Today, I’m going to take you through an incredibly powerful feature of MT4 NexGen — the Alarm Manager. It’s perhaps not the best name for this feature because it’s actually function-rich; it’s much more than an alarm manager. To add the Alarm Manager to a chart, simply drag and drop. Click OK. Wait for it to load.
The Alarm Manager is going to let you to do three main things: get notifications about events on your account and events that occur on the market, take automatic actions when events occur, and send automatic updates to your followers via Twitter, email or SMS.
It’s basically a set of building blocks which you can use to create a completely personalized and automated trading companion. You can use the Alarm Manager to:
You get to take all of the different elements that you have in your trading plan about managing your trading system and automate them using the Alarm Manager.
How it actually works… You can see here that we have a few sections in the Alarm Manager: Account alarms, News alarms, Price alarms, and Trade activity alarms. These are essentially the four different types of alarms that you can use.
To add an Account alarm, click +. You will see different criteria, like if it breaks out at a certain bar. You can send alarms based on the account value, balance changes, number of consecutive wins, losses, win/loss ratio.
The Trade activity alarms: new position open, new position close, position floating P/L level, positions without a stop-loss.
You can set time alarms: time of the day or a countdown.
News alarms and sentiment alarms are very useful.
You have technical indicators. You can set alerts to place trades or do an action that you choose based on a moving average or technical indicator doing something.
Let’s dive into a couple of these alarms so you can see how it works. For Price level alarm, you add the parameters at the top.
You set up an Auto-reset. If you want to go off and ten minutes later, you want the alarm to reset itself, you can do that here.
You have the Group. In the page here are the different groups. You can assign an alarm to go off under each group, which helps you manage it more effectively.
More is where you add more styling to the alarm. You can add a fixed caption, for example, “EUR crosses over support”.
We add the Action: Play a sound, Email and Twitter, Close position, Place order, Miscellaneous, or Allow manager actions. I’ll just set it to “Play a sound”. We add that action. We click Save. You can see here I’ve got my new alert.
If we look at the News alarms, you can look at the economic calendar. You set alarms based on news priority. High-only will alert you 10 minutes before the event. You can choose your news provider: Forex Factory or DailyFX. You have the same Auto-reset criteria here. The Action is Play a sound 10 minutes before a high-priority event. Click Save. It will then appear on this page with the News alarms. If you want to delete it since we already have one set up previously, go in and click Delete.
If the alarm has gone off and you want to reset it, reset it there. Sometimes, it’s not going to let you reset. It might say, “The alarm cannot be reset because it will go off automatically again.”
When you go into an alarm here to set up a Technical indicator, choose a Symbol from the list, the timeframe, the Moving Average parameters, the Bar (close, medium or high/low close), the Bar shift, and the different parameters. Then set the Action. Note that this alarm is going to go off based on the criteria you set up here, not on the actual chart. You can make it the same as the chart but you might not necessarily want to. This time I’m going to close everything. Click Save. The new alarm is set up here.
That’s the AxiTrader MT4 NexGen Alarm Manager.
An economic calendar highlights major national and international events that are likely to impact the price & popularity of global markets or assets.