McClellan Oscillator
Indicator Type: Standalone - Interactive Charts Only
The McClellan Oscillator is reported each day by many financial news services. Their reported value will almost always be different than our value because, as mentioned earlier, we use every stock on the NYSE. The overall trend of the indicator, however, will be the same.
The McClellan Oscillator is calculated by subtracting a 39 day exponential moving average (of advancing issues – declining issues) from a 19 day exponential moving average (of advancing issues – declining issues).
Advancing and Declining Issues, identified in the param name "Source," are tracked on Barchart.com using these symbols:
TotalStocks
$ADVT - https://www.barchart.com/stocks/quotes/$ADVT/interactive-chart
$DECT - https://www.barchart.com/stocks/quotes/$DECT/interactive-chart
You may also change the param "Source: to
select
NYSE Stocks
$ADVN - https://www.barchart.com/stocks/quotes/$ADVN/interactive-chart
$DECN - https://www.barchart.com/stocks/quotes/$DECN/interactive-chart
and
Nasdaq Stocks
$ADVQ - https://www.barchart.com/stocks/quotes/$ADVQ/interactive-chart
$DECQ - https://www.barchart.com/stocks/quotes/$DECQ/interactive-chart
It not only works as an overbought/oversold indicator, it works fairly well at making short-term trend changes when it crosses the zero line.
When plotted against a market index such as the S&P 500 ($SPX), you can see how the market reacted when large numbers of stocks were trading above or below their moving averages and what patterns to look for in the future.
Sample Chart:
Default Parameters:
- Period1 (19) - the period used for the first exponential moving average
- Period2 (39) - the period used for the second exponential moving average
- RatioAdjusted (No)
- Source (TotalStocks) - the Source determines which set of Barchart symbols are used in the calculation. Total Stocks, NYSE Stocks, or Nasdaq Stocks.
Source: https://help.tc2000.com/m/69404/l/750511-t2106-mcclellan-oscillator