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Technical Studies Reference


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.

\(\displaystyle{MEMA^{(1)}_t(X,n) = \left\{ \begin{matrix} X_0 & t = 0 \\ \left(\frac{2}{n + 1}\right)X_t + \left(\frac{2}{n + 1} - 1\right)MEMA^{(1)}_{t - 1}(X,n) & t > 0 \end{matrix}\right .}\)

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

\(\displaystyle{MEMA^{(1)}_t(X,n) = \left\{ \begin{matrix} X_0 & t = 0 \\ \left(\frac{2}{n + 1}\right)|X_t| + \left(\frac{2}{n + 1} - 1\right)MEMA^{(1)}_{t - 1}(X,n) & t > 0 \end{matrix}\right .}\)

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.

\(MO_t = MEMA^{(1)}_t(C,19) - MEMA^{(1)}_t(C,39)\)

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.

McClellan_Oscillator_-_1_Chart.176.scss


*Last modified Thursday, 31st January, 2019.