Study Alerts are a special feature that will alert you when a specified condition is fulfilled, should it be a price reaching a certain level, a relation between function values, or a study crossover. Both pre-defined and custom studies may be used in a study alert.
In order to create a study alert, click the MarketWatch tab and choose Alerts from the sub-tab row. Type the symbol and click the Study alert button at the top-right. The Study Alerts window will appear.
Now you are ready to create the condition upon which the alert will be triggered. This can be done using either the Condition Wizard or the standard thinkScript Editor. You can switch between the respective tabs in order to fine tune your condition: both tabs display the same expression, however, they differ in the means of editing it. In the thinkScript Editor, you will need to specify it using the thinkScript language, while in the Condition Wizard, you need to click the Add condition button to call the wizard interface.
Both Condition Wizard and thinkScript Editor support complex conditions, i.e., those made up of simple ones connected via logical operators AND and OR. In thinkScript Editor, these complex formulas are created using reserved words or and and as the connectors. In Condition Wizard, you will need to specify all parts of the complex formula by clicking the Add condition button and choose whether to trigger the alert when all or any of the logical expressions are true (use the all/any drop-down list for that). This means that when using the Condition Wizard, either ALL conditions must agree or ANY of them, not a mix of the two. If you need a more complex logic scheme which combines conditional expressions connected with both OR and AND operators, it is suggested that you switch to the thinkScript Editor and manually change the connectors so that they perfectly describe the desirable logic scheme. Note that in this case, you will not be able to switch back to the Condition Wizard (unless all expressions are connected only with either ORs or ANDs), thus, make sure your thinkScript skills are sufficient.
Note that there is also an option to use a study value in a direct way, i.e., find when it reaches a certain level regardless of other studies' values. In order to do that, choose a study in the Condition Wizard, specify the plot to be analyzed, and select "as value" in the second column. This will leave the third column empty. Click Save and use the Trigger If dialog below the Conditions area: choose whether to trigger the alert when the study plot value is below, above, at or below, or at or above the desired level (which needs to be specified in the combo box next to it). If you chose a study with a Boolean output, you can have the alert triggered upon reaching the true or false value. For numerical studies, you can also specify the alert level as an offset current value: as a percentage, a decimal absolute value, or an integer absolute value. The offset is activated when the lock next to the Level box is unlocked. In order to change the offset type, click the icon next to the Offset combo box.
After the condition is set, several special rules can be added: the alert sound, the repetition of the alert, and date and time to activate the alert at. Click Set Alert Rules... in order to customize these additional rules.
Once the condition and the rules are set, click Create alert. The alert will be displayed in your Alert Book.