Alerts when the price hits important levels (indicator)
Trading according to trend lines or support and resistance may be pretty profitable. Except a clear price action and technical analysis, for this type of trading, we can use some strategies from our web. For example:
These strategies predominantly use indicators which mark either trend lines or lines of support and resistance. You don’t know what that is? You will find explanation at the end of the article. Additionally, strategies use other methods to signal when to enter a trade. However, this article is about something different.
Alert when reaching trend line
If you ever set up trend lines, or any other lines (i.e. horizontal lines) in META TRADER 4, you always have to pay attention and patiently watch for price to come near them. Now you don‘t have to do this anymore as this Alarm4U indicator will alert you exactly for this situation.
We set the indicator for which lines we want to the alarm to fire: Trend lines, Horizontal lines, Vertical lines, Fibonacci lines and more. Afterwards, we enable the alarm. As soon as the price comes near one of our configured lines, MT4 beeps and alert window is displayed.
End of candle alert
A good companion to this indicator is the Interval Timer indicator which makes sure that we are always alerted when the current candle is about to close This is useful when we are following M30 timeframe or similar and we are doing other things. We will never miss an incoming action.
Download indicator Interval Timer: Downlaod this indicator
What are trend lines: http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:trend_lines
What are supports and resistances (wiki): https://en.wikipedia.org/wiki/Support_and_resistance