The McClellan Oscillator is a market breadth indicator developed by Sherman and Marian McClellan.
It is calculated from Net Advances, which is the number of advancing issues minus the number of declining issues. Subtracting the 39-day exponential moving average of Net Advances from the 19-day exponential moving average of Net Advances forms the oscillator.
The McClellan Oscillator can be traded with breadth thrusts, centerline crossovers and divergences.
The original code was written by LazyBear - I just modified it to add together all advancing and declining issues from all stock exchanges (NYSE + NASDAQ + others), to make it available on the hourly time frame and also add alerts.
Versionsinformation
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Added the possibility of using only a percentage of each stock exchange's advancing and declining issues. You can do this in settings - for example you can use 100% of the NASDAQ advancing/declining issues, and 50% of NYSE. This is good for experimenting.
Thanks for this indicator! One question, though: If using this indicator on an index (e.g. the NASDAQ 100), does one run the McC indicator on all stock data or only on data of the securities which are actually listed within that index?
MApte
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What changes do we need to make to use it on Indian indices Nifty BANKNIFTY Finnifty mid cap small cap etc
Yetified_Mayhem
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Exactly what I was looking for. Thx for this!
Link77
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This is really useful and well put together, thanks for the effort!
Is US the S&P 500?
Jelicattens
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Hi! Is it possible to use for other indeces? Can I for example choose to imput another foreign index? (I trade from Sweden, we have OMX30)
Amazing job, is possible to adapt to have the value adjusted to how many stocks the indicator is using in total? I mean the sum of advance and declines. Like the adjusted Mcclellan Oscilator formula in this link: investopedia.com/terms/m/mcclellanoscillator.asp )
FNOSURE
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Sir can we update this indicator with volume wise advance and decline....that will show cash inflow and outflow.....by the use of stock components of index