An important challenge in optical communications is the generation of highest-quality waveforms with a Mach–Zehnder modulator with a limited electrical swing (Vpp). For this, we discuss, under limited Vpp, the influence of the waveform design on the root-mean-square amplitude, and thus, the optical signal quality. We discuss the influence of the pulse shape, clipping, and digital pre-distortion on the signal quality after the electrical-to-optical conversion. Our simulations and experiments, e.g., suggest that pre-distortion comes at the expense of electrical swing of the eye-opening and results in a lower optical signal-to-noise ratio (OSNR). Conversely, digital post-distortion provides operation with larger eye-openings, and therefore, provides an SNR increase of at least 0.5 dB. Furthermore, we find that increasing the roll-off factor increases the electrical swing of the eye-opening. However, there is negligible benefit of increasing the roll-off factor of square-root-raised-cosine pulse shaped signals beyond 0.4. The findings are of interest for single-channel intensity modulation and direct detection (IM/DD) links, as well as optical coherent communication links.