Elli
Elli is an Expert Advisor that implements Elliott Wave-based trend following strategy in MQL5. It identifies wave patterns to determine trend direction and enters trades on corrective wave pullbacks. The EA uses wave counting logic to generate entry and exit signals systematically.
Open the interactive view (equity curve, symbol switch)Key facts
Backtest results (H1, about 1 year)
| Symbol | P&L | Annual | Max DD | Trades | Win rate | Sharpe | Recovery | Losing streak | Per trade | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| EURUSD | 0.00% | 0.00% | 0.00% | 0 | — | — | — | — | — | Not convertible yet |
| GBPUSD | 0.00% | 0.00% | 0.00% | 0 | — | — | — | — | — | Not convertible yet |
| USDJPY | 0.00% | 0.00% | 0.00% | 0 | — | — | — | — | — | Not convertible yet |
| XAUUSD | 0.00% | 0.00% | 0.00% | 0 | — | — | — | — | — | Not convertible yet |
Why this EA never traded: no entry rule survived the conversion.
Converted from MQL5 to Python and run with the same rules for every EA. Positions use MT5 lot sizes (100,000 units per FX lot, 100 oz per gold lot) with 1:100 leverage, one order at a time, and a stop-out below 10% of the starting balance. Sharpe is computed from the equity curve. Results marked as unreliable are shown for completeness only.
Blow-up risk: No blow-up pattern found
- Has no stop loss or trailing stop
On its own this is not a typical blow-up pattern, and the account was not stopped out in our backtests. That is not a guarantee: any EA can lose money.
High: stopped out in our backtest, or martingale/grid sizing without a stop loss. Elevated: martingale or grid sizing with a stop loss, or several positions at once without a stop loss. What the label means and what we found →
Strategy analysis
The core strategy of Elli EA is based on Elliott Wave Theory, identifying impulse and corrective waves to determine market trend direction. Entry conditions typically involve entering after the completion of Wave 2 or Wave 4 pullbacks, anticipating the impulse of Wave 3 or Wave 5. Exit conditions include wave count completion (end of Wave 5), stop-loss triggers, or reversal signals from technical indicators. Position sizing may dynamically adjust lot sizes based on wave degree and account equity, though specifics depend on parameter configuration. Money management recommends using a fixed risk percentage per trade to avoid excessive single-trade exposure. The strategy's strength lies in trend-following, but the subjective nature of wave counting can lead to inaccurate signals, requiring additional confirmation indicators to filter false entries.
Strengths
- Based on Elliott Wave Theory with clear trend-following logic and theoretical foundation
- Entering at corrective wave completions typically yields favorable risk-reward ratios
- Systematic execution eliminates emotional interference and maintains trading discipline
Weaknesses
- Wave counting is subjective and different traders may derive different wave interpretations
- Prone to false signals in ranging markets, potentially leading to consecutive losses
- Elliott Wave Theory lacks rigorous mathematical definition, making backtesting and verification difficult
Possible improvements
- Add multi-timeframe confirmation to improve wave identification accuracy
- Incorporate additional confirmation indicators (e.g., RSI divergence or MACD) to filter false signals
Risk assessment
Overall risk: Medium
- Ambiguity in wave counting may lead to entering trades in the wrong direction
- Without new bar checking, the EA may repeatedly open positions on the same signal
Evaluation scores
Parameters
| Parameter | Default | Description |
|---|---|---|
LotSize | 0.1 | Lot size per trade |
StopLoss | 50 | Stop loss in points, limits max loss per trade |
TakeProfit | 100 | Take profit in points, locks profit target per trade |
Timeframe | H1 | RSI timeframe, 0 for current chart period |
WavePeriod | 20 | Wave identification period parameter |
MaxPositions | 1 | Maximum positions |
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Backtests are historical simulations and do not guarantee future results. Not financial advice.