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Found the Schaff Trend Cycle in EasyLanguage, as released by Mr. Schaff himself.
It's a very fast reacting indicator, which might be valuable in a MTF system.
From the documentation:
"What is the STC?
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 trends accelerate and decelerate in a cyclical pattern that can reflect the dominant price cycle of any asset in any timeframe.
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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.
Why is the STC important? The STC has several benefits compared to its component indicators. It produces less whipsaw and fewer false signals than the MACD or Price Cycle oscillators. By combining the two, Schaff created an indicator that is more accurate and more adaptive than either original indicator is by itself.
The STC usually turns up or down earlier than the MACD crossover, highlighting prospective trend changes sooner. In sideways markets, the STC generally travels in a clear path from under 25 to over 75, making it easier to interpret than the MACD which has no maximum or minimum values. The STC is an improvement compared to Cycle Oscillators which can give out wrong signals when the dominant cycle changes in length. In a strongly uptrending market, for instance, a 20-bar Cycle can be absorbed and practically disappear into the longer rise to the top of a 40-bar Cycle. At those times a Cycle Oscillator set to the 20-bar cycle can give false signals, turning down in an accelerating bull market or rising into a rapidly declining bear market.
The STC adapts when the dominant cycle lengthens or shortens, and so often it identifies cycle tops and bottoms more accurately than fixed or multiple-length oscillators. In strong rising markets the STC moves up to its ceiling of 100 and can stay there, reflecting an extended bullish move, until the trend slows and prices begin a sideways or downwards retracement after the longer cycle peaks. Likewise, in strong bear markets the STC usually falls quickly to 0 and can remain there until trend slows and prices drop, confirming that a longer price cycle low has occurred."
