MT4 Alert Indicator
All experienced traders have different stories to tell; one of the many is the stress of sitting in front of your computer monitoring prices and trends of the market. Forex trading has dynamic market forces that cannot in totality rely on human intelligence when it comes to trade decisions.
It is ideal to wait for confirmation before making a trade decision, and this is where an Alert comes in. The MT4 trading platform has an alert system.
The MT4 Alert Indicator is a handy tool. You can trust the MT4 alert indicator when you are out of the workstation or on transit to send you notifications/alerts of potential trade positions. Since this indicator spots and draws alert levels with the use of horizontal lines in the chart.
Installation of Alerts on MT4
Installing alerts on MT4 is simple. Just follow this easy step by step guide:
1. Open a chart.
2. Locate the position where you wish to add the alert.
3. Right-click on your mouse to have a menu pop-up on your screen.
4. Finally, select “trading alert.” At this point, the MT4 default alert should be added to your selected position.
Whenever you want to disable and remove, or even change the alert, all you need do is right-click on the alert and from the menu, make your selection.
Features of MT4 Alert Indicator
The MT4 Alert Indicator is an easy tool to use. The following are some of the features of this fantastic indicator:
1. Ease to Use
The MT4 Alert Indicator is designed with a user-friendly interface, hence it is stress-free to use. Just by pointing your mouse towards any desired section, it shows you all the available functions embedded in that section.
2. Multiple Alert Configurations
Amazingly, the MT4 Alert Indicator allows you to configure multiple alerts for different price levels. Hence, the chart shows different alerts for different price levels, which are represented by those colored horizontal lines.
The MT4 Alert Indicator supports three different types of notifications – email, mobile app, and pop up notification. Therefore, it is essential to configure these three notification sections to avoid missing out on any trade opportunity capable of giving you more money.
4. Enabling or disabling of price levels
With the MT4 alert indicator, certain price levels can be enabled or disabled pending when you need them. While Dormant levels are represented on the chart with a grey color, which signifies that they are inactive.
5. Custom Comment
Different comments can be made on the chart for each price level with the help of the MT4 Alert Indicator. Therefore, it will enable traders to remember what each level represents.
Price Alert Settings for MT4 Alert Indicator
The following are the price settings for this indicator:
1. Sound when the price goes below: This Indicator notifies you when the price goes lower than the already set level.
2. Sound when the price goes above: The MT4 Alert Indicator informs you whenever the price moves above the already set value.
3. Sound when the price is precise: This indicator notifies you whenever the price hits the already set value.
4. Send an email: at the occurrence of any of the above situations, the price setting will be activated. To that effect, an email will be sent to you.
The following are context menu commands that are used to manage alerts:
1. Create –
You can create a new alert by pressing the Insert key.
2. Modify –
Alerts can be edited by double-clicking on the alert name in the table. Another way to make adjustments is to press the Enter key.
3. Delete –
When you want to remove the alert, just press the Delete key.
4. Enable On/Off –
This command is for enabling and disabling alerts. When you disable any alert, it does not delete it, but it stops being active at the moment. This action can be achieved when you press the Space key or enable it in the indicator’s setup window. Also important to know that you can combine this indicator with the chande kroll stop indicator also.
5. Action –
This involves action performed at the occurrence of an event:
6. Sound –
It involves playing a sound file;
It comprises of running an executable file;
8. Email –
It comprises sending a message to the email listed in the terminal settings.
9. Notification –
It is for sending a push notification to a mobile device. This command requires a description of the MetaQuotes ID in the terminal settings. MetaQuotes ID is a unique identifier consigned to every mobile terminal during installation on a device. The message text has its specification in the “Source” tab.
10. Expiration –
Here, the lifespan of the alert is specified. At the expiration of that specified time, the alert will be deleted automatically. It is ideal to make use of the local computer time.
11. Symbol –
It involves securing the values for checking the condition;
12. Condition –
(“Time=”, “Bid<“, “Bid>”, “Ask<“, “Ask>”)it involves conditions for triggering an alert.
13. Value –
This involves checking the value of the condition. Hence, the alert will trigger whenever the symbol price is equal to this value;
14. Source –
This depends on the type of action done at the occurrence of an event.one of the following is specified here:
– A sound file in the format of *.wav, *.mp3 or *.wma.
– An executable file in the format of *.exe, *.vbs or *.bat.
– An email template. By selecting “Email,” a window will be open so you can write a template of an email that will be sent to the address provided in the terminal settings.
– A push text/message: this can take a maximum message length of 255 characters.
15. Timeout –
It is the period between alert prompting;
16. Maximum iterations –
The maximum number of times the alert can be repeated.
While the “Test” button is used to check the workability of the selected alert. You must press the OK button to effect the changes.
Last Remarks On MT4 Alert Indicator
MT4 alert indicator serves both newbie and expert traders as it allows the configuration of different alert levels. It notifies you whenever the price moves lower or above a certain level, and even when the price reaches a certain level of importance.
Therefore, with this indicator, you will seldom miss out on a trade opportunity as notifications will be sent to you via phone or email. Aside from the MT4 Alert Indicator, there are many other top forex indicators you can find on this platform, so check it out via this link.
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