Welcome to the fourth lesson of the Advanced Binary Options Trading course. In this lesson we will teach you how to set up alarms in your MT4 platform and why it is important to do so.
Okay, so the first thing you want to do to create an alarm is to go to this button right here which is the terminal button and click on it.
Adding chart objects
Once you click on the terminal button, you will get the terminal window right here and all these stats are at your disposal.
You click on alerts and then you go and you choose a level you want to be alerted at. Let’s say that we are monitoring the Euro/Yen and the Euro/Yen might be actually just taking this high right here, so we want an alert at $141.25.
We right click on the alert window and click on create.
We choose Euro/Yen and the value is $141.25 and we click on okay. Then we wait for price to hit the alert, which is right here, okay. We can get rid of this line.
Forex Tips – MT4 Alarms Indicator
And once the price hits the area where we set the alert, you will hear this sound that you just heard. And we have set the limit of alerts at 1000, but this can actually be modified to 3, 4 or 5.
And alert can be a sound or file or email notification.
So the cool thing about this is that once the price hits the alert signal, you can go to your chart and as you can see here, the price went all the way down our level and might actually be reversing right now.
This is not a video where we will teach you how to trade, but once you have set up your alerts, you can actually monitor multiple currency pairs.
Now let’s take another example for instance. Let’s say that we’re monitoring the Aussie/US dollar.
The Aussie/US dollar is at this low level right here. So what we want to know is when the Aussie/Dollar will go up or when the Aussie/Dollar will go down.
What we do is we set a panel alarm at this level, for instance $91.29 on the Aussie/Dollar and we already went through these levels, but let’s put it right here.
At $91.31 for instance.
And this alert will tell us that the Aussie/USD is actually moving to the upside from a level of support.
Now let’s say that we want to know when the Aussie/Canadian dollar is going to take out this trend line.
What we do, is we put an alert that will be triggered when price crosses this high. This high is at .0163 so what we do is we create an alarm and we choose the Aussie/Canadian dollar. We want the price to be above the bid at $1.0163.
And we set up the alarm.
It’s right here.
Setting up Alarms on the MT4 Platform
When price crosses this line, the alert will tell us that the Aussie/Canadian dollar has in fact, has broken with the down structure and we can actually buy calls right now.
But as I already told you, this is not a video to learn how to trade, but rather how to set up alarms. Now that we have seen that price did not actually respect this down trend line, we want to know if we are going to continue down or not.
So what we are going to do is we are going to leave this alarm right here, but put on another alarm right here, below this low.
At .0155. This is because we want to know which way price is actually going to go.
And if one of the two alarms gets triggered, it will tell us what side of the trade is actually the profitable one.
So we set .0155 for the alarm. And we have set up an alarm above this high, which will tell us when this trend line is broken and below this low which will tell us when this compressed structure is about to break.
So what we’re going to do right now, is we’re going to wait until this alarm is triggered and/or if this alarm is triggered.
But while we wait, we might want to set up another few alarms on other currency pairs.
Let’s see the Euro, the Great Britain Pound is actually not moving at all.
What I trade with now
We can actually set up an alarm with the U.S. Dollar/Japanese Yen, right here at .0140. I’m sorry, at $101.40. Because if this low is taken out, we might consider a short position or buying puts on this currency pair.
So let’s put on an alarm right here.
MT4 Basics: How to Use Indicators
Let’s create an alarm on the U.S. Dollar/Japanese Yen, if I can find it, actually.
Here it is. And if it goes below $101.40.
So the alarm is set on the U.S. Dollar/Japanese Yen too.
I think we set up the alarm a little bit too low.
We want to set it at 41 because, this is the spike low but we are monitoring the level where this [inaudible 00:06:49] close. So we are going to modify, and this is how you modify an alarm.
You right click on the alarm, you modify it and you just modify the price.
Okay. Now the alarm is closer to price and we can now wait until it gets triggered.
And as you can see, we were right because the alarm is about to get triggered by a few pipettes. It didn’t, but this is the main idea.
Once you know your levels, you create your alarms and you can start monitoring various currency pairs or assets.
How to Set Price Alerts on Metatrader4 MT4
So this is basically what you have to do when monitoring various currency pairs and this is what we are going to be using in the next lessons, when we teach you how to actually trade with the advanced strategies.