The Schaff Trend Cycle TEMA indicator for Metatrader 5 is a variation of the classic Schaff Trend Cycle indicator and works in a very similar way.
This version replaced the traditional exponential moving average by a triple exponential moving average.
How to use the indicator?
- As a standalone buy/sell technical indicator in ranging markets.
- Utilize together with a trend indicator in trending markets.
The following indicator inputs and parameters can be modified: Schaff period, fast tema period, slow tema period, smoothing period, price.
The Schaff Trend Cycle indicator using TEMA works for any Forex pair (majors, minor, exotics) and time frame.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live trading account.
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The following chart shows how the Schaff Trend Cycle TEMA indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Schaff Trend Cycle TEMA indicator?
Find a simple trading example below:
- A buy signal occurs when the green colored line appears in the indicator chart.
- Open a buy trade and add a protective stop loss order below support.
- Exit the buy trade for a fixed profit target, or reverse the trade when the orange colored line appears in the chart.
- A sell signal occurs when the orange colored line appears in the indicator chart.
- Open a sell trade and add a protective stop loss order above resistance.
- Exit the sell trade for a fixed profit target, or reverse the trade when the green colored line appears in the chart.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Schaff trend cycle – tema.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration