The Trendline Price Alert indicator for MT4 is a custom trading tool that draws and sends notifications to traders when the price touches an upper or lower horizontal line above/below the price. It enables traders to set a price limit to be notified of for potential price movements in the financial markets.
The indicator triggers an alert when the price touches the horizontal line. Therefore, it’s a simple but efficient tool that helps traders keep a tab on important piece levels in the market without constantly monitoring the charts.
Features of the Trendline Price Alert Indicator for MT4
The indicator displays adjustable horizontal lines above and below the price, which enables traders to set a price limit to be notified. So, traders can click on the indicator and drag it to a specific price level to be notified.
The indicator sends alerts to traders via email when the price touches any of the horizontal lines. Besides drawing vertical lines, the indicator can be used to draw and set alerts on a trendline, enabling traders to get notified when the price touches the trendline.
Therefore, this implies that the indicator can be a suitable tool for identifying trading opportunities such as trend reversal and breakouts when the price touches/breaks out of the horizontal or trendline.
Benefits of Using the Indicator
- Increase Trading Efficiency: The indicator notifies traders when the price touches a key level, enabling them not to miss important market movements. Therefore, it can potentially enhance trading efficiency.
- Reduce Screen Time: The indicator helps traders spend less time on the chart, thereby enhancing productivity.
Indicator Settings Description
The indicator comes with the following customizable settings:
UpperColor: Determines the upper color of the horizontal line.
LowerColor: Determines the lower color of the horizontal line.
LineWidth: Determines the width of the horizontal line.
DrawTrendLine: Enables/Disables the indicator to draw a trendline.
SendEmail: Enables/Disables alerts via email.
SingleAlertMode: Enables/Disables single/multiple alert notifications.
TidyOnExit: Enables/Disables the indicator’s lines to clear upon exit.
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