A multi-factor alert allows you to create multiple conditions at which a price or candlestick pattern or indicator is crossed or detected. You can create such conditions using an easy-to-use editor and get notified via email or SMS or both whenever the defined conditions are triggered.
In this documentation, we will explore the steps to create multi-factors alerts from scratch.
Let’s get started 🚀
Step 1: Click on the Vertical Ellipsis (⋮) adjoining the Alerts&Bots button from the top toolbar and select Multi-Factor Alert from the dropdown menu.
A modal window will appear on the interface unlocking options for you to configure the settings for creating the multi-factor alert.
Step 2: Configure the following settings for your multi-factor alert:
Chart Type: You can change the existing chart type (as selected already) to any of the following:
- Generic OHLC
- Heikin Ashi
Selecting “Line” as the chart type unlocks a further option to select the Price Source from the dropdown list because a Line has only one data point, unlike a candlestick or raindrop that has four. A candle will show the high, low, open, and close data points but a line can only show one data point, hence the users are provided an option to select the one they wish to use.
Alert Name: Enter a name for your Alert that you want to display on the charts and in the notifications. The symbol name is appended automatically.
Your Note: Enter a suitable description for your Alert in the Notes. The description entered in the notes is displayed in the notification and reminds you of the action to be performed for the symbol. This is especially useful when you have created multiple multi-factor alerts.
TIP: You can also define the notes in JSON code which is then sent as part of alert triggers if the trader has configured the webhook from the Account & Settings. For more information, please refer to the documentation on- Webhooks 💡
Expiration: Set the Expiration for the alert by configuring the following two conditions:
- How long do you want the alert to stay active?
- How many times do you want the alert to go off?
The alert will be canceled when any of the above two conditions are fulfilled.
Extended Market Hours: You can also enable Extended Market Hours to tell the system whether or not to incorporate data from extended sessions when calculating indicators for the purposes of calculating your alert conditions. Checking the extended hours also unlocks the option for you to tell the system when to check alerts by making a selection through- “Fire During”. For more information, please refer to the documentation on- Extended Hours Support in Multi-Factor and Dynamic Price Alerts
Step 3: Use the visual editor to add new or existing conditions to your alert by clicking on “add parameter here”
Click on the “add parameter” and select any of the following from the dropdown list:
- Condition: Select this option to add a parameter(s) within a group.
- Condition Group: Select this option to add a parameter(s) to a group nested under an existing group.
- Load From Template: Select this option to load a pre-made script template.
In this documentation, we have assumed that you’d like to receive an alert when the Daily candlestick pattern detects Engulfing Bullish.
Hence, select Candlestick Pattern as a subject from the dropdown.
Pick the time frame for your candlestick. We have selected Daily.
Pick the candlestick pattern you would like to detect. We have selected Engulfing Bullish.
All candlestick scripts make use of the “Evolved” operator, which triggers when the candlestick pattern occurs (means when the last candle of a given pattern finalizes). For more information, please refer to the documentation on- Scripts. Write once, use everywhere: scan, backtest, create alerts.
Similarly, you can add more conditions within the existing group by clicking on the “add parameter here” and selecting Condition from the dropdown menu.
Note*: You can edit the different parts of the conditions that change the color to pink while hovering the cursor over them. For example, you can edit the time frame, price point, candlestick pattern, and much more.*
If the conditions are not met within the existing group, then you want to look for another group of conditions which can be easily created by clicking on the “add parameter here” and selecting Condition Group (And/Or) from the dropdown.
This allows nesting additional group(s) under the existing group so that you can continue to build the alert to meet another set of conditions in the newly added nested group/block if the conditions in the existing set are not met.
You can add further nesting within a nested group based on your alert requirements by clicking on the “add parameter here” and selecting Condition Group (And/Or) from the dropdown.
NOTE: Creating groups with nested groups within it allows you to create a combined set of conditions that work together to trigger the alert based on theconditional treeyou have defined for each set of conditions in a group, as explained in Step 4 below.
Step 4: Select any of the following conditional tree for each set of conditions in a group:
Any of the following: The alert will be triggered when the conditions are met for ANY one of the added parameters in the group. For example, you can add 4 different candlestick-based parameters in a group and whenever any of the listed candlesticks are formed, you will receive an alert.
All of the following: The alert will be triggered when the conditions are met for ALL the added parameters in the group. For example, if you have added- Daily Engulfing Bullish, Daily RSI to cross up through Constant Level 50, and Daily MACD (blue) indicator crossed up through Daily MACD (yellow) then selecting the conditional tree as All of the following will trigger an alert only when ALL these three parameters will happen.
Please note that this conditional tree won’t work with the same set of parameters in the group. For example, you cannot have four different candlestick patterns forming at the same time.
None of the following: The alert will be triggered when the parameter(s) in one or the other groups are true while the other(s) are not. For example, you can have a group with two groups nested under it where the conditional tree for the parent group could be ALL of the following. The first group nested can have ALL of the following or ANY of the following and the second group nested can have NONE of the following as the conditional tree. As a result, you will be able to set the condition where you might be interested to FIND, for e.g. every stock in S&P 500 where X is true but Y is not true.
If you have created a group with the nested group(s) within it, then the system will mix and match the conditional tree defined in all the groups to trigger the alert for a combined set of conditions.
Step 5: Click on the Create Alert button to create the multi-factor alert.
Note*: The alert will be created for the same ticker that you’re currently viewing in the main window.*
Pre-made Script Template
You can also add the condition(s) by selecting a pre-made script template via any of the following two methods:
Method 1: Click on the “add parameter here” and select Load from Template from the dropdown menu. A modal window will appear providing a list of already created scripts for you to choose from. Select any script from the list you want to use and click on the CHOOSE THIS SCRIPT button to load the template for specifying conditions to your multi-factor alert.
Note*: Some scripts use operations that are not available for alerts yet. For example, Dividends Values.*
Method 2: Click on the “script actions” and select ‘Load from Template’ from the dropdown menu. A modal window will appear providing a list of already created scripts for you to choose from. Select any script from the list you want to use and click on the CHOOSE THIS SCRIPT button to load the template for specifying conditions to your multi-factor alert.
Test Your Strategy
You can also test your strategy before creating an alert to assess how it behaves. For example, if you have researched a specific set of conditions that has a 100% win rate, you can proceed and test such a strategy as an entry condition or exit condition with the help of a strategy tester.
For more information on backtesting your strategy, please refer to the documentation on- Scripts. Write once, use everywhere: scan, backtest, create alerts.
Save a Template
You can save a set of conditions as a template for further alerts. Click on the “script actions” for any group and select Save as template from the dropdown. You can access these saved templates by clicking on the “script actions” and selecting Load from template.
Remove a Template
You can remove a condition group defined in any nested group/block by clicking on the “script actions” and selecting Remove this condition group from the dropdown.
Note*: You cannot remove the parent group/block.*
You can set the time frames of all the defined parameters within a group to a common time frame. Click on the “script actions”, select Set all time frames to, and then select the time frame you would like to have for all the parameters within the group.
Commenting the Block
You can comment on the block i.e. a group, (parent or nested) that would become visible on the execution marks in the backtester allowing you to establish clues on which condition has forced entry or exit, should you have more than one condition.
Activate Expert Mode
You can activate expert mode to remove the default limitation where TrendSpider only allows you to configure alert criteria based on the timeframes visible on the screen. Hence, by enabling expert mode, you need to understand the risk of additional human error associated with using this feature.
Raindrop Multi-Factor Alerts
Raindrop multi-factor alerts are a little different than conventional multi-factor alerts. First, you will notice you cannot create alerts on the 1-min, 5-min, and monthly charts. Secondly, when creating an alert with price, you will notice Left, High, Low, and Right.
- Left refers to the opening price
- Right refers to the closing price
- High is the high of the candle
- Low is the low of the candle
For more information, please refer to the documentation on Raindrop Multi-Factor Alerts