Schuff Trend Cycle - indicator for MetaTrader 5

Schaff Trend Cycle (STC) is a popular indicator commonly used to identify or confirm price direction and market turning points. It was created by Doug Schaff and is based on the assumption that currency trends accelerate and decelerate in a cyclical pattern that can reflect the dominant price cycle of any currency in any timeframe.

Schaff created the STC after trying to resolve the discrepancies that he observed between two widely used methods of determining trend:

• Moving Average Convergence and Divergence (MACD), the movement of two moving averages away from and towards each other.
• Price Cycles, the direction of the dominant price cycle as shown by various Smoothed Stochastics.

The STC is created by running a MACD Line (the difference between two exponential moving averages) through a Double Smoothed Stochastic algorithm. The resulting oscillator combines the benefits of trend and momentum indicators. In trending markets it moves between 0 and 100, rising when an uptrend is accelerating and falling when a downtrend is accelerating.In sideways markets the STC is used as a range-trading indicator and can be interpreted similarly to standard oscillators. That is, the STC can signal oversold conditions when it turns up from below the 25-Line, and overbought conditions when it turns down from above the 75-Line.

This indicator is the same as the original, with addition of the levels coloring (using some extra possibilities that are available in metatrader 5). If you wish to turn the levels coloring off, set the upper level to >= 100 and lower level to <= 0.

Also it is a MTF with alerts already.