I've been a huge fan of the for a long time, but being based on the means its signals often lag by a bar or two (especially in fast moving markets). All I've done here is take the base script (all credit to user @LazyBear), and change the source to a modified .
The Cycle provides more timely entries and exits, often by 1-2 bars. The flip side of the increased responsiveness is a prevalence for more false signals (a perfect example is the 17th August on the above chart). It's the nature of the beast! Still, I've been using this for a few months now and it's (in my opinion) an upgrade on the standard .
As always, you will need to pair this with another indicator or method of to provide a trade bias, as the Cycle (and ) aren't designed to trade every signal. In my experience, either divergence identification, or using one or more moving averages works particularly well.
The indicator is also MTF capable, so you can get some interesting results from that.
Any queries let me know.
There are two types of repainting: "bad" repainting, and higher time-frame repainting.
In a nutshell, "bad" repainting is when the indicator uses past data to generate results. This is how you can get "perfect" looking indicators that pick every top and bottom with precision. They are completely unrealistic, as the indicator wouldn't have looked like that in real-time trading.
However, if you're using an indicator at a higher time-frame than your current chart (e.g. current chart H4, indicator Daily), then the indicator will repaint. It has to repaint, as the values are only "set" once the higher time-frame closes. In the earlier example, there are 6 H4 candles per Daily candle, and until the 6th candle closes and the Daily data is confirmed, the previous indicator values on the H4 time-frame can, and will, change (even though it looks like they've closed on your chart). This is more useful, as you can still get Daily data on a H4 chart, but you have to be wary of the recent indicator values. This is why MTF indicators are generally only useful for broader, market trend/sentiment type readings, rather than precise signals.
Hope that helps. It's a simple concept, but difficult to explain succinctly.