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Alerts are triggered when a monitored value exceeds a threshold. Each component monitor has its own predefined thresholds that are inherited from the template that was used to create it. You can override these thresholds on each individual component monitor, or you can edit the thresholds on the application template. Changes you make to a template threshold propagate to all component monitors that the template is applied to.
You can edit multiple thresholds simultaneously by multi-selecting the component monitors, clicking Edit, and then changing the thresholds.