Price Alert Indicator Guide
Price alert MetaTrader indicator is an MT4 technical indicator used by a lot of technical analysts in order to help them to place trades at the right time. In fact, the price alert indicator tells you when important forex news arrives by touching predefined Tradingview levels. So you do not need to waste your time waiting for the best time (according to you) to enter or exit a trade. In this course, we will deeply discuss the MT5 price alert lines indicator as a reliable assistant in the forex market.
Price Line Alert FAQ
What are price alerts ?
Price alerts are trading levels set by the trader. Once the price reaches these trading grades, the same trader gets alerted. To explain, there are three classes of price alerts.
First, when the price grows beyond a certain level. Second, when the price drops beneath a certain level. Third, when the price reaches a certain exact level.
The price alert indicator plots price alerts once the price activity grows beyond, drops beneath, and or reaches exactly the considered levels.
Moreover, alerts incorporate native signs in the form of popups, push notifications, and email notices.
How does price alert indicator work ?
The price alert indicator for MetaTrader draws three colored lines. First, a green line at the top of the FX chart, alerting a break above a particular price grade. Second, a red line at the bottom of the forex chart, alerting a break below a specific price grade. Third, a yellow line in the middle of the trading chart, indicates that the price has reached a clear level exactly.
The MT5 price alert indicator draws these price alert levels directly on the candlestick chart and also does in the MT4 terminal. Also, these grades are user-defined through the indicator settings.
To summarize, a price line alert is an MT4 indicator that can alert you whenever the price reaches a level you think is important. In fact, A trader sets that price grade manually through settings as we discussed before.
Multiple Alert Levels
We can get multiple alerts at the colored horizontal levels:
- We can use the first one when the price passes above a certain level of the price set by the trader. Displayed by a green line on the chart.
- The second price line alert is used when the price is below certain forex levels of the price set by the trader. We represent it on the chart with a red line.
- And the third one is when the price reaches exactly a certain level of price. We indicate it by a yellow line on the chart.
Download Price alert indicator for MT4
The MT4 price line alert indicator is basically a very simple handy tool. It eliminates the need to set up custom alerts via MT4 pre-defined functions. Moreover, you can apply this warning to multiple instruments, and this, by simply using the configuration window. Even better, this indicator for MT4 can be applied to the same chart but with different timeframes. And from there, you can start to observe the benefits that this indicator can do for you.
It notifies you by sending notifications to your e-mail, mobile application, or simply to the screen.
Download Price alert indicator for MT5
Advanced traders who do not like the concept of pending orders often use the MT5 price alert indicator. Instead of setting pending orders, traders use this tool to create price line alerts at different price levels. So, traders will get a notification when the price of the asset reaches that particular level, so they don’t have to miss out on any good trade setups. This tool is the best indicator for mt5 that generates this type of alert.
Download Price alert indicator for Tradingview
By activating the price line alert indicator on the Tradingview, you will receive notifications in three cases.
So here, the trader receives notifications of price line alerts if the price evolution is:
- Above the price set by the trader (the green line).
- Exactly equal to the price set by the trader (the yellow line).
- Below the price set by the trader (the red line).
Advantages and disadvantages
Advantages
- Save time through receiving notifications: If you activate the price line alert tool, alerts will help you not get tired and waste time in front of the monitor. You will receive notifications via the screen, mobile application, or e-mail.
- Multiple alert levels: Using the price alert tool, you can set up multiple notifications and receive them at different prices. Colored horizontal lines on the chart represent all levels, making it easy to spot.
- Mobility: When you set up notifications, you will receive alerts of important price changes regardless of your internet access.
- Write a custom comment: When activating the price alert tool, you can specify different annotations for each level. This way you can remember what the notification is for.
Disadvantages
- First of all, the price alert tool only works when your trading platform is working. This means that the indicator will not work if you close the trading terminal.
- You also need to make sure your email configuration is set up correctly when you activate the price alert tool. Since this indicator sends you alerts, it is preferable to check the settings on your platform trading to avoid missing these alerts.
Conclusion
The price line alert indicator is a very easy Tradingview tool to use. This can complement any existing trading strategy. However, this indicator is very useful for those that trade a lot and frequently. The price alert tool is also useful for market movement analysis.