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Deals damage and ignores all accuracy and evasion modifiers.
Shock Wave is useless move competitively. Due to the Evasion Clause, you will almost never see a Pokemon who can avoid 100% accurate attacks like Thunderbolt, which is always superior to Shock Wave. Nearly every Pokemon with access to Shock Wave also has access to Thunderbolt.
Discharge is a more powerful alternative with a high paralysis chance.
Thunderbolt is a more powerful alternative.
Thunder is a much more powerful but less accurate alternative outside of rain.
Magical Leaf is a Grass-type equivalent.
Swift is a Normal-type equivalent.
Aerial Ace is a physical Flying-type equivalent.
Faint Attack is a physical Dark-type equivalent.
Magnet Bomb is a physical Steel-type equivalent.
Shadow Punch is a physical Ghost-type equivalent.