Schaff Trend Cycle (MetaTrader forex indicator) — is a cyclical oscillator created by calculating the forex stochastic over a MACD line using cycles. The result is the improved oscillator version that is not choppy during the market trends and reacts quickly to changes. It was developed by Mr. Doug Schaff, who assumed that currency market trends accelerate and decelerate in cycles. Its algorithm was made public in 2008. Schaff Trend Cycle combines two methods of determining the trend direction changes — forex MACD and smoothed stochastic oscillator. The value of the forex indicator fluctuates between 0 and 100. Two trigger levels are used — 25 and 75. Optional chart alerts are available. You can download this forex indicator for MT4, MT5, and cTrader.
Input parameters
Main
- MAShort (main default = 23) — the period of the fast-moving average for the MACD line calculation. It should be less than MALong.
- MALong (main default = 50) — the period of the slow-moving average for the MACD line calculation. It should be greater than MAShort.
- Cycle (default = 10) — the cycle length in chart periods. The resulting cycle is twice as long because two forex stochastics are calculated consequentially.
Alerts
- ShowArrows (main default = false) — if true, draw arrows above or below the respective bars where an entry signal is generated.
- UpColor (main default = clrBlue) — color of the bullish signal arrow.
- DownColor (main default = clrRed) — the bearish signal arrow color.
- ShowAlerts (main default = false) — if true, a showing alert will be called when an entry signal is generated.
- SoundAlerts (main default = false) — if true, a sound alert will be played when an entry signal is generated.
- Email alerts (main default = false) — if true, an indicator email alert will be sent when an entry signal is generated.
- PushAlerts (main default = false) — if true, a push notification alert will be sent when an entry signal is generated.
Example
Forex Strategy
The simplest and most obvious way to use this forex indicator in trading is to sell an entry when the line drops below level 75 and to buy an entry when it rises above level 25. To filter out some more bad entry signals, Mr.Doug Schaff (the creator of the Schaff Trend Cycle indicator) offers the following method: for a buy entry signal, the bar following the trigger bar should close above the high of the trigger bar; for a sell entry signal, the bar following the trigger bar should close below the low of the trigger bar. The trigger bar is the bar formed at the same time as the forex Schaff Trend Cycle indicator rose above 25 or declined below 75.
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Discussion
Warning! If you do not know how to set up this indicator, please read the MetaTrader Forex Indicators Tutorial.
Do you have any more suggestions or questions regarding this forex indicator? You can always discuss the Schaff Trend Cycle indicator with the other forex traders and MQL coders on the forex indicators forums.
