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### McClellan Oscillator - 1 Chart

This study calculates and displays a McClellan Oscillator (MO) for the Price Data of a single chart. The MO is a market breadth indicator that is based on a smoothed difference between the number of advancing and declining issues on an exchange. This study is normally used on Historical charts.

Add this study to the chart of a symbol that indicates the Advancing Issues minus the Declining Issues. This data is provided with the Sierra Chart Market Statistics Data Feed. The symbol for the NYSE is **NISS-NYSE**. This study can be applied to a chart of the **NISS-NYSE** symbol.

This study uses a modified Exponential Moving Average, which we will denote as \(MEMA^{(1)}_t(X,n)\). The \(M\) at the beginning of the function name stands for "McClellan", and the superscript \((1)\) serves to distinguish this average from a different average, \(MEMA^{(2)}_t(X,n)\), which is used in the McClellan Summation Index - 1 Chart study.

If the **Use ABS Value** Input is set to No, then \(MEMA^{(1)}_t(X,n)\) is computed as follows.

If the **Use ABS Value** Input is set to Yes, then \(MEMA^{(1)}_t(X,n)\) is computed as follows.

Let \(C\) be a random variable denoting the Close Price. The **McClellan Oscillator - 1 Chart** at Index \(t\) is denoted as \(MO_t\), and it is computed as follows.

#### Inputs

**Use ABS Value**: This is a custom Input that determines the method of smoothing in the calculation of the MO.

#### Spreadsheet

The spreadsheet below contains the formulas for this study in Spreadsheet format. Save this Spreadsheet to the Data Files Folder.

Open it through **File >> Open Spreadsheet**.

*Last modified Thursday, 31st January, 2019.