How to get notified when a setup occurs?

Hi. I have identified a setup that occurs on the hourly chart and is quite reliable. The problem is that I work during the day so don't have time to sit at a chart. The other problem is that this setup can happen on thousands of instruments at any given point in the day.

How can I get an alert when this sort of setup occurs? Either an email or, better still, a push notification or text / SMS on my mobile?

Many thanks

 

You don't mention what platform you use but, in most cases, it's a matter of translating the setup into code or rules understandable by your platform.

A very basic example: your setup happens when price breaks the lowest value of the last three hourly bars. That translate into a code that looks to compare a variable called "price" to the minimum value of the Low value of the last three bars.

When this condition is met, you can either get an email/SMS or you can tell the trading platform to automatically take a certain trade. Most popular platforms can do this.

 

Trading view has this.

 

You are receiving too many signals for the setup to be useful.

 

And in my opinion, it is better to use less signals, but high-quality and accurate.

 

damn well said, cogent as a mo.
Would you be coding any blood simple price action alerts, say double tops? hammers at resitance? fingers crossed.
more posts.

 

Thanks. This is the problem, my broker platform does not have this functionality. I'm in the UK. Are there third party platforms to do this that don't need lots of programming? Someone mentioned TradingView but I think you need to do some coding.

 

I think 'lots of programming' is subjective - it all depends on your level of comfort with logic in general.
I don't know Tradingview but IMO most platforms that allow for these rules need some elementary knowledge of coding experience and logical operators.

What you're asking, in essence, is a basic version of algorithmic trading. You may want to take the trading decision yourself, but you want the rule about the 'trigger' coded so that you may get a notification for that. This article may help.

What zdreg pointed out is also true - if you are likely to receive literally thousands of signals a day, no matter across how many instruments, your signal may turn out to be useless: think about all the trades you are supposed to take, with the relevant actual cost per trade (commission, slippage, etc.), which many people don't think about, but can turn a seemingly profitable SIM system into a live money-losing machine.

 

commission, slippage, etc. are the magic words why most systems fail in the real world.

 

Probably for the reason that not everyone knows exactly what it means, and then it all fails.