Introduction

Tired of paying for locked-down trading bots that you can’t tweak? You’re not alone, coz that’s a total drag. Elise EA Source Code V6.1 MQ4 flips the script by giving you completely open code for MetaTrader 4—so you can see every line, tweak every setting, and trust exactly what’s running your account. Crafted by seasoned algo devs at YoForex, this EA blends trend-following and mean-reversion routines with dynamic risk management, so you get a robust, fully backtested, live-verified bot—100% free. In this post, we’ll walk through what makes Elise EA tick, show you real backtest proof, guide you through installation, and explain why it’s a top choice for both newbies and pros.

Overview

Elise EA is a sophisticated, multi-strategy Expert Advisor written entirely in MQL4 for MetaTrader 4 users. Its primary goal is to automate trading on major Forex pairs like EURUSD, GBPUSD, and USDJPY using a hybrid engine that switches between trend-following and mean-reversion modes depending on market conditions. No more static one-size-fits-all—Elise EA constantly monitors price action on the M15 timeframe (recommended) and toggles between aggressive breakout tactics during trending hours and conservative mean-reversion entries when the market consolidates. Because you get the entire MQ4 source code, you can audit every function, adjust parameters, or even plug in your own indicators. Elise EA has been fine-tuned on hundreds of thousands of ticks, so you start with a battle-tested bot straight outta the box.

Who Is It For?

• Beginners who want to learn how EAs work by reading the source code—no black box, just pure MQL4.
• Seasoned quants seeking an extensible framework to integrate custom money-management or signal filters.
• Budget-conscious traders who hate subscription fees—since Elise EA MQ4 is free, you pay zero for lifetime access.

Supported Pairs & Timeframes

• Pairs: EURUSD, GBPUSD, USDJPY, AUDUSD, USDCAD (others can be added).
• Timeframe: M15 recommended (but you can experiment with M30 or H1 once you understand the code).
• Account Types: Standard, Mini, and ECN brokers—spread filters ensure the EA only trades when conditions are favorable.

Key Features

• +1–2% Daily Profit Targets (Configurable): Aim for steady growth without overleveraging.
• Adaptive Lot Sizing: Dynamic lots based on ATR and account equity—automatically scales position size.
• Hybrid Strategy Engine: Combines trend-following, mean reversion, and breakout modules in one EA.
• Session Filters: Choose specific trading sessions (e.g., London, New York) to maximize liquidity hours.
• Spread & Slippage Controls: EA won’t enter trades if spreads exceed user-defined thresholds.
• No Martingale & No Grid: Strict money-management prevents exponential risk—no dangerous averaging.
• Built-In News Filter: Automatically pauses trading during high-impact news events (you supply the economic calendar feed).
• Break-Even & Trailing Stop: Secure profits when trades move into the green—locks in gains.
• Equity Protection Mode: Stops trading if drawdown exceeds your limit (default 5%).
• Custom Alerts: Get push notifications, email pings, or pop-ups when trades trigger or milestones hit.
• Well-Documented Inputs: Every variable is commented—no guesswork, nothing hidden.
• Modular Code Structure: Add your own indicators or filters easily—just drop in new .mq4 files or adjust functions.
• Extensive Backtesting (2018–2024): Optimized on EURUSD, GBPUSD with tick data—results that actually matter.

Internal Links for Further Reading

• Check out the Gold Pullback Pro EA V1.0 MT4 if you’re curious how YoForex treats pullback strategies in MT4.
• For a volatility-focused alternative, browse the Hedge Risk Ratio EA V1.0 MT4.

Backtest Results & Proof

Elise EA Source Code V6.1 MQ4 isn’t just hype—it’s been put through its paces. Below is a summary of its 2018–2024 backtested performance on EURUSD M15 using realistic tick data:

• Timeframe: M15 (Jan 1 2018 – Dec 31 2023)
• Starting Capital: $10,000
• Sample Ticks: 2,000,000+
• Total Net Profit: $13,200 (132%)
• Max Drawdown: 4.6%
• Profit Factor: 2.3
• Sharpe Ratio: 1.92

Notice how the equity curve is smooth, with no wild spikes—Elise EA’s adaptive risk routines really keep drawdown in check. Below is an infographic summarizing risk versus reward metrics:

Live-Market Performance:
• Since Jan 2024 on a live account, Elise EA MQ4 has averaged +1.5% monthly on EURUSD M15.
• Real-money stats are public on Myfxbook: View Live Account.

How to Install & Configure

Download the Source Code

  • Visit the official MQL5.software page: Elise EA Source Code V6.1 MQ4.
  • Click “Download” and save the EliseEA_V6.1.mq4 (and optionally the compiled .ex4) to your PC.

Copy to MT4 Folder

  • Open MetaTrader 4.
  • Navigate to File → Open Data Folder → MQL4 → Experts.
  • Paste the EliseEA_V6.1.mq4 (or .ex4) file into this folder.

Compile (Optional)

  • If you have the .mq4, open MetaEditor: Tools → MetaQuotes Language Editor.
  • Under Experts, locate EliseEA_V6.1.mq4, double-click, and hit Compile.
  • Ensure the Compile tab shows “0 Errors, 0 Warnings” (warnings are okay but double-check critical issues).

Attach to Chart

  • Switch back to MT4, open the Navigator (Ctrl+N).
  • Under Expert Advisors, find EliseEA_V6.1.
  • Drag it onto your preferred chart (e.g., EURUSD M15).

Configure Inputs

  1. LotsMode = ATR_Dynamic (dynamic lot sizing).
  2. MaxDrawdownPercent = 5 (stop trading if equity drawdown exceeds 5%).
  3. TradingSessions = “London,NewYork” (only trade major sessions).
  4. SpreadThreshold = 2.0 (pips; EA will skip trades if spread > 2 pips).
  5. EnableNewsFilter = true; provide your chosen economic calendar feed URL (e.g., “https://www.investing.com/rss/news_1.rss”).
  6. MagicNumber = 6101 (unique ID for Elise EA).
  7. Verify Initialization
  • Check the Experts and Journal tabs at the bottom—if you see “EliseEA: initialized” and no critical errors, you’re set.
  • If there’s a red “X” instead of a smiley face, double-check your inputs and broker compatibility (some brokers block dll calls, but Elise EA doesn’t require any DLLs).

Why Choose Elise EA?

Surrounded by half-baked free EAs, Elise EA MQ4 stands out cos:

  • 100% Transparency: Full MQ4 source code—no hidden magic, you see everything.
  • Adaptive Hybrid Logic: Switches between trend and mean-reversion modules automatically.
  • No Subscription Fees: Download once, use forever—no recurring costs.
  • YoForex Reputation: Built by the YoForex dev team, who maintain a strong track record on MQL5.community forums.
  • Active Community: Join our Telegram group or forum threads to share performance tips and custom tweaks.
  • Extensibility: Add your own filters or indicators easily—just drop in your .mq4 modules.

While you’re here, also check out:

Support & Disclaimer

Stuck or found a bug? Ping us any time on WhatsApp or Telegram:

Elise EA MQ4 is provided as-is, free of charge. Please remember: past performance does not guarantee future results—always test on a demo account before going live. Trade responsibly and never risk more than you can afford to lose.

Disclaimer: Forex trading carries substantial risk. Elise EA MQ4 is a tool, not a magic formula. The developer and YoForex accept no liability for losses incurred.

Call to Action

Why wait? Download Elise EA Source Code V6.1 MQ4 now—it’s completely free! Inspect the code, tweak your settings, and watch your trading strategies run on autopilot. With lifetime updates and unlimited support, you’ve got nothing to lose (except those pesky subscription fees). Grab your copy today and start trading on your own terms!