Amazing Forex (MetaTrader indicator) — is a cyclical oscillator created by calculating the stochastic over stochastic over a MACD line using cycles. The result is the improved version of the oscillator that isn't choppy during the trends and reacts to the changes very fast. It was developed by Doug Schaff, who assumed that the currency trends accelerate and decelerate in cycles. Its algorithm was made public in 2008. Schaff Trend Cycle tries to combine two different methods of determining the trend direction changes — MACD and smoothed stochastic oscillator. The value of the indicator fluctuates between 0 and 100. Two trigger levels are used — 25 and 75. You can download this indicator both for MT4 and MT5.
The simplest and most obvious way to trade using this indicator is to sell when the line drops below level 75 and buy when it rises above level 25. To filter out some more bad signals, Doug Schaff (the author of Schaff Trend Cycle) offers the following method: 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. Trigger bar is the bar formed at the same time as the Schaff Trend Cycle rose above 25 or declined below 75.