So let me show you how to use
TradingView alerts to set
alarms for your entries and
exits. And I want to show you some
examples based on the trades that
I personally trade.
So the software that I
use to find the best
stocks to trade is the PowerX
Optimizer.
And I run it every day, and PowerX
Optimizer has actually
end of day data, meaning that
the night before you know
what to do for the next morning.
So when I ran the scanner last
night, I saw that we had quite
a few stocks popping up
here. AAPL, BKU,
CALX, CVET.
And I want to show you at the
example of Apple of how
exactly I use TradingView
to set alerts to enter
and exit positions.
So as you can see here, based
on the PowerX Optimizer, we
want to buy Apple here.
If you look at Apple, we want to buy
to open it at $119.21.
Now, if you are trading stocks,
you can just set a stop
order in the market and say as soon
as it moves above $119.21,
I want to buy it.
However, when you're trading
options, you need to wait
until Apple moves above
$119.21. So let me show you
how I use alarms for
entries and then I want to show you
how to use it for the exits.
So in order to set an alarm on
TradingView, it is actually super
simple.
You can either just right mouse
click and say, "add alert"
or you can click on this little
alarm clock on top in the menu
bar right here.
I'm going to click on this, it
brings up the alert.
And now the easiest way to use
it is that we want to say if Apple
is crossing, and whatever our
entry signal is here, according to
PowerX Optimizer,
$119.21, then actually
give us an alarm.
Now, I only need it once,
meaning that as soon as it crosses
it for the first time, I want to
buy a call option.
So again, if you would like to know
more about PowerX Optimizer and
how I use it, go to
MyTradingRoutine.com.
I'll have a detailed tutorial there
of how I use it.
But I just want to show you today
how to use TradingView and the
alarms. Now I select only once
the expiration time.
I set the expiration
to today at
15:30.
Now, again, this is my time
zone and it is military time.
So this is 30 minutes after
the markets close and here's why.
For the entry, this entry
signal is only valid for today.
Tomorrow we will get new
entry signals.
And in order to keep my alerts
clean, I want to have them
automatically expire
as soon as today the markets
close. So this is why I'm setting it
to 30 minutes after the markets
close. Now you can set it to open
ended, and we'll talk about this in
a moment when we talk about the
profit target and the stop loss.
Now, here are all the alert
actions. Now you can get notified
on the app.
I highly recommend if you're using
alerts that you're downloading the
TradingView app on your
phone, because then as soon
as an alert is being triggered,
your phone buzzes.
So important, tip number one,
set an expiration time, so
that's the first tip, because by
doing so, you will keep your alarms
clean and not cluttered.
Especially when you're on the free
version of TradingView you only
have 10 alerts that you can set.
So you want to make sure that you're
not overusing them.
So tip number two, use
it on the app because
you probably have your phone
within close reach, I mean, studies
show that we have our phone usually
within an arm's length for most of
the day.
So this is why this makes sense.
You can also show a pop up and
if you want, you can
have a sound playing.
I have a little handbell that
makes a *ding* as soon
as this goes off.
And you can also send yourself
an SMS.
Now, I personally found
the app more reliable
than sending an SMS.
An SMS is hit or miss, and
depending on the traffic on their
server, it might take a little
bit longer. I have tested it and
I always got the alarm quicker
in the app than I've gotten
it through a text message.
So I highly recommend that you do
this. Now here the important
thing is actually the message.
So for me, I like to put
in the message what I'm supposed to
do now. Because this way, if your
phone goes off and shows you the
alert, you know exactly what
to do. And here, if I want
to trade options, I say, "as soon
as Apple is crossing above
$119.21, I want to buy
the call option." So you
could actually specify which
option exactly you want to buy.
Now, for me personally, I
have PowerX Optimizer open
at any given time throughout the
day, so it's easy for me to switch
over. So therefore all I want to
know is if Apple is crossing
above $119.21
I'm buying the call option.
So this is the third
important tip and I'll show you how
to do this for exits here as well.
As soon as we do this, you see the
alarm is becoming active on
the chart. You see it right here.
And you can also see it under
alarms. If on the right hand
side, you click on alerts, you
see that right now Apple crossing
above $119.21.
This is where you will see the
alert that says, "Buy the
call option." So this is
how I use alerts for entries.
Now, once you are in the trade,
this is where I like to use it
for exits as well.
So if I bought an option
right here, I need to sell it
when the stock hits a stop loss
and when the stock hits the profit
target. Now, fortunately, PowerX
Optimizer tells me exactly
when to exit with
a profit and also when to
exit with a loss.
So as you can see here, the profit
target on PowerX Optimizer for Apple
is $152.23.
So I'm setting an alert for this and
all I do is I add an alert
here, or you can click on the
menu icon, the alarm
icon here, doesn't really matter.
And now I'm entering this value of
$152.23
that PowerX Optimizer says.
Now here I select
open ended.
Ok, it expires after two months.
That is fine on my plan.
Okay. I thought that I could open
ended. I tested it earlier, it
doesn't work now, no worries.
Okay. So let's just set it to
expire in a month from now.
And if it goes above
$152.23, this is when
I achieve my profit target.
And again, I'm giving myself
very specific instructions of
what to do there.
So now I want to sell
my call option that I bought
when entering the trade.
Super easy here.
And as you will see, another
expert tip for you, I'm
copying this part
of the alert because I'm kind of
lazy and I don't like to type too
much. So I also want to place
an alert for my stop loss.
And as you can see, my stop loss,
as suggested by PowerX Optimizer
is
$108.89. So I'm setting a new alert,
clicking on this button,
$108.89. And again, I'm setting it
to a month from now.
And as soon as this crosses
it, see, now I have
hit my stop loss
and I'm selling my
call option.
See, for me personally, the
more I write here
in this message, the easier it
makes it for me when it is actually
time for this alert, when the alert
rings. And you see right now I see
visually on the chart very clearly
my profit target is here,
my stop loss is here.
Now, if you want, you could also set
alerts for the conservative target.
No problem at all.
You can have, however, this is where
you are limited in the free version
you only have 10 alerts.
Now, if you want to upgrade to one
of the higher versions, they're
really not that expensive.
I believe it is $15 per
month. Simply go to
rockwelltrading.com/tradingview
and let me show you what you get
with these other versions.
So as you can see right now, I'm
on an annual plan.
So it is showing me all the prices
annually.
You can pay monthly, it is not a
big problem at all.
So as you can see here for the
pro version you have 10 server
side alerts.
The version that I am personally
on has 30 server
side alerts.
So you want to make sure that you
have the right version for your
needs. As you can see, right
now, just for one stock,
I used actually three alerts,
although technically I just
needed one because I just need the
alert for the entry.
Once I am in the stock,
I need an alert for the two
exits.
So I recommend that you never
have more than five positions on at
any given time.
So this means that you would have
5 times a profit target,
and 5 times a stop loss,
so 10 alerts.
Therefore, as you can see, the pro
version, which is probably priced
at around $14-$15
per month, will do the trick for
you. Anyhow, so
this was a brief tutorial
of how to use alerts
on TradingView, how I personally
use them with some expert
tips so that you know exactly
what to do.
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