Price alert Indicator Guideline

Price alert indicator MT4 is a 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 MT5 tells you when important forex news arrives by touching predifined levels. So you do not need to waste your time waiting for the best time (according to you) to enter a trade. In this course, we will discuss the price alert indicator for Tradingview and Metatrader platforms.

Price alert indicator guide

How to use price line alert Indicaor ?

Price line alert is an indicator that can alert you when the price reaches a level you think is important. In fact, A trader sets that price.
We can find three types of price levels

  1. We can use the first one when the price passes above a certain level of price set by the trader. Displayed by a green line on the chart.
  2. 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 by a red line 
  3. And the third one 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 alert 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.

Price alert indicator MT5

Download Price alert indicator for Tradingview

By activating the price line alert indicator on the tradingview, you will receive notifications in three cases :

Price alert indicator Tradingview

So here, the trader receives notifications of price line alert if the price is:

  • Above the price set by the trader (the green line).
  • Exactly equal to the price set by the trader (the yellow line).
  • Below is the price set by the trader (the red line).

Advantages and disadvantages

Advantages

  1. 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. 
  2.  Multiple alert levels: Using 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. 
  3. Mobility: When you set up notifications, you will receive alert of important price changes regardless of your internet access.
  4. Write a custom comment: When activating price alert tool, you can specify different annotations for each level. This way you can remember what the notification is for.

Disadvantages

  1. 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.
  2. 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 very easy 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 analysis.