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First read how to set up an alert to execute trades, or notify you, when just one chart condition is met. You can also set up alerts that will only trigger or execute a trade when multiple different conditions have all been met. For example you can set up an alert to execute a trade if the hourly price closes above the Moving Average, but only if the 1 day Stochastic indicator is also above 80%.
We will discuss how to do this below, building on the previous Single Condition Alert example. The steps to building a multi-condition alert are very similar to building a single condition alert.
Step 1: Set up your chart and indicators
Select the Share or Forex chart that you would like to create the alert against. In this example, we are looking at a chart for the GBPUSD
We are going to create a combination Stochastic and Moving Average alert. Use the Chart Settings widget to add the Moving Average and Stochastic Indicators to the chart and adjust the indicator parameters to suit your trading strategy.
The chart is displayed with the Moving Average overlayed on the Price chart and the Stochastic indicator chart beneath. To the bottom left hand side of each chart are its associated "Trigger Buttons".
You are now ready to start creating your alert.
Step 2: Add the Alert Triggers
In this example, we are creating a combination alert that will notify us when the daily Stochastic is above 80% AND the hourly price candle closes above the Moving Average. Both conditions must be met in order for the alert to trigger.
Two alert triggers are therefore required:
- hourly price candle must closes above the Moving Average
- daily Stochastic must be above 80%
There are two ways to create alert triggers. One option is to click on the alert triggers on the chart as illustrated above, or alternatively you can click on the 'Add Trigger' button in the 'Alert Builder'.
In this first example we will add the Moving Average rule using the Alert Triggers on the Chart. To do so click on the Alert Trigger icon with two lines crossing, then select the 'Close Price' and 'Moving Average' from the popup choices, and then click on 'Add Trigger' button on the popup as illustrated:
Doing so will create an alert trigger that requires the 'Close Price' to rise above the 'Moving Average'. After clicking on the 'Add Trigger' button the alert trigger will be added to the Alert Builder screen. Click on the alert trigger to set the interval to 1 hour as illustrated:
For the second Stochastic alert trigger, we will use the 'Add Trigger' button in the Alert Builder. Click on the 'Add Trigger' button and then search for the Stochastic %K indicator as illustrated (note that the Stochastic has two lines and we will be using the leading %K line):
Then change the alert trigger to check if the %K line is 'Above' 80 as illustrated:
Lastly set the Interval to 1 day as a daily interval Stochastic alert trigger is required, as illustrated:
When finished click on the cross on the top right of the 'Trigger Configuration' widget as illustrated (or click outside the configuration widget):
Step 3: Set the Trigger Sequence
In this example we would like to get an alert when the hourly price rises above the moving average if the Stochastic is above 80%. This requires both alert triggers to be true at the same time. The alert triggers should therefore be grouped to trigger within 1 second of each other as illustrated:
To learn more about Grouping and Sequencing alert triggers click here
Step 4: Activate Your Alert
Now that we have created the alert triggers and grouped them, add a message to remind yourself why you created the alert, set your notification methods, which are Email and SMS alert in this example, then lastly configure the alert to reactivate after 1 hour as illustrated:
By setting the alert to reactivate, each time the alert conditions are met, the alert will be paused for one hour in this example, and then reactivated after the one hour has passed.
Lastly click on the 'Activate' button to start the process of checking the Alert Triggers. When your chart conditions are met you will be notified by email and SMS to your mobile phone. If you do not wish to activate the alert at this point in time, however you wish to keep the alert for future use, click on the 'Pause' button.
In this example we created a compound alert that will be triggered when two different chart conditions are met. Using the same process, you can create alerts contingent upon three or more rules being met. For each additional rule you wish to add to your alert - just click the appropriate alert trigger button to the right hand side of the charts or use the 'Add Trigger' button.
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