Price Alert indicator.

Trading using levels has always been one of the most effective strategies in Forex trading. This is especially true if trades are opened after a breakout of an important level, as there's always a high probability of a trend continuation.

The Price Alert indicator isn't a fully-fledged indicator, as it doesn't perform any calculations or market analysis on its own. It's a simple script that sounds an alarm when the price reaches a specified point.

However, you'll have to find these points (levels) yourself. I'll provide a couple of recommendations on how to do this at the end of the article.

Download the Price Alert Indicator .

After completing the standard installation, or more precisely, copying the unpacked indicator to the appropriate folder in your trading terminal, we proceed to launching and configuring it.

The setup itself is quite simple; you only need to set three parameters:

Sound When Price Goes Above – an audible alert will sound when the price rises above the specified value.

Sound When Price Goes Below – the value for the lower price limit; an alert will sound if the price falls below this value.

Sound When Price Is Exactly – an alert will sound only when the price is exactly the same.

The first two settings are the most important. There are several options for searching for source data to enter into the Price Alert indicator settings:

• By minimums and maximums — on a certain time interval, for example, you are trading on H1, today the price has not risen above 1.3545, this level serves as the reversal boundary. We set the first parameter of the indicator to 1.3555 and wait for a breakout signal. We do the same with the lower price boundary.

• By important levels — if the price has not been able to overcome a certain level for several days, then we write this very level in one of the settings, depending on the current price location.

• Use an additional indicator — which will help build support and resistance lines, such an option could be the “ Trend Channel Indicator ” or another similar tool.

The main objective of the Price Alert indicator is to relieve the trader from constantly being in front of the trading terminal screen. In addition to an audible signal notifying of a breakout, you can set up sending messages to e-mail.