# 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.