The McClellan Oscillator is the difference between two exponential moving averages of the advance decline spread. The time periods are typically 19 and 39 days.
The values of the indicator oscillate around zero, and generally range from -100 to +100. Overbought/oversold conditions are found above +70 and below -70.
Values above +100 or below -100 indicate the continuation of the current trend. Buy/sell signals are generated by zero line crossovers.
McClellan Oscillator and McClellan Summation were developed by Sherman and Marian McClellan.
Calculation:
ADV = The number of advancing issues
DEC = The number of declining issues
EMA = Exponentail Moving Average
Inputs:
Group = XU100
Indicates the portfolio, group or index.
Short Period = 19
Indicates short time period(the number of days for daily analysis, the number of weeks for weekly analysis, etc.).
Long Period = 39
Indicates long time period(the number of days for daily analysis, the number of weeks for weekly analysis, etc.).
Indicator Type: Market Breadth