Tioga is an FX robot that uses the night scalping method for small and steady returns. It uses the mean reversion method during the end phase of the US session. As per the developer, this FX EA does not use dangerous methods like averaging, Martingale, Grid, or other approaches. It works on the MT4 or MT5 platform and uses a fixed SL for each position.
Detailed Forex Robot review
Ozkan Kara is the author of this FX EA. He is from Turkey and has four years of experience in FX trading. He has two products and one signal to his credit. No contact info is provided for the developer other than the messaging option on the MQL5 site.
According to the developer, this trading tool works on all major currency pairs and he mentions his favorites as 11 pairs shown below:
The robot uses the M5 timeframe and a single chart can be used for all the pairs provided the input parameters are compatible. A minimum balance of $300 is recommended by the author. Other recommendations include the use of ECN brokers with low spread and low commission as the system works during the night session when liquidity is low. For leverage, the author states that all leverage can be used but he recommends leverage of more than 100.
Tioga strategy tests
The developer mentions the use of a mean reversion approach by the EA. Trades are executed only for 2 hours from 21:00 to 22.59 GMT (London Time). The MT5 tool holds only a single position at a time for a currency pair. As per the developer, the default parameters are recommended for all pairs and the system can be used by newbies and experienced traders. It works on VPS. We find the strategy explanation is insufficient and does not provide insight into the approach and its effectiveness.
A couple of backtesting results are posted on the official site. Here is one of the backtests:
From the above stats, we can see the EA had generated a net return of 113811.50 from an initial deposit of 3000 for a total of 1878 trades. For the test conducted from January 2021 to October 2021, the drawdown was 22.96%. Profitability of 99.15% and a profit factor of 5.84 were present for the account. From the results, we can see the profits are high and drawdown is low indicating a steady performance.
Demo account trading results
A demo USD account that started in September 2021 is provided by the developer on the MQL5 site. Here is a screenshot of the trading stats:
From the above info, we can see the account has achieved 33.33% growth. For an initial deposit of $1000, the system has generated a profit of $333.34 with 91.5% profit trades and a maximum drawdown of 12%. A total of 577 trades have been executed with a profit factor of 1.65. Compared to the backtesting result, we find the profit is not as high as seen in the backtests. But the drawdown is lower in the demo account. Stats from a real account would help in a better analysis of the results.
A festival discount of 60% is present for this FX EA until 4th January 2022 during which time you can buy it for $195. After 4th January, the price is $495. A rental option is present and costs $45 for a three-month rental. The developer does not provide info on the features available with the package. There is no mention of a refund offer. While the discounted price is affordable, the original amount is exorbitant when compared to the prevailing market rate.
We found four reviews for this FX EA on the MQL5 site with a rating of 4.25/5. Here are a few of the user testimonials:
From the feedback, we can see the users are happy with the results produced by the EA save for one user who claims the system has generated huge losses.
Tioga is a night scalper that assures steady but small returns with its mean reversion method. The live signal and backtesting reports show a well-performing system with low risk. However, no real account trading stats are available and the strategy explanation is insufficient. Furthermore, the product is exorbitantly priced and does not have a money-back guarantee.