MotiveWave 7.0 is NOT ready for primetime.

[tecnition]

Hi everyone.

I'm coming from TradingView, specifically, and I am someone who uses drawing tools frequently.

There were certain quirks that I had to iron out in TradingView, but now that I've figured them out over the years, the application is wonderful.

I love the way templates works on there and how quick and easy it is to do things like "set all charts to same timeframe" even with different tickers.

I don't mind these things being complicated but I don't think that ElliotWave has a good enough user interface to make it easier to accomplish these tasks.

I decided to make a YouTube video explaining what I'm going through and if anyone can help, that would be greatly appreciated.

 

[mikrom]

Takes some time to get used to for sure, and you have to go through some trial & error to find how to use and configure the software in a way that works for you.

But nowadays I could never go back to tradingview, it makes me feel handicapped, you can't even set custom keybindings for the drawing tools there.
In MW I can switch between 3 different fibonacci templates in a second with a few key presses, which is super helpful while scalping and drawing stuff simulatenesly. In TV i have to right click on the tool, move my mouse to templates, select another template. So clonky.

And TV doesn't support tick data AFAIK, for example their footprint charts are based on estimated volume i believe, not real bid and ask delta, so it cannot be accurate enough for actual orderflow traders. I don't know why anybody would want to look at incorrect footprint data.

TV might be more beginner friendly and intuitive but MotiveWave is way more advanced and powerful. Just take backups regularly and don't be afraid to experiment with all the customization options.

 

[mikrom]

With that said, I would have loved if MotiveWave became open source (not gonna happen ofc), I would gladly help improve and fix stuff for free. It's already the best trading software imo but there are many things that could be improved.

 

[tecnition]

Takes some time to get used to for sure, and you have to go through some trial & error to find how to use and configure the software in a way that works for you.

But nowadays I could never go back to tradingview, it makes me feel handicapped, you can't even set custom keybindings for the drawing tools there.
In MW I can switch between 3 different fibonacci templates in a second with a few key presses, which is super helpful while scalping and drawing stuff simulatenesly. In TV i have to right click on the tool, move my mouse to templates, select another template. So clonky.

And TV doesn't support tick data AFAIK, for example their footprint charts are based on estimated volume i believe, not real bid and ask delta, so it cannot be accurate enough for actual orderflow traders. I don't know why anybody would want to look at incorrect footprint data.

TV might be more beginner friendly and intuitive but MotiveWave is way more advanced and powerful. Just take backups regularly and don't be afraid to experiment with all the customization options.

Hello; thanks for your message.

I agree with you that MW definitely has more customizability than most other charting platforms, no doubt about that. I totally understood where you were coming from when you said that you can instantly change between templates on your drawing Fibs, that legitimately sounds awesome.

With that said, MW unfortunately has just been incredibly wonky for me and not... concise. Something is always off, some setting didn't apply, some graphic didn't load, something just didn't work like it was supposed to.

Are you on MW 7.0 or are you using an earlier build? Perhaps I have to downgrade to an earlier stable release and it will iron out many of the issues I'm having? Not sure.

 

[mikrom]

Hello; thanks for your message.

I agree with you that MW definitely has more customizability than most other charting platforms, no doubt about that. I totally understood where you were coming from when you said that you can instantly change between templates on your drawing Fibs, that legitimately sounds awesome.

With that said, MW unfortunately has just been incredibly wonky for me and not... concise. Something is always off, some setting didn't apply, some graphic didn't load, something just didn't work like it was supposed to.

Are you on MW 7.0 or are you using an earlier build? Perhaps I have to downgrade to an earlier stable release and it will iron out many of the issues I'm having? Not sure.

I'm currently migrating to MW 7 but haven't started trading live there yet since I'm building my workspace from scratch, takes some time.

For trading I used 6.9.12 and yes it's possibly more stable, at least it used to be during MW 7 beta, but 7 has already improved a lot since then.

I suggest you to report any issues directly to support@motivewave.com as they probably don't read the forums. I have reported a few MW 7 issues and most have been fixed already. In 7.0.1 you could not set negative fib ratios (was possible in 6.9.12), I reported it and they fixed it 1-2 days after.
If you send the most important things first and show clear steps on how to reproduce the issues they should be able to help.

Also, did you check their latest video on MW7? I believe they go through some of the chart settings confusion there. The chart settings (from right click -> chart settings) only applies to the current chart, and new charts if you save as a new default. The settings from the main window top toolbar are global.

At around 20 min mark

 

[MrSharky]

I don't think its ready either. I actually am of the opinion that 6.9.12 is overall better. Yes ver. 7 have some promising features, but all in all the old ver 6 is overall better and stable in my opinion.

 

[igor.s]

For me the v7 is better. After using it for awhile I can't come back to the previous version. A few bugs I discovered, specific to my workflow, the MW team has addressed in a timely manner. As a visual trader, not a quant, I really like the better graphics, more precise lines.

cheers.

 

[Merc]

There's no reasonable basis for a claim that MW7 is not ready for prime time.

A bit about my trading experience, for context:

-Years-long daytrader, former swingtrader, with a cumulative 68% winrate.
-Exclusively trade futures; previously stocks and CFD.
-Former years-long Tradingview user (Premium annual subscription).
-Former Elliottwave/fib analyst.

The main flaw in your assertion is related to data.

Nobody using Tradingview is conducting granular volume analysis, much less order-flow. The reason is that Tradingview's volume tools (delta, CVD, etc.) merely approximate volume based on price action. The volume studies aren't driven by tick-level bid/ask info.

Don't take my word for it. Ask TV's support team. And read this from Tradingview's description of its CVD indicator, as an example: "The Cumulative Volume Delta indicator uses intrabar volume and price fluctuations to estimate the difference (delta) between buying and selling pressure within each chart bar, and it accumulates each bar's results over a specified period to provide a broader perspective on the relationship between volume and price activity."

Note also that TV doesn't support Rithmic's MBO data feed, which is the gold standard for granular volume analysis. Note also that TV's chart data isn't based on the user's feed: it's based on TV's proprietary data. Note that all of this explains why you don't see a time and sales tape on TV, nor the order book, nor a big trade filter, nor an order heatmap. It explains why TV's DOM and footprints are useless. Meanwhile, MW enables the user to lock the DOM to the horizontal price axis on the candlestick chart: that's mindblowing.

As for your comment on how smooth TV moves in comparison: TV moves so smoothly because the user is basically operating in a lightweight data desert. TV isn't processing the massive amounts of actual granular data required by discriminating users who track institutional traders and other market movers to make a living. TV is skimming the surface. It's a surfboard, whereas MW is a nuclear submarine.

It's fair to say that MW7, being a big change evolution, has some glitches. But that's not unique to any major platform upgrade. The folks at MW will resolve them in due time.

I'll also say there are things that TV does that I wish MW does. TV's Object Tree is a case in point. But the list of things that MW does that TV does not is miles long, and a completely impractical comparison to make.

But to say MW7 isn't ready for prime time is patently false. I'm making more money on a more consistent and stress-reduced basis with MW that I ever did with Tradingview. Going from TV to MW was for me like going from a shiny and gleaming but cheap kit car modeled on the Ferrari 250GTO (with a Volkswagon engine in it), to actually taking possession of the real thing.