Royal Prince Scalper V1.0 EA MT5 Source Code

Description

Royal Prince Scalper – Input Settings Explanation

Royal Prince Scalper is a precision-based automated scalping Expert Advisor designed to trade price extremes (highs & lows) with strict risk control. Its inputs are simple, transparent, and optimized for consistency.

1. Risk & Lot Management

• Lots (0.1)
  Fixed lot size used when risk percentage is disabled.
• RiskPercent (2.0%)
  Automatically calculates lot size based on account balance.
  (0 = fixed lot mode)

This allows traders to choose between fixed risk or percentage-based money management.

2. Order Placement & Trade Distance

• OrderDistPoints (200)
  Distance from current price where pending orders are placed.
• TPPoints (200)
  Take Profit level in points.
• SLPoints (200)
  Stop Loss level in points.

Balanced TP and SL ensure controlled risk-to-reward structure.

3. Trailing Stop System

• TSPoints (5)
  Trailing stop distance once activated.
• TSLTriggerPoints (5)
  Profit points required before trailing stop starts.

This helps protect profits during fast price moves.

4. Timeframe & Market Structure

• Timeframe (H1)
  EA analyzes price structure on the H1 timeframe.
• BarsN (5)
  Number of candles used to detect recent highs and lows.

This allows the EA to identify strong price rejection zones accurately.

5. Pending Order Control

• ExpirationHours (50)
  Pending orders automatically expire if not triggered within the defined time.

Prevents outdated or risky entries.

6. Trade Identification

• Magic Number (111)
  Unique identifier so the EA manages only its own trades.

 Strategy Overview (How Royal Prince Scalper Trades)

Royal Prince Scalper uses a price action scalping strategy based on recent highs and lows:

• Detects local swing highs and swing lows
• Places pending buy/sell orders near key price levels
• Trades market reversals and short-term pullbacks
• Uses equal TP & SL for disciplined execution
• Protects profits with a fast trailing stop

This approach avoids chasing price and focuses on high-probability reversal zones.

Performance & Trading Behavior

Royal Prince Scalper is built for controlled, rule-based scalping, not aggressive grid or martingale systems.

Performance Characteristics

• Low trade frequency, high-quality entries
• Short trade duration
• Stable win/loss distribution
• No averaging, no grid, no martingale

Risk Profile

• Fixed or percentage-based risk
• Clearly defined stop loss on every trade
• Suitable for small to medium accounts
• Prop-firm friendly due to clean risk structure

 Recommended Usage

• Pairs: Major Forex pairs (EURUSD, GBPUSD, USDJPY, etc.)
• Timeframe: H1 (as designed)
• Account Type: ECN / Low spread
• Leverage: 1:100 or higher
• Minimum Balance: Low to medium

Conclusion

Royal Prince Scalper is a clean, disciplined scalping EA that trades price structure instead of risky recovery methods. With fixed risk, trailing stop protection, and pending-order logic, it is ideal for traders seeking consistency, safety, and transparency.