We will now learn how to set alerts on MT5. But before proceeding, you need to clarify what an alert is. An “Alert” is a warning or a notification that the trading platform makes for the user in order to warn him or her that something is happening on the market prices which he is interested in.
So is this something worrying? Not necessarily. In fact, although most people remember the word “alert” as being something negative, of course, this can also something positive.
That said, let’s pretend to receive a message: it could be a call from a call center or a dear friend who invites you to have a cup of coffee. All right, the example is definitely trivial but it is always useful to make you remember that when you read ALERT on MT5, it’s something that can also be used for positive events.
So, what’s an alert?
Let’s summarize. The alert on MT5 is an alert. It’s as simple as that. It warns us that something is happening on the market and that something is an event that you have set the platform to monitor.
For example, if you are interested in the euro/dollar exchange rate, you can ask the trading platform to keep an eye on the EUR/USD price and alert us if it reaches a certain level. If the price actually reaches that particular figure, MT5 will alert you.
So for this example, alerts are made to notify us that the price has touched the set quota.
Why you need to set alerts
This is a small but very important detail that it seems so obvious. Alerts must be set as it does not do anything by itself. It has to be configured.
So, if we decide, for example, to keep a certain price under control, we should manually set the alert in such a way that it transmits this information to the platform.
Remember: the platform is like a robot. You need to give it information to make it work.
For this reason, it will be you who needs to set and apply the alerts on a certain price of a certain asset on the platform. Otherwise, you will not see it.
How to Set Alerts on MT5
So now let’s see how you can actually set alerts on MT5 .
First, in the toolbox (below), we select the label “Alarms”.
Then right-click in the empty space. A small dialog box will be displayed.
Click on “Create” to create the alert. In doing so, the “Alarm Editor” window where we can create our own alert will be displayed.
As you can see, there are several items set by default while there is one that you need to set: Chat (in red).
In this box (“value”), you must put the price that you wish to set as the alert.
IMPORTANT: in addition to entering the value, set the “Condition”. For example, the wording “Bid <” refers to the Bid price that falls below a certain quota. In the same way, you can set other types of conditions.
They should be read like this:
Bid < : bid price goes below x quota
Bid > : bid price of salt above x quota
Ask < : ask price goes below x quota
Ask > : price ask sale above x quota
Last < : last price goes down above x altitude
Last > : last price goes up above x quota
Volume < : volume drops below a certain volume threshold
Volume > : volume exceeds a certain volume threshold
Time = : is a sort of “alarm clock” and thus, it warns you that a certain time has arrived
Let’s enter, for example, the value 1.1470 in the “value” box.
Once confirmed, the alert will be visible in the “Alert” section seen above.
In this way, if the condition Bid <1.14700 occurs, an audible alert will be produced.