One of the leading providers of forex and CFD trading, OANDA, issued an announcement on Tuesday that Toronto- based platform provider, MotiveWave Software. will start offering its services to clients of the brokerage. The platform can be acquired in the Marketplace section of OANDA’s website.
The platform focuses on providing some added value in the set of technical analysis tools available, including an automatic scanning tool for Elliot Wave theory trading. The platform, developed by MotiveWave Software,caters to the individual trader with a variety of other toolsets.
The Elliot Wave analysis is complemented by harmonic patterns and a variety of automated scanners for trading opportunities. Being Java-based, the platform is native to both Windows and MacOSX. MotiveWave already possesses the capability of connecting to several other major brokers, including FXCM, TradeStation, Interactive Brokers, Forex.com and TD Ameritrade.
A trader favorite feature which is still offered by relatively few platforms across the industry, for example NinjaTrader and Trade Interceptor, is the Replay Mode which provides traders with the opportunity to test their discretionary trading strategies in real market conditions.
The Scanner feature analyzes the market for Elliot Wave, Gartley Harmonic and other types of patterns with the option of studying specific conditions and running multiple scans simultaneously. The platform boasts 250 built-in studies/indicators and 30 built-in trading strategies, which natively support multiple monitor setups.
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OANDA’s Vice President of Product Management stated in the announcement, “Technical analysis is a key component to any forex trading strategy and our partnership with MotiveWave Software provides our clients with added professional analysis tools.”
He added, “In addition to providing support for complete Elliott Wave Theory, the MotiveWave toolset also offers innovative features such as pattern recognition, advanced scanning, strategy backtesting/optimization and highly advanced alerts.”
MotiveWave Software has chosen an interesting pricing model with the availability of four different packages catering to the needs of different traders – Analyst, Trade, Professional and Ultimate.
The purchase provides the trader with the current version of the software and updates and support for one year. After the expiration of the term, the client will still be able to access support through the MotiveWave’s forum, but won’t get access to the latest updates.
OANDA has recently partnered with Autochartist to deliver its clients an advanced set of technical analysis tools through its fxTrade platform, and opened the API permitting developers to freely connect to the firm’s platform solution. At the time, Forex Magnates reported that this would lead to increased activity on OANDA Marketplace, and today’s announcement is part of that move gathering speed.