If you are a discretionary trader, you may be unable to stay away from the monitor all day. However, it is tiring to constantly look at the charts, especially when it comes to simple things like waiting for the price to reach a specific price level.
Therefore, I would like to recommend this "PriceAlert" indicator for Metatrader 4. If you use this indicator, trading should become easier.
The “PriceAlert” indicator draws three lines on the chart. The characteristic of this indicator is that you will be alerted when the limit price reaches this line. The price range you want to be alerted for can be set via the parameters.
In addition, the line is automatically deleted after the limit is reached. Although it is a fairly simple indicator, its effectiveness is tremendous.
Tips for using:
1. This indicator is very useful during range trading markets.
For example, if the price reaches near the upper and lower limits of the range, it is good to have this indicator to notify you. This makes it possible to trade "put a sell order in anticipation of the price reaching the upper limit of the range = reversing".
2. This indicator is also suitable for trading breakout strategies.
It is a good idea to set up a line where you want to trade the breakout and prepare for the breakout. If you use this indicator, you will not have to be stuck at the monitor waiting for the breakout to happen. Instead, you can just set this indicator to notify you if and when the breakout occurs.
- AlertWhenPriceGoesAbove - This indicator alerts when Ask goes above this level
- AlertWhenPriceGoesBelow - This indicator alerts when Bid is same as this level
- AlertWhenPriceIsExactly - This indicator alerts when Ask is below this level
Download the "PriceAlert" indicator from the button below
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.