Schaff Trend Cycle (MetaTrader indicator) | FREE Forex Trading Indicator
Schaff Trend Cycle (MetaTrader indicator) — is a cyclical oscillator that was created by calculating the stochastic over stochastic over a MACD line with cycles. As a result, the oscillator has been improved so that it is not choppy during trends and responds to changes very quickly. Doug Schaff created it on the assumption that currency trends accelerate and decelerate in cycles. In 2008, the algorithm was made public. Schaff Trend Cycle attempts to combine two distinct methods for determining trend direction changes — MACD and smoothed stochastic oscillator. The indicator’s value ranges between 0 and 100. Two trigger levels are used — 25 and 75. Optional alerts are available.
This indicator is available for MT4, MT5, and cTrader.
- MAShort (default = 23) — the period of the fast moving average for the MACD line calculation. Should be less than MALong.
- MALong (default = 50) — the period of the slow moving average for the MACD line calculation. Should be greater than MAShort.
- Cycle (default = 10) — the length of the cycle in chart periods. The resulting cycle is twice as long because two stochastics are calculated consequentially.
- ShowArrows (default = false) — if true, draws arrows above or below the respective bars where a signal is generated.
- UpColor (default = clrBlue) — color of the bullish signal arrow.
- DownColor (default = clrRed) — color of the bearish signal arrow.
- ShowAlerts (default = false) — if true, a display alert will be called when a signal is generated.
- SoundAlerts (default = false) — if true, a sound alert will be played when a signal is generated.
- EmailAlerts (default = false) — if true, an email alert will be sent when a signal is generated.
- PushAlerts (default = false) — if true, a push notification alert will be sent when a signal is generated.
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The most basic and obvious way to trade with this indicator is to sell when the line falls below level 75 and buy when it rises above level 25. Doug Schaff (author of Schaff Trend Cycle) suggests the following method to filter out more bad signals: for a buy signal, the bar following the trigger bar should close above the high of the trigger bar; for a sell signal, the bar following the trigger bar should close below the low of the trigger bar. The trigger bar is formed when the Schaff Trend Cycle rises above 25 or falls below 75.
Downloads (ver. 1.04, 2019-12-17)
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