scanner. The Order Flow edition adds order flow studies and an advanced DOM for futures traders who read the tape. PRO brings strategy backtesting and harmonic scanners. Every edition draws on 280+ studies, and developers can write their own with the Java SDK. Our 14-day trial ran on the Ultimate edition, which made it easy to see what each step down the price list removes.
Data and Canadian brokers
This is the big drawback. MotiveWave doesn't include market data: you connect one of its 30+ broker and data-feed connections, and that feed is billed separately. Interactive Brokers is on the list. Questrade, other Canadian brokers and TSX data are not listed on its connections page. Canadians who already hold an Interactive Brokers account will have the easiest start.
Who it suits
Experienced futures, forex and stock traders who want Elliott Wave or order flow tools in a desktop app, especially on macOS or Linux. Newer traders will find 
StockCharts or 
TC2000 easier to learn.
How we scored MotiveWave
Each criterion is scored from 1 to 10 after 30 days of use. The average of 9.0 gives the 4.5 out of 5 rating.
| Criterion | Score (1-10) |
|---|---|
| Charting tools | 10 |
| Scanning and screening | 9 |
| Alerts | 9 |
| Ease of use | 8 |
| Device coverage | 10 |
| Market coverage | 10 |
| Canadian access | 8 |
| Value for money | 9 |
| Free plan or trial | 10 |
| Data and add-ons | 6 |
| Automation and testing | 10 |
| Support and learning | 9 |
| Average | 9.0 / 10 |
Run the 14-day trial on your own data feed before choosing between a lease and a licence.
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Join StockChartsRisk warning. Trading stocks, options, futures, forex or crypto carries a high risk of losing money, and leveraged products can cost you more than you deposit. TickerBench reviews software only. Nothing on this site is investment advice or a recommendation to buy or sell anything, so consider speaking with a registered adviser before you trade.