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In TradeStation, setting alerts for trading opportunities is simple. Using the moving average one line indicator, alerts can be triggered when price activity crosses over or under the moving average, helping to identify trends. By adding the indicator to the chart and enabling alerts, traders can receive notifications when the alert is triggered. The alerts are displayed with a sound and pop-up box on the platform, providing a convenient way to stay informed about market movements. Additionally, users can customize alerts by changing sound or notification settings.