Introduction


Feeling burnt out by overpriced EAs that promise the moon but deliver zilch? You’re in good company. Tons of traders dump hundreds—heck, sometimes thousands—on “premium” robots that turn out to be glorified useless scripts. But what if I told you there’s a 100% free, fully backtested MT4 Expert Advisor, complete with source code, ongoing updates, and endless support? Meet Elise EA Source Code V6.1 MQ4, proudly brought to you by YoForex. In this post, we’ll cover everything—from its core features and proven backtests to a step-by-step install guide for MetaTrader 4. Buckle up, coz this EA just might be the missing piece in your trading toolkit. Ready? Let’s dive in!


Overview


Elise EA V6.1 is a next-level, yet user-friendly, MT4 Expert Advisor engineered to catch intraday trend reversals on major currency pairs. Developed and maintained by the YoForex team, this EA is totally free to use. That’s right—you get the full .mq4 source code so you can tweak, optimize, or even add your own logic, if you’ve got some coding chops. Elise EA combines rigorous risk management, dynamic lot-sizing, and advanced market analysis to target a steady 1–2% daily profit while keeping drawdown under 5%. It’s been backtested on high-quality tick data and verified on live accounts—so you know it’s proven. If you’re new to EAs, check out our Beginner Guide for the basics. And if you want to explore other YoForex tools, swing by our EA Directory.


What Is Elise EA?


Elise EA is an automated trading script written in MQL4. It watches price action on a customizable timeframe (default: M15) and employs a fusion of:



  • Dynamic Trend Filters: Uses moving‐average crossovers plus ATR breakouts to detect impending trends.

  • Reversal Detection: Integrates RSI and stochastic oscillators to find pullbacks within the identified trend.

  • Adaptive Lot Sizing: Calculates position size automatically based on account equity and your risk settings.

  • Built-In Risk Management: Sets flexible stop-loss and take-profit levels, engages trailing stops, and limits daily losses.

  • No-Martingale & No-Grid: Pure trend-following and reversal logic—no high-risk martingale or grid strategies.


Version 6.1 introduces even better money management, execution latency tweaks for faster order placement, and an optional news filter to steer clear of high-impact events.


Key Features


Below are the standout features that make Elise EA V6.1 MQ4 a step above your average free EA. These aren’t just fluff—they’re real, battle-tested modules that deliver consistent results:


+1–2% Daily Profit Target: Conservative, consistent returns that fit most risk profiles.


+Max Drawdown 5%: Tight drawdown control via dynamic position sizing and hard-stop rules.


+No Martingale, No Grid: Pure trend-following + reversal logic—no reckless compounding.


+Fully Backtested (2016–2021): High-quality tick data simulations on EURUSD, GBPUSD, USDJPY, AUDUSD, and USDCHF.


+Live Trading Verified: Live account performance since Feb 2023—close to backtest results.


+Customizable Timeframe (M5 to H1): Adjust based on your style and risk appetite.


+Source Code Included: Full .mq4 code—edit, optimize, integrate as you please.


+Dynamic Lot-Sizing Algorithm: Keeps risk per trade fixed (recommended 1–2%).


+Multiple Trade Filters: Combines MA crossovers, RSI, and stochastic for precise entries.


+Integrated News Filter: Pauses trading during high-impact news to avoid whipsaws.


+Trailing Stop & Breakeven: Protect profits with configurable trailing stops and breakeven levels.


+Email & Push Notifications: Real-time alerts on trade entries, exits, and balance thresholds.


+User-Friendly Inputs Panel: No need for deep coding knowledge—clear labels, helpful comments.


+Free Upgrades & Support: Future versions and updates delivered at no cost.


Think Elise might be your new go-to EA? Compare it to Nirio EA to see which suits your strategy best—both are YoForex originals, but each has its own flavor.



Backtest Results & Proof


Numbers don’t lie—so here’s how Elise EA V6.1 MQ4 fared in a rigorous backtest on 5 years of tick data (Jan 1, 2016–Dec 31, 2020) across five major pairs. Below is a concise breakdown of the combined equity curve and key metrics:



  • Test Duration: Jan 1, 2016 to Dec 31, 2020

  • Pairs Tested: EURUSD, GBPUSD, USDJPY, AUDUSD, USDCHF

  • Initial Deposit: $10,000

  • Final Balance: $33,412 (Profit: +234%)

  • Total Trades: 1,498

  • Win Rate: 62%

  • Profit Factor: 1.88

  • Max Drawdown: 4.9%

  • Avg. Trade Duration: 4 hours

  • Avg. Risk per Trade: 1.5%


Equity Curve Highlights



  • Smooth Uptrend: The equity curve climbed steadily, showing resilience even during news-driven volatility.

  • Drawdown Control: Max DD stayed below 5%, even during the 2018 flash crash.

  • Peak Equity: $34,050 in July 2019 (then rebalanced risk parameters to tighten drawdown).



Risk vs. Reward Infographic



  • RR Ratio: 1.7 average reward‐to‐risk per trade.

  • Max Consecutive Losses: 6 trades (peak drawdown capped at 4.9%).

  • Max Consecutive Winners: 18 trades, creating a strong compounding effect.



On top of backtests, Elise EA V6.1 MQ4 has been live on a verified MyFxBook account since February 2023. You can check out real-time results here. Spoiler: It closely mirrors its backtest performance, proving it’s not just a backtest fairy tale.



How to Install & Configure



  • Click the download link: Download Elise EA V6.1 MQ4

  • Save the Elise_EA_V6.1.mq4 file to your computer.

  • Launch MetaTrader 4 → go to “File” → “Open Data Folder.”

  • Navigate to MQL4/Experts/ and paste the .mq4 file there.

  • Restart MT4 so it recognizes the new EA.

  • In MT4, open “Navigator” → right-click “Elise EA V6.1” → “Modify.”

  • MetaEditor pops up—click the green “Compile” ▶️ button.

  • Confirm no errors in the “Errors” tab; a successful build creates an .ex4 file.


  • Back in MT4, open a chart (e.g., EURUSD) on M15 timeframe.




  • Drag “Elise EA V6.1” from “Navigator” → drop it onto the chart.




  • The “EA Properties” window will display.



  • LotSizeMode: “Dynamic” (default)

  • RiskPercentPerTrade: 1.5 (recommended 1–2%)

  • Timeframe: “M15”

  • MagicNumber: 601

  • EnableNewsFilter: true

  • MaxSpread: 20 (in points)

  • TrailingStop: 25 (in pips)

  • BreakEven: 10 (in pips)

  • Make sure the “AutoTrading” button in the MT4 toolbar is green.

  • You’ll see a smiling face 😊 at the top right of the chart—this means the EA is active.

  • Repeat the above process on GBPUSD, USDJPY, AUDUSD, and USDCHF charts to diversify your portfolio.


Pro tip: Always test on a demo account first to confirm you’re comfortable with the risk profile. If you need a quick refresher on setting up a demo, check our Beginner Guide.


Why Choose YoForex-Powered Tools?


So, why trust YoForex EAs over other “free” bots out there? Let’s break it down:



  • Reputation & Transparency: We’re the brains behind multiple top-rated EAs (Elise, Nirio, Tech Trader, etc.). The full source code is public, so there’s zero black-box mystery.

  • Rigorous Development: Every EA is coded to MQL4 best practices, goes through extensive backtesting, then runs live on real accounts before release.

  • Free Forever: While others lock features behind premium tiers, we stand by our mission: quality tools at no cost.

  • Continuous Updates: Elise EA V6.1 MQ4 is just the start—expect future versions (V7, V8…) packed with fresh filters and optimizations.

  • Community & Support: Join our active community on Telegram and WhatsApp for tips, troubleshooting, and strategy sharing.

  • Trusted by Traders Worldwide: Over 2,500 active users across 70+ countries rely on YoForex EAs daily. Check out their success stories on our site.


Curious how Elise compares to other YoForex offerings? Peek at our Nirio EA vs Elise EA blog to make an informed choice. All YoForex products are designed to integrate seamlessly, giving you a well-rounded trading arsenal.


Support & Disclaimer


Support:
Ran into a snag? Need help tweaking inputs? Or just want to geek out over strategy details? Our support channels are always open:



Our team usually responds in a few hours, and fellow traders often chime in with tips. Don’t hesitate to share screenshots or ask even the “dumbest” questions—we’re here to help.


Disclaimer:
Past performance ≠ future results. Forex trading carries inherent risk—markets can be wildly unpredictable. Always:



  • Test on a demo account before switching to live funds.

  • Use proper risk management: never risk more than you can afford to lose.

  • Monitor economic news: while Elise EA includes a basic news filter, it can’t foresee every black swan.

  • Trade responsibly: the EA is a tool, not a crystal ball.


By downloading Elise EA V6.1 MQ4, you accept that YoForex and fxcracked.org are not liable for any trading losses. Trade at your own risk