We bring to your attention a very simple but extremely useful forex technical indicator “Alerter” for the MetaTrader4 trading terminal. This indicator provides audio, information, push and email notifications on your choice when the quotation of the currency pair on the chart touch or approach to the standard support or resistance levels.
And this indicator is attached to the horizontal support and resistance lines, plotted on the chart by the standard means of the MetaTrader 4 terminal.
Installed in the terminal this indicator in the standard way. After installation, the settings window appears in which you only need to select the types of notifications – Email, Popup or Push. You can choose all or just the ones you need. Note, if you want to receive Email or Push notifications, they must be correctly configured in the settings of the MT4 terminal. The settings you select will be reflected in the upper right corner of the graph (as in the picture). This is all – the forex indicator Alerter is configured and ready to go.
In order for the indicator to begin to gives signals, you must link it to the desired level lines on the chart. To do this, we insert standard horizontal lines on the currency pair chart and customize them at our discretion (color, size, description, etc.).
Select the line we need on the chart, click the right mouse button on it and in the line description specify the command of the indicator Alert_10. This is the command to our indicator to give an alert when the price will touch the selected line. And, the figure after the lower underscore in the indicator command means the number of pips from the given level when the signal should sound. In other words, if our level (as in the picture) on the USDCHF pair is set at 0.97971, and the value of the indicator Alert_10, then the signal will occur 10 pips to the level at the price value of 0.997961. The algorithm of the indicator is set up in such a way that it simply constantly compares the quotation of the currency pair with the parameters of the indicator you set in the level settings and gives a signal when these values coincide. In the end, you can customize the signal as you like. Consider the fact that with fast price movements in the forex market, terminal and indicator it takes a few seconds to generate a signal and send it to you.
The command should be specified exactly in the “Description” setting and exactly how I wrote Alert_5. With a large first letter and with a lower underscore, with no spaces or quotes. You can only change the numbers by the number of pips you need from the line. Trying a couple of times you can easily figure out the installation and setting of the indicator.
Forex indicator Alerter produces a signal only once. After that, the command in the description for the line is erased. To connect the signal to the same line again, you need to specify the necessary indicator command in the line settings. In real trading it is very convenient, because you get only the signal you need and the indicator does not irritate you with unnecessary sounds and notifications. At each price chart, you can set signals to any number of lines without restrictions.
The Alerter indicator is extremely simple and convenient to use in real trading, especially for those traders who trade in levels using strategies based on trend movements. It does not take up space on the screen, does not bother, does not have complex settings, does not require a large amount of computer memory. It allows you to place signals on those charts that you are inactive at a given time and calmly trade on the pairs you need. You can safely move away from the monitor and not be afraid that miss the entry point.
I think you will find many possibilities of applying the Alerter indicator in accordance with your trading strategy in the forex market. Download the indicator you can absolutely free of charge from the link below. In gratitude, do not forget to take part in the pull on the main page of our website on the topic “What will EURUSD exchange rate be on 31.12.2018”. Thank you and we wish you a profitable trade on Forex.
Updated (December 17, 2018)
Download Alerter indicator for MT4 – Alerter-V2.
Be prudent, observe risk management and trade in a plus.