I study with Todd online and have done his cycle exercise, pretty much daily, for years as my warmup. He actually has three different permutations. The regular cycle, stretch fingering and 4th finger. You are somewhat correct that it's running the scales and arpeggios up and down through the cycle, however as I recall he sells the packages at a very low price so I'd encourage you to purchase them and support his teachings. Todd is a great player, instructor and all around great guy. Running the cycle daily will improve your technique, fingerboard knowledge amongst other things.