How to Add Price Alerts on the MT4 Platform

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Hello, Traders. Welcome to the Advanced MT4 Course and the 2nd Module- Platform Tools.

In this lesson, we’re going to teach you all about Price Alerts. How to create your price alerts on The MT4 platform and why it is important to use them on your trading sessions. And the most important thing about Price Alerts is that is that they allow you to monitor various currency payers or commodities without having the charts in front of you. Let’s say that you’re waiting for the non-farm payrolls announcement, and if you are waiting for the non-farm payrolls, you are monitoring anything US Dollar. It means that you have the Euro Dollar, the Aussie Dollar, the Japanese Yen and maybe the Yens in the US in charts in front of you. But let’s imagine that you have worked, technically, on the Euro/GBP chart, you use alerts so that when price hits a certain technical level that you are waiting, the MT4 platform will give you a heads up and you can open your chart and enter the trade, if that is what you were thinking to do when price hit those levels. But let’s go to the MT4 platform so you can better understand what we are talking about here.

Okay so you can see that we have six charts in front of us and it really doesn’t matter which charts we are going to use for this demonstration, because we are only going to talk about price alerts.

Okay, so the first thing you need to do is open your terminal. And to open your terminal, you go to this little icon right here that says “Terminal” and you click on it. As you can see, we already have selected the Alerts tab and as you can see we don’t have any alerts on it. So now that I have demonstrated you how to open the terminal, we are going to choose a price level that we want to set an alarm on. So we go to the GBP/US Dollar and you can see that the GBP/USD has hit this previous area of resistance. And right now, it’s at this low right here. But price action looks like it wants to go lower, so we want to be alerted when or if price breaks this low and hits this low right here. So we are going to set an alarm at this level right here which is 6474. We have chosen the 1.6474 level for the MT4 to alert us when price hits it or if price hits it.

Adding price alerts on the MT4 platform

Adding price alerts on the MT4 platform

So we go to a terminal and we go to the alert tab right here. The first thing you need to do is to right click on the white space and to click on “Create,” then you have to choose the asset that you want to be alerted on, and in this case, it is the GBP/USD. And of course, we want to be alerted by sound, which means that when price hits the level that we agreed on, the MT4 is going to make a sound, and of course, when it make the sound, we go to the alerts tab and we can see which alert has been traded.

Price Alerts Mt4

Price Alerts Mt4

So let’s review the level that we agreed on, it is 6474, so on the GBP/USD, we go to a value of 1.6474. And you want to be alerted when it hits the bid, and because we are analyzing price action on the daily time frame and because this is an overall level, it’s not a level that we are going to be using only today, we are not going to use an expiration date. And the maximum number of iterations, I always leave it at 1000, and it really doesn’t matter because when the alarm gets triggered, you will go to the alert tab and you will close it, because you will actually go to your chart and see if you are going to be trading this level. And a timeout of 10 seconds is fine. It means that each iteration will be triggered or each iteration will sound after 10 seconds, and thus, we are not going to be able to miss it. So that’s it. You click “OK” and as you can see right here, when the GBP/USD hits 6740, it’s going to alert us and it’s going to alert us until we actually notice the alarm.

And as you can see here we have the alert level right here, at the side of the chart. And if you want to draw a horizontal line to it, you can see that it is, in fact, the level that we chose to the pip. So when price hits this level, it’s going to alert us. And because we don’t have any GBP/USD trades on right now, what we can do is we can actually just choose to analyze any other chart and the MT4 platform is going to alert us when price hits it, even if we don’t have the chart in front of us.

Okay, so I have logged-in into my account and as you can see, if we go to the GBP/USD chart right now, price has already hit the levels that we were actually wanted to be alerted on, and as you can see right here, the alert is working and we have been noticed five times already that this level has been hit. And what you do when you have been noticed, and as you can see here, we broke with this level and we could have shorted this level right here when the alert sounded, but this is just a demonstration. And what we are going to do right now is we’re going to delete the alert. And this is how you actually delete the alert once you have notification of the level or notification that price has hit the level that you were looking for.

Now, I want to show you that these alerts are not only important for the overall levels or the daily levels, but they can also be used on a daily basis or intraday basis. Let’s imagine that we want to trade the US Dollar/Swiss Franc or we are trading the US Dollar/Swiss Franc and this is the 50-minute chart. And let’s assume that we are going to start our trading session right here. So this price action does not exist yet. We are right here. And what we are going to do is we are going create an alert right here at this level, which is previous support and now resistance, remember that that price is right here right now. And it looks like it wants to go up, so we are going to create an alert that will sound or will be triggered when price hits this high right here. This will mean that we need to go to our US Dollar/Swiss Franc and see if this level of resistance and previous support is going to hold or if this level is going to be broken. In any case, we are going to trade off this level and by using the alert on an intraday basis, we are not going to forget or miss a trading opportunity.

We are also going to place an alert at this level, which is previous support because we don’t know if price is going to go up or if it’s going to go down. It looks like price is going to go up, but remember that we are not wizards here, so we need to protect ourselves. And we don’t want to miss any more opportunities, so we are going to also create an alert at this level right here. So we already know that we are going to be alerted if price goes up and hits a resistance level or if it goes down and it hits an important support level.

Screen Shot 2014-11-24 at 17.35.49

So what we do is we go, well, you need to first see the levels and this is the 0.9558, and on the down side, it’s 0.9504. What I’m doing here is I’m writing down these levels on my notepad, so I don’t forget so I don’t forget them. You go to terminal, you create an alarm and of course, it’s the Dollar/Swiss Franc. And if we go up, we want the level 0.9558 and we want to be alerted, of course, the alert has been triggered because if we go up we can see that, in fact, we hit this level right here. And if you notice, where we hit this level right here, we have a very interesting signal of rejection, so we could have shorted right here for a 20-pip win. And afterwards, you can see that we break with this level and we tested back as support, and of course, we would have made a 30-pip winner right here out of the 50-minute chart.

And of course, I’m just going to delete this one and I’m going to create the support. Well, right now, it doesn’t matter if I create the bottom one because we already know that we went up, but let’s imagine that this day has not yet finished or this week has not yet finished and we are still trading it. What we can do right now is just create an alert to be triggered when price hits this massive base area which is previous resistance and was tested as support. And of course, you can do that with all of your charts before you start your trading session, so you can actually be alerted anytime price hits a key level or a hot spot.

Adam

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Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.

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