This expert advisor for MetaTrader 4 implements a grid-based scalping strategy. It places multiple trade orders at fixed intervals, defined by a configurable pip gap. The system manages a specific number of grid lines on both sides of the starting price, aiming to capture small price movements. It utilizes fixed lot si
Trading robot ยท MT4
Royalola EA
Royalola is an automated trading robot for MetaTrader 4 that utilizes price action data from the five-minute timeframe.
GitHub stars1
Forks2
Last update11 years ago27 Aug 2015
LicenceNone stated
Overview
The expert advisor monitors recent price highs and lows to identify market entries using internal threshold parameters. It features a lot-sizing mechanism that automatically adjusts position sizes proportional to the current account balance. The repository includes multiple versions of the strategy, which vary in their approach to risk and safety. The developer notes that the implementation is experimental, and the provided documentation is minimal regarding specific exit conditions or stop loss management.
- Dynamic lot sizing based on account balance
- M5 timeframe price action analysis
- Hardcoded entry threshold parameters
- Time and session management logic
Details
Author
Royalxm on GitHub
Type
Trading robot
Platform
MetaTrader 4 (MQL4)
Strategy
Scalping
Markets
Forex
Timeframes
M1-M5
Risk profile
- Trades without a fixed stop loss
EA files
How to install it
- 1Download the sourceUse "Download source (.zip)" above, or clone Royalxm/EA-Forex-Bourse from GitHub, and unzip it.
- 2Open the data folderIn MetaTrader choose File, then Open Data Folder, and go to MQL4/Experts.
- 3Copy the filesCopy the .mq4 file into Experts.
- 4Compile in MetaEditorOpen the file in MetaEditor and press Compile. Fix any missing includes the compiler reports.
- 5Test before you tradeRun it in the Strategy Tester, then attach it to a demo chart and allow algorithmic trading.
Third-party code. ForexR did not write, test or endorse this EA, and the summary above was generated automatically from its README and code. ForexR lists only repositories with readable source code and never hosts files. Read the code, backtest it and use a demo account first; automated trading can lose money quickly.
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