Doug Schaff developed an interesting cyclical indicator for Forex trading several years ago. In 2008 he’s made it public. He presented a code of the indicator written for TradeStation EasyLanguage. Unfortunately, until now there weren’t any correctly converted versions for MetaTrader. I’ve found several variants of one code, which is neither correct nor full. From today, you can freely download the original Schaff Trend Cycle indicator for MetaTrader from EarnForex.com. The version converted by me has the following features:

* Works properly in MT4 and MT5.
* Calculates the indicator line for all the available bars but doesn’t recalculate old bars each tick.
* Works on any trading instrument and timeframe but is better used with daily charts.
* Doesn’t jump up or down during strong trends; detects the important changes promptly.

You can get the code of the MT5 and MT4 versions or read more info about this complex cyclical oscillator.

If you find any bugs in this MetaTrader indicator or if you want to make a suggestion regarding its functionality, please, use the commentary form below.