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Today, we will learn about the alarm setting function of Trading View that many people are curious about.
For your information, the number of alarms in the trading view varies depending on the usage plan.
For the most basic free version (Basic), you can use one alarm. You can use 20 alarms for the Pro version, 100 alarms for the Pro+ version, and 400 alarms for the Premium version.
Let’s get started on how to set the trading view alarm.
The screen below has already added a bolinger band and RSI to the chart for example.
To add an auxiliary indicator to the trading view, enter the name of the indicator you want to find in the box that appears when you press the “indicator” of the arrow location and select the desired indicator among the searched indicators.
The blue and orange lines surrounding the upper candle are the top, center, and bottom lines of the Bolinger band.
And the purple line at the bottom is going to be the RSI.
If you look at this chart and you set an alarm, you can think of these cases.
Case 1. Let’s make the alarm go off when the bitcoin price reaches a certain price, for example, $25000
Case 2. Let’s make the alarm go off when the price of Bitcoin reaches the top of the Bolinger Band, or when it goes up through the top line, or when it goes up and down.
Case 3. Let the alarm sound when the RSI line reaches the overbuying area of 70, or when it goes up through the 70 line, or when it goes up and down again.
Then, let’s set the alarm one by one by one.
Trading View Alarm Settings Fundamentals
For example, if the current price of Bitcoin is $20,000 and I want to enter the long position when it comes down to $18,000, I can set an alarm at around $18100, which is a little bit higher than $18000. Or maybe you want to set an alarm for $21,000 or a little bit less than $2,900 because now the bitcoin price is $20000 and I think if it’s over $21000, it’s over $21000. Also, if it goes up to $25,000, you can set an alarm at 25000 with the intention of entering the short position.
No matter how you set the alarm, the alarm setting area in the trading view consists of three parts.
Operation C (breakthrough, up breakthrough, down breakthrough, RSI line, etc.) is targeted at the main part A (bitcoin price, top line of the bowler band, bottom line, etc.)Bigger than…It’s the principle that the alarm goes off when you do something smaller.
This is the actual alarm setting window.
The subject ‘something’ area of A consists of something (price, top, center, bottom, and surface lines) of A (Bitcoin, Bolinger Band, RSI). “What’s A’s…”
If something (top line, center line, bottom line, RSI line) of the target “B (Bollinger Band, RSI)” is set to perform “action of C”, the alarm will sound when this condition is satisfied.
As if learning English grammar in the first grade of middle school, it is a method of selecting the subject ‘something of A’, selecting the motion C, and selecting the object or complement ‘something of B’. All you have to do is choose what you want for each of these A, B, and C.
So let me give you an example of the three cases above.
Case 1. Let the alarm go off when the bitcoin price reaches a certain price, say $25,000
First, right-click in the blank space of the chart, and then select ‘Alert’ in the arrow part to set the alarm on the bitcoin cans.
If you look at the subject ‘something of A’, there’s a small inverted triangle next to ‘A’ (in the case of the case, there’s no ‘something’ because it’s a bitcoin price), and there’s a small inverted triangle next to ‘something’.
In the object ‘something of C’, there is a small inverted triangle next to ‘something’ next to ‘c’. And there’s also a small inverted triangle next to C, which is the motion.
Click on this small inverted triangle and find the target you want and set it up.
The inverted triangle in the green square is a button that allows you to choose what. Target C is Bitcoin’s ‘value’ and ‘what’ is the price of 25000. You can enter the price directly at location 1.
And in the case of the action corresponding to C, the case is selected as ‘breakthrough’. Breakthrough means everything whether you break through or down. In addition, you can choose more granular options such as up break or down break. For example, if you select ‘Upward Break’, the alarm will only go off when the price of Bitcoin goes below 25000 and above it. If it is a ‘breakthrough’, the alarm goes off whether it goes up or down.
‘Once’ in Area 2 is an option that rings only once when the condition is met, and ‘Every time’ is an option that rings whenever the condition is met.
If you check the 3rd ‘Notification from App’, the alarm will also sound in the Trading View app. You can also receive notification by email by checking ‘Send Email’ number 4.
Case 2. Let the alarm go off when Bitcoin prices break through the top of the Bolinger Band
First of all, to put the alarm in the bowler band, right-click on the bowler band and select ‘Alert into BB’.
For the case, we will set the alarm to sound when subject A (bitcoin price) breaks the upper line (upper) of B (ballinger band) to C (break).
You can select ‘break’, ‘up break’, ‘down break’, etc. in the ‘what’ area of B, you can select ‘base’, ‘upper’, and ‘lower’.
You can also set the number and frequency of alarms in Area D. You can set whether to make it ring only once when the initial conditions are satisfied, or whether the alarm will ring every time a new candle is created, every time it closes, or once every minute.
Case3. If the RSI breaks through the overbuying area (70 or higher), let the alarm sound
First, right-click on the RSI auxiliary indicator and select ‘Alert into RSI’.
In the case of the case, the RSI of the RSI corresponding to A (you can also choose multiple here) target B (the target is 70 here). 70 sets the alarm to sound when Operation C (direct input) is broken through. And the alarm goes off only once in the beginning.
On the other hand, you can see the orange dotted line above the RSI area. This is the indication that the alarm is set. You can also change the alarm setting value by moving this orange line.
Set alarm sound type and alarm duration
On the other hand, you can also select the type of alarm sound and the duration of the alarm by pressing the ‘View more actions’ part. In the case of the case, the ‘clock alarm’ is selected to sound for ’10 seconds’.
You can use almost all of the alarm functions of Trading View with what I’ve introduced so far.
The price of Bitcoin, which once exceeded $69,000, is now barely maintaining $20,000.
Bitcoin’s lowest price, which hasn’t collapsed in the last two years, has collapsed and even dropped to $17,500. The negative factors that can cover any favorable factors, such as the news of the U.S.-led rate hike and the international supply and demand of raw materials caused by the Russia-Ukraine war, have not yet been resolved.
Even if you do a technical analysis (TA) of the chart itself, there are few selling points left that can serve as support in the past charts.
In this case, it is wise to use active short positions using futures exchanges rather than long positions or in-kind purchases.