Tioga Review: Is It a Good EA to Buy In 2022?

Tioga is a night scalping system that works on all major currency pairs. It uses the mean reversion approach during the closing part of the US session. As per the developer, Ozkan Kara, the system concentrates on generating small and consistent profits. 

The author Ozkan Kara is based in Turkey and has developed 2 products and one signal. He has more than 4 years of experience in developing FX trading tools. For support, the messaging option on the MQL5 site is the only method available. You can purchase this FX robot for $295. A rental option for one month costing $45 and a 3-month rental costing $95 are present. An annual rental option is also present for $195. A free demo account is available. The developer does not provide info on the features available with the package. There is no money-back guarantee which raises doubts about the reliability of the system. 

Key features

Some of the key features and recommendations for this FX EA that make it competitive as per the developer are:

• It works on 11 currency pairs namely AUDUSD, CHFJPY, EURAUD, EURCHF, EURGBP, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPUSD, and USDCHF pairs.
• The default settings are for the EURUSD pair.
• M5 is the recommended timeframe.
• It works on all ECN and standard accounts.
• The FX robot is compatible with all brokers.
• For leverage, the author recommends a value of more than 100.
• A minimum deposit of $300 is recommended.

Tioga trading approach

As per the developer, the ATS enters trades for just two hours starting from 21:00 to 22:59 GMT (London Time). It holds one position at a time for each of the recommended pairs. Its direction of entry is based on the mean reversion approach. It works on VPS effectively. The author states that the expert advisor does not use dangerous methods like the grid, averaging, Martingale, and other dangerous methods. It uses a fixed SL for each position.

Backtesting results

A backtesting result is present for the FX EA on the MQL5 site. Here is a screenshot of the result:

From the above report, we can see that the backtest was done from January 2021 to May 2022. An initial deposit of $2000 generated a total net profit of $56,906. A total of 2981 trades have been executed with profitability of 92.79% and a profit factor of 4.13. The drawdown for the account was 10.92%. From the results, it is clear that the profits are high and the drawdown is low denoting a low risk and effective approach. 

Tioga live trading results

 A live real USD account using the Alpari broker and the leverage of 1:500 is shown on the MQL5 site. Here is a screenshot of the trading stats:

From the trading info, we find that the account shows 5.84% growth since it started in February 2022. A loss of $42.96 is present with a balance of $457 for the initial deposit of $900. The maximum drawdown is 12.4%. For a total of 402 trades, the profitability is 92.03% and the profit factor is 0.87. 

From the growth curve, we can see that a major part of the growth was achieved in one day which makes the results random. Further, comparing the backtesting stats with the real trading, we find that although the drawdown is low denoting a low-risk approach, the loss of money in the real trading indicates poor money management and an ineffective approach.

What are the risks with Tioga?

Some of the main factors that influence the reliability and safe use of this FX EA are:

• Real trading results show a loss of money
• No money-back guarantee 
• Expensive pricing 

Worth noting!

Unfortunately, we could not find user reviews for the FX EA on reputed third-party sites like Forexpeacearmy, Trustpilot, etc. 

What are the pros & cons of investing in Tioga?

While the low drawdown indicates low risk, the losses in real trading, the expensive pricing, and the lack of a refund are major hitches that we identified in the system.