Creating Price Alerts

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Video Transcript:

Hello traders. Welcome to the Thinkorswim tutorial and the third module, charting. In this lesson I’m going to show you how to create general alerts and alerts on drawing and studies. Right now we are on the three-minute chart. Let’s go back to the daily chart for this example right here. What we want to do right here is I’m going to show you how to create a simple price alert. Let’s say that you want to be notified if price comes back down to this level right here, which has been a good level of support for the Euro-U.S. dollar. What you want to do is grab the crosshair tool like I have it right now. Go to the desired level and right click on the chart. Once you right click on the chart, you go to create alert. Then you choose to create an alert on the last price, and when price is at or below.

Price alerts thinkorswim platform

Adding price alerts TOS

Remember that when you are setting up an alarm below price, you have to set it at or below, and when its above price at at or above. The reason is that you want to get notified when this level is touched or if this level is broken to the down side. Now, because I’m going to show you how to set off three different kinds of alarms, I highly recommend that you use a different sound for each alarm. For example, I use the bell on a simple price level alert. This is going to be my alert level, or my sound for the price alert. When you have set up your alarm, I highly recommend you click switch to alert [inaudible 00:02:08] after creation and go to create. You can see that the alarm I just created is right up here on top. You can see that we also have another alarm that I created on purpose before this video, because I want to show you how to cancel an alarm, too.

The way you cancel an alarm that no longer works for you is you go to the market watch alerts sub-menu, and just click on the red X to cancel it. Now you only have one alert active on your platform for the Euro-U.S. dollar at the desired level. Now let’s go back to the chart, and I’m going to show you how to set up an alarm on a drawing.

Add price alert to trend lines

Now let’s grab a trend line. What want to do is to draw a trend line on the Euro-U.S. dollar. This is a very nice trend line on the Euro-U.S. dollar as you can see. It has gone from these lows and it has been touched once, twice, three times, and four times. This is a very strong trend line. We want to be alerted when price hits this trend line. Maybe we are going to play the bounce of the trend line or the break out below, we don’t know. But the way to create an alert on a drawing is to first of all activate the drawing, then right-click on the drawing, and then go to create alert with drawing.

Price alerts on trendlines

We have a couple of settings here I’m going to show you. We want the alarm to be triggered when it crosses below, it crosses above, or it frankly just crosses. We want to be triggered when it crosses below. I am going to change the drawing alert to add a ding just to make a difference between one alert and the other, and don’t make things complicated on your head. Now the alert is all set up, and you just go to create. As you can see, we have a second alert right here on add drawing, which is the trend line that we just drew on our chart.

Let’s go back to the chart. Now let’s learn how to set up an alarm for a study. What you do is go to market watch, and you type the instrument that you want the alarm for on this box right here. We want the Euro-USD, we type it and then you click this button right here. Study alert for the Euro-U.S. dollar. When you click on it you are going to get this window. We are going to delete this, and we are going to add a condition for the alert. We are going to select a study, and let’s grab an easy one. Let’s say that we want a stochastic crossover. We grab the stochastic full. And we want to be alerted when the stochastic crosses above 80, which is an over bought condition on the stochastic. We save it and we are going to add a condition on the same study, on the stochastic oscillator. All right, let me just find it. It is here and, of course, crosses below a value of 20 which is oversold territory. Here on the set of rules I get alerted by a chime, this sound. We are going to create this alert, and as you can see I have an alert on the stochastic full when it crosses above or crosses below.

Adam

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