A comprehensive guide to configuring and using OANDA Alarm Manager in MT4 to efficiently automate alerts and execute trading strategies with precision.
Introducing OANDA Alarm Manager on MT4. Functions and set up
OANDA Alarm Manager is a sophisticated alert tool integrated into MT4.
While the standard MT4 provides basic price-based alerts—such as sound notifications—OANDA Alarm Manager extends this functionality significantly, enabling automated trade execution when predefined conditions are met.
Using OANDA Alarm Manager
OANDA Alarm Manager carries out predefined actions when specific alert conditions are met.
Its flexible design allows you to combine a wide range of triggers with customised responses, making it a highly versatile and user-friendly tool.
Alert trigger conditions
You can choose from the following types of alert triggers:
| Price level | Market price reaches a specified level. |
|---|---|
| Price movement | Price moves by a defined number of points or pips. |
| Breakout | Price breaks above or below a recent high or low. |
| Account values | Key account metrics, such as balance, unrealised P/L, used margin, margin level, number of open positions, or pending orders, reach a set threshold. |
| Balance change | Account balance changes by a specified amount. |
| Winning streak | Defined number of consecutive winning trades is achieved. |
| Losing streak | Defined number of consecutive losing trades occurs. |
| Win/loss ratio | Win rate reaches a certain percentage across a set number of trades. |
| New position | New trading position is opened. |
| Position closed | Trading position is closed. |
| Unrealised P/L | Unrealised profit or loss on a position hits a specified amount. |
| Positions without stop loss | Open positions without stop-loss orders. |
| Countdown timer | Pre-set countdown reaches zero. |
| Clock time | Specific time of day is reached. |
| Economic event | Set time before the scheduled release of the selected economic indicator is reached. |
| Sentiment | Sentiment data from FX Blue reaches a defined threshold. |
| Moving average crossover | One moving average crosses another. |
| Bollinger Bands | Price touches a specified number of standard deviations from the mean. |
| Swing point | Swing point, calculated using fractals, is reached. |
| Stochastics | %K or %D value hits a set level. |
| MACD | MACD or its signal line reaches a defined threshold. |
| RSI | Relative Strength Index reaches a certain value. |
| Average True Range (ATR) | ATR reaches a predefined level. |
Types of actions
Once triggered, the system can carry out one or more of the following actions:
| Play a sound | Audible alert is emitted. |
|---|---|
| Show a pop-up alert | Notification is displayed on the screen. |
| Send an email | Alert is delivered via email. |
| Post to X (formerly Twitter) | Message is published to social media. |
| Send an SMS | Text message alert is delivered. |
| Close all positions | All currently open positions are closed. |
| Close profitable positions | Only those positions that are showing an unrealised profit are closed. |
| Close losing positions | Only those positions that are showing an unrealised loss are closed. |
| Close positions by symbol | Positions for a specific currency pair are closed. |
| Close all charts | All active chart windows are shut down. |
| Place a market order | New market order is submitted. |
| Place a limit or stop order | Pending order is submitted at a specified price. |
| Open a web page | Specified web page is opened. |
| Send a web request | Predefined web-based request is submitted. |
| Disable an alarm group | A specific group of alerts is deactivated. |
| Disable all alarm groups | All configured alert groups are deactivated. |
Setting up OANDA Alarm Manager
OANDA Alarm Manager must be running for alerts to operate correctly.
Launching the Alarm Manager
In the MT4 Navigator, drag and drop “OANDA Alarm Manager” onto a chart, or simply double-click it.
As it is an Expert Advisor (EA), automated trading must be enabled for it to function correctly.
In the EA settings, make sure that both “Allow live trading” and “Allow DLL imports” are ticked.
Configuring alerts
Once launched, the Alarm Manager interface will appear.
To avoid confusion, we recommend deleting all preloaded alerts.
To delete an alert, click on its name and select the “Delete” button.
Once you have removed any unwanted alerts, create a new one by clicking the “+” button.
First, set the alert trigger conditions.
Next, specify the detailed conditions for activation.
Example: Setting a breakout sell alert for USD/JPY
Let’s say you would like to create an alert to sell USD/JPY at market price when the price breaks 2 pips below the lowest low of the past 20 hourly candles.
To do this, set the following parameters:
- Symbol: USDJPY
- Timeframe: H1
- Bars: 20
- Break-out: Low, add, 2
Next, select the action that should be taken once the condition is met.
- Auto-reset: this specifies how the alert should reset after being triggered. Select “None” if you do not want it to repeat.
- Group: You can choose a name for the alert group.
- Alert actions: Click “Add action” to define the desired response.
To place a market sell order:
- New action: “Place market order”
- Set the following parameters:
- Symbol: Choose the currency pair.
- Action: Buy or Sell.
- Volume: Set the lot size.
- S/L and T/P: Set stop-loss and take-profit levels (if required).
- Hedging: Tick this box to avoid hedging (i.e., to prevent opening both long and short positions on the same symbol).
Click “Add” to confirm the action, then click “Save changes” to finalise the setup.
A wide range of alert and action combinations can be configured within the Alarm Manager to suit your trading strategy.
Alert status display
The Alarm Manager displays the current status of each alert, which is typically categorised as follows:
- Condition not met – The alert condition has not been met.
2. Condition met and action taken – The alert has been triggered and the designated action executed.
3. Condition previously met but no longer valid – The alert condition was met, but is no longer relevant due to a change in market conditions.
To reactivate an alert, you can either set it up with the auto-reset option or manually reset it to status 1 by clicking on the right-hand side of the bar.
