The ChoosaBroker Trading Academy
14.2. Setting Asset Alerts and Rules
Traders must constantly be aware of significant market events and price movements. One way to keep tab of big market moves is to create price alerts on MetaTrader 4so that if and when one occurs, you are instantly informed to take action that best suits your market outlook. Price alerts also provide the additional luxury to a trader to not stay glued to their trading screens for the entirety of a session.
Setting MetaTrader 4 Alerts
MetaTrader 4 alerts can be easily constructed. Follow the simple detailed guide below:
Open the “Terminal” window by pressing CTRL + T on the computer keyboard. “Terminal” can also be accessed through View > Terminal on the top left-hand corner of the platform. Once open, click on the “Alerts” tab on the “Terminal” pane. Next, right-click on the “Alerts” window and select “Create,” as illustrated in the figure below.
- The “Alert Editor” window should pop-up, with a list of different parameters that need to defined to create the alert:
- Enable – Check the box to initiate the alert.
- Action – Designate an action like play a sound, send an email or run a file once the alert criteria are fulfilled.
- Symbol – Pick the underlying asset from a drop-down list for which you want to activate the alert.
- Condition – Specify the conditions matching which the alert will set-off. Each of these price conditions will be briefly enumerated later in the lesson.
- Value – Set a price point for the “Condition.” When the security price equals this value, the alert will be triggered.
- Source – Assign a specify action path. For example, if an alert is to be intimated by email, the trader can feed in the message he or she will receive with the email.
- Maximum Iterations – The number of times the alert will repeat before it deactivates.
Setting MetaTrader 4 Alert Prices
- Ask> – The “ASK” rate is higher than the pre-defined value. Once the current “ASK” quote exceeds the specified value, the alert will trigger.
- Ask< – The “ASK” rate is lower than the pre-defined value. Once the current “ASK” quote falls below the specified value, the alert will be activated.
- Bid> – The “BID” rate is higher than the pre-defined value. Once the current “BID” quote exceeds the specified value, the alert will trigger.
- Bid< – The “BID” rate is higher than the pre-defined value. Once the current “BID” quote declines below the specified value, the alert will be activated.
- Time = – Alerts can also be created for time. Once a specified time is reached, the alert will trigger.Once all of the above fields have been entered, click on the “Test” button to ensure the “Alert” works properly. Press “OK” to close the window.