How to add MetaTrader 4 alerts?
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How to add MetaTrader 4 alerts
Once your MetaTrader 4 trading platform is open, it is possible to add free alerts to your MT4 forex trading charts!
The procedure is as follows:
- Determine one or more price levels
The use of alerts on the MT4 trading platform requires the identification of levels which you are interested in:
- Not trading is a concept which is often misunderstood by novice traders. Indeed, doing nothing in trading can sometimes be the best thing
These MT4 alerts allow you to:
- Be alerted of a potential bullish trading signal, or simply a change in the trend
- Be alerted of a potential bearish trading signal, or simply a change in the trend
Once you have identified one or more levels, all you have to do is follow the procedure described below.
How to set an alert on a MetaTrader 4 trading chart
- 1.On your MT4 trading chart, right-click on the level you have identified to be alerted when the price reaches it
- 2.Select "Trading"
- 3.Click on "Alert"
If you have ticked the box "Show trade levels" in the "Charts" tab of your MT4 trading platform (to access this tab, click on "Tools" at the top of your screen, and select "Options"), a red horizontal arrow appears to the right of your screen on the desired level. You can move this arrow as you wish to adjust the level at which you want to be alerted, or even change it.
A right-click on the red arrow materializing the free MT4 alert gives you access to three choices:
- "Modify", in order to change the settings of this alert
- "Delete", to remove the alert
- "Disable", to suspend the alert, but it remains where it is
When you select "Modify", the settings window opens. This window allows you to:
- Tick or untick the "Enable" box, in order to enable or disable the MT4 forex alert
- Choose the action related to the triggering of the alert, in "Action", i.e.:
- "Sound" for an audible alert
- "File" for the creation of a file
- "Mail" to receive the alert by email
- "Notification", to receive a notification
- Change the financial instrument on which the alert is located in "Symbol". You can then choose among the assets available on your forex platform
- Change the price level corresponding to the MT4 free alert in "Value"
- Enter an expiry date and time in "Expiration" for the alert to disappear after a defined period of time
- Fill in the alert conditions related to the Ask and the Bid price in "Conditions"
- Choose in the "Source" section which sound you want to use for your alerts. You can choose it from the sounds included by default in the MT4 forex platform, but also from the files of your computer where you can put the sounds of your choice to customize the free MT4 forex alerts better
- Choose the maximum number of reminders you want in "Maximum number of reminders"
- Test the alert by clicking on "Test" at the bottom of the settings window, in order to test the "Action" you have selected
- Confirm your choices by clicking on "OK"
These alerts can be used for breakout strategies, where the price is expected to rise above a price level where it is attractive to buy or sell the financial asset in question. Thus, it is possible to place multiple alerts on a single MT4 trading chart.
You are waiting for the price to break out of a range in order to take a position in the direction of the break. You can then set alerts as follows:
- An alert at the top of the range in case of a bullish breakout
- An alert at the bottom of the range in case of a bearish breakdown
Free alerts on MT4 allow you to follow the evolution of a market without having to spend all your time in front of your screens, monitoring each candlestick. The best way to ensure the effectiveness of the free MT4 alerts is to test them in real conditions, using a free and unlimited Admiral Markets demo account.
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