McClellan Oscillator

A market breadth indicator developed by Sherman and Marian McClellan in 1969. It is used to gauge the balance between advancing and declining stocks. The McClellan Oscillator is plotted by calculating the Exponential Moving Average (EMA) difference between Advancing Issues (stocks which gained in value) and Declining Issues (stocks which fell in value) over a 19 and 39-period respectively. McClellan Oscillator = 19-period EMA (Advances-Declines) - 39-period EMA (Advances - Declines). A reading above 100 indicates an overbought condition, while a reading below -100 is an oversold condition. A Buy signal is in place when the indicator falls between -70 and -100 and then moves upwards. Similarly, a Sell signal is triggered when the indicator moves above the overbought area between +70 and +100 and then declines.

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