To set up your email in MT4 you need to do the following:
Go into the Tools-Options menu. Select the email tab and put in your smtp server settings and email address.
You might find that you need a port number after the smtp server setting (with no spaces), usually port 25, for example:
I presume that you have already know your smpt server settings and you have asked your internet provider whether the smtp server needs a password. All I have in my email tab is the smtp server, the FROM address and the TO address (same), no passwords.
Then click the test button and see if it works.
The Cowabunga- Any Pair.MT4 indicator should send email and play a sound ("Incoming Mail") almost simultaneously.
For me, the best thing about email alerts is that I can get them sent to my mobile phone. My phone company can offers an email address which goes straight to my phone (I currently use their cheaper service where only they tell me that email is waiting by sending a chargeable text message to my phone). It all costs a little bit of money but for me it is worth it because I don't have to stare at charts all day endlessly. If your phone company doesn't have any of these services then there are plenty of companies on the internet that will convert an email into a text message and send it to your phone.