Royal Scalping Indicator M5
- Indicators
-
Vahidreza Heidar Gholami
I'm a software engineer with over 15 years of experience in programming and software development. As an active member of the MQL5 community, I strive to deliver high-quality products. My goal is to create efficient and productive tools for traders, and I have a wealth of innovative ideas to achieve - Version: 1.6
- Updated: 7 July 2023
- Activations: 10
Royal Scalping Indicator is an advanced price adaptive indicator designed to generate high-quality trading signals. Built-in multi-timeframe and multi-currency capabilities make it even more powerful to have configurations based on different symbols and timeframes. This indicator is perfect for scalp trades as well as swing trades. Royal Scalping is not just an indicator, but a trading strategy itself.
Features
- Price Adaptive Trend Detector Algorithm
- Multi-Timeframe and Multi-Currency Trend
- Low Risk Signals
- Sound Alerts, Push Notifications, Flasher, …
- Highly Adjustable (All important parameters exposed and can be optimized for Expert Advisors)
- Dose Not Repaint
- Please don't hesitate to contact me directly if you have any question or difficulty related to this product. You will get instant responses to your questions sent through MQL5 messenger.
- Watch the tutorial video at the end of this description.
- Don't forget to subscribe to my Youtube Channel.
How it works
Royal Scalping Indicator includes two different oscillators. A trend oscillator colored in orange predicts the overall trend of the market, and an orchid signal oscillator which generates buy and sell signals.
From the point where the trend oscillator leaves the lower zone and goes through the upper zone before the point that it gets out of its upper zone, the market is considered to be in uptrend direction. Conversely, its transition from the upper zone toward the lower zone and also its presence in the lower zone indicates that the market is in downtrend direction.
A buy signal is where the signal oscillator is in the lower zone (below level 20) and the trend oscillator is predicting an uptrend at the same time. Sell signals are generated where the signal oscillator is in the upper zone (above level 80) and the trend oscillator is predicting a downtrend at the same time.
The signal oscillator finds pullbacks in the overall trend and helps traders to ride the trend with lower risks which means tighter stop losses can be used.
Alerting System
Royal Scalping Indicator can be configured to alert traders through sound, flashing the chart, phone notifications, email, and popups. It can be adjusted to notify you only for an arbitrary number of signals from the beginning of a trend where the trend is not old and not inclined to reverse.
For receiving more precise signals, change the input parameter "Alert me if signal oscillator" to "Leaves upper or lower zones". This way, there's the possibility to lose the start of a trend, but on the other hand, it can help to get better signals in choppy markets and avoid more bad signals at the end of trends.
Input Parameters
To avoid a long list of confusing inputs, most of the input parameters have been represented as a set of inputs in a row separated by commas. For example there are two related parameters for the signal oscillator but written as a single string input Signal Period [EMA, Channel] which means the input should be entered like 3,5. This means you enter two values, the first one is a fast period for an EMA and the second one is a slow period for a channel which both belong to the signal oscillator.
Trend [Symbol, Timeframe]
For the trend oscillator both symbol and timeframe can be different from the symbol and timeframe of its chart. Using a negative sign before a symbol means you want the inverse of the trend oscillator for the specified symbol.
| Input Example | Description |
|---|---|
| USDJPY, H1 | Use USDJPY data on H1 timeframe |
| usdcad | Use USDCAD data on the current timeframe |
| ,h4 | Use timeframe H4 on the current symbol |
| -GBPUSD, H1 | The dash sign before the name of the symbol makes the indicator inverts the symbol from GBPUSD to USDGBP |
H1 trend can be used in M30 and M15 charts. M5 trend can be used in M1 chart, but don't use for example H1 trends on M1 charts. Be aware that one bar in H1 represents 60 bars in M1 which can propagate inevitable repainting from H1 to M1.
Fast and Slow Channel Parameters
To have a price adaptive trend oscillator enter three values for both Trend Fast CH and Trend Slow CH.
Input examples:
Trend Slow CH [Period1, Period2, ER] = 6, 30, 9
Trend Fast CH [Period1, Period2, ER] = 3, 14, 9
If its preferred to have a Simple Scalping Indicator, enter only a fast period for Trend Fast CH and a slow period for Trend Slow CH.
Input examples:
Trend Slow CH [Period1, Period2, ER] = 150
Trend Fast CH [Period1, Period2, ER] = 14
Buffers
| Name | Index |
|---|---|
| Trend Oscillator | 0 |
| Signal Oscillator | 1 |
| Buy Arrows | 2 |
| Sell Arrows | 3 |
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