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MetaStock
Indicator - McClellan
Oscillator
rev. 01/06/97
The McClellan
Oscillator, developed by Sherman and Marian
McClellan, is a market breadth indicator that is
based on the smoothed difference between the
number of advancing and declining issues on the
New York Stock Exchange. The McClellan Oscillator
is one of the most popular breadth indicators. Buy
signals are typically generated when the McClellan
Oscillator falls into the oversold area of -70 to
-100 and turns up. Sell signals are generated when
the oscillator rises into the overbought area of
+70 to +100 and then turns down.
Extensive coverage
of the McClellan Oscillator is provided in their
book Patterns for Profit.
To plot the
McClellan Oscillator, create a composite security
in The DownLoader™ of Advancing Issues minus
Declining Issues. Open a chart of the composite in
MetaStock™ and plot this custom indicator.
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Mov(CLOSE,19,EXPONENTIAL)
- Mov(CLOSE,39,EXPONENTIAL)
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