Elise EA MT4 V6.2.04 will feel like a breath of fresh air. It’s engineered for discipline: trend-first logic, ATR-aware risk, and confirmation entries so you’re not chasing every wiggle. When conditions are messy, Elise simply… skips. No martingale, no grid “recovery,” no drama—just steady, rules-driven automation you can audit, tweak, and actually trust.


Below you’ll find the full, trader-first tour: what Elise does, what’s new in v6.2.04, suggested settings, install steps, testing notes, a practical risk playbook, FAQs, and ready-to-paste meta data for your CMS.


What Is Elise EA MT4 V6.2.04?


Elise is a MetaTrader 4 Expert Advisor designed to capture trend–pullback–continuation moves with strict execution filters. It lives by three gates:



  1. Directional bias (trade with the flow, not against it)

  2. Volatility sanity (ATR-based stop logic so you’re not forced into silly-wide SLs)

  3. Structure confirmation (break–retest, decisive close, or clean engulf)


Best markets & TFs



  • FX majors: EURUSD, GBPUSD, USDJPY (primary focus)

  • Gold (optional): XAUUSD for users with solid execution

  • Timeframes: M15–H1 for majors; M30–H1 for gold (balances costs vs. quality)


Who it’s for
Traders who want non-martingale automation, transparent logs, and fewer but cleaner trades. If you like calm compounding over fireworks, you’ll vibe with Elise.



What’s New in V6.2.04



  1. Sharper trend baseline: Filters more counter-trend chop before entries.

  2. Improved ATR gating: Smarter skip logic when implied SL is too wide/tiny for your risk.

  3. Refined confirmation engine: Better recognition of break–retest / decisive close sequences.

  4. Partial-TP & trailing polish: Trailing engages post-+1R more intelligently.

  5. Equity guard upgrades: Smoother pause/resume behavior after DD thresholds.

  6. Slippage/Spread guard: Faster veto when execution turns hostile.

  7. Magic/Order hygiene: Cleaner MagicNumber routing across multiple charts.

  8. Logging clarity: Human-readable reasons for entries, exits, and vetoes (great for optimization).

  9. Micro fixes: Rounding on partial closes, minor memory footprint trims, more stable re-init on MT4 restarts.


Key Features (At a Glance)



  1. Confluence engine: Direction → Volatility → Structure

  2. ATR-aware SL/TP: Stops sized to current conditions, not guesswork

  3. No martingale, no grid: Optional light scale-ins to winners only, on new confirmation

  4. Equity guard & daily stop: Auto-pause new entries if floating DD or daily loss hits your ceiling

  5. Spread/slippage caps: Hard veto when costs spike

  6. Session/news windows: Favor London/NY overlap; optionally block around CPI, NFP, FOMC

  7. Readable logs: You’ll know why a trade happened (or didn’t)



Strategy Logic — Under the Hood


1) Direction First
A dual-MA baseline (medium + slow) plus a momentum nudge decides if longs or shorts are even allowed. Fighting the tide is optional (but not recommended).


2) Volatility Gate (ATR)
Elise sizes SL via 1.5×–2.5× ATR (configurable). If implied SL is absurdly wide—or unrealistically tiny—she skips. You’re not forced into bad math.


3) Structure Confirmation
No confirmation, no trade. Elise wants proof:



  • Break–retest continuation, or

  • Decisive close beyond a micro-level, or

  • Clean engulf that clears prior indecision.


4) Lifecycle Management



  • Risk as % of equity (not random lots)

  • Partial close around +1R (configurable)

  • Trail remainder behind ATR/swing

  • Optional light scale-in on fresh confirmation (never to rescue losers)


Recommended Settings (Starter Template)


Environment



  • Broker: ECN/Raw-spread with consistent liquidity

  • VPS: Strongly recommended (stability + low latency)

  • Leverage: 1:200–1:500 (leverage ≠ edge; position sizing is)


Symbols & Timeframes



  • EURUSD / GBPUSD / USDJPY: M15–H1 (H1 cleaner, M15 more active)

  • XAUUSD (optional): M30–H1 to offset spreads/slippage on gold


Risk Controls



  • Risk per trade: 0.5%–1.0% (beginners start 0.5%)

  • Max concurrent positions (all charts): 3–5

  • Max scale-ins per symbol: 1–2 (winners only)

  • Daily loss stop: 2%–3% (auto-pause for the day)

  • Equity guard (floating DD): 5%–8% (pause new entries until recovery criteria)


Execution Filters



  • Max spread: set per symbol (e.g., EURUSD ≤ 15–20 points; XAUUSD ≤ 35–60 points—broker dependent)

  • Max slippage: 1–3 points (align to your tick size)

  • Sessions: Prioritize London/NY overlap; avoid rollover

  • News block: 10–15 min before/after high-impact releases


Stops & Targets



  • SL: 1.5×–2.5× ATR or beyond last clean swing

  • TP: 1.5R–2.0R baseline; partial at +1R, then trail remainder


Installation & Setup (MT4)



  1. Copy Elise_EA_V6_2_04.ex4 to MQL4/Experts/ (MT4 Data Folder).

  2. Restart MT4 → confirm under Navigator → Experts.

  3. Enable AutoTrading (toolbar).

  4. Attach Elise EA to the target chart (one symbol per chart).

  5. Load your preset or apply the starter template above.

  6. Allow DLL imports only if you’re using a news/calendar module.

  7. Forward-test on demo for 1–2 weeks to validate spreads, slippage, and broker quirks.


Backtesting & Forward Testing



  • Use tick-quality data with variable spreads; fixed-spread BTs look too pretty.

  • Mark macro event timestamps (CPI/NFP/Fed) to understand slip risk—even if you don’t block them.

  • Test across multiple months/regimes (trend, range, high vol) to see when Elise skips—that selectivity is part of the edge.

  • Forward test on a VPS to mirror actual fills and latency.


Risk Management Playbook (Pin This)



  • Small, constant risk (0.5%–1.0%) beats yolo-sizing—always.

  • Respect circuit breakers: daily stop + equity guard protect the month.

  • Costs rule outcomes: if spreads/slippage creep up, reduce risk or pause.

  • Avoid curve-fit fever: those “perfect” params usually break out-of-sample.

  • Withdraw periodically (if live) to keep effective risk aligned as equity grows.


FAQs


Does Elise use martingale or a recovery grid?
No. Elise may lightly add to winners on fresh confirmation within your exposure cap. It never averages down losers.


Will it trade every day?
No guarantees. Skipping bad conditions is part of the edge.


Minimum deposit?
Demo any size. For live, many start $500–$1,000 with 0.5% risk and a VPS, then scale gradually.


Best timeframe?
H1 is calmer and more cost-tolerant; M15 is more active but spread-sensitive. For gold, M30/H1 usually balances quality vs cost.


Disclaimer


Trading Forex/CFDs involves risk. Past performance is not indicative of future results. Always forward-test on demo, size conservatively, and never trade funds you can’t afford to lose.


Call to Action


Ready for calmer automation that waits for trend, volatility, and structure to align? Install Elise EA MT4 V6.2.04, run the starter template on demo, and watch it across sessions. When fills and behavior look steady, go live gradually—tight risk, tight rules, and let Elise’s confluence do the heavy lifting.


Happy Trading