# McClellan Summation Index - 1 Chart

This study calculates and displays the McClellan Summation Index (MSI) for the Price Data of a single chart. The MSI 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 $$MEMA^{(2)}_t(X,n)$$. The $$M$$ at the beginning of the function name stands for "McClellan", and the superscript $$(2)$$ serves to distinguish this average from a different average, $$MEMA^{(1)}_t(X,n)$$, which is used in the McClellan Oscillator - 1 Chart study.

$$MEMA^{(2)}_t(X,n)$$ is computed for $$t \geq 0$$ as follows.

For $$t = 0$$: $$MEMA^{(2)}_0(X,n) = X_0$$

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

Let $$C$$ be a random variable denoting the Close Price, and let $$C_t$$ be its value at Index $$t$$. The McClellan Summation Index - 1 Chart at Index $$t$$ is denoted as $$MSI_t$$, and it is computed as follows.

$$\displaystyle{MSI_t = \left\{ \begin{matrix} MSI_{t - 1} & C_t = 0 \\ MSI_{t - 1} + \left(MEMA^{(2)}_t(C,19) - MEMA^{(2)}_t(C,39)\right) & C_t \neq 0 \end{matrix}\right . }$$

#### Inputs

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