Please enter a valid URL. Protocol is required (http://, https:// or ftp://) in Magento 1.9.2
When you install Magento on your local machine some time you stuck at "Web access option" steps where over application base url "http://localhost/magento/" is not recognize from magento and given a validation error "Please enter a valid URL. Protocol is required (http://, https:// or ftp://)".To sove these problem we have two Methods.
Method 1: Find the "localhost" in your base url Replace Localhost with your local ip address(IPv4 loopback address) 127.0.0.1 Now Click on the submit button and complete your magento installation.
Method 2 :If you have istall firebug on your browser inspact the Base url field in firebug or Press F12 and inspect the Base field, you have seen a class is aplay on base url field class="required-entry validate-url input-text" remove the "validate-url" class name in firebug. Now click on countinue or submit button.You have successfuly install Magneto in your local Machine.
Or you can remove this class manually from magento phtl file
Go to \app\design\install\default\default\template\install\config.phtml and open file in your editor.
Find label for="base_url" and remove "validate-url" from this field.
Now click on countinue or submit button.You have successfuly install Magneto in your local Machine.