McClellan Oscillator
The McClellan Oscillator AFL in Amibroker focuses on measuring market breadth based on advancing and declining issues. Utilizing amibroker data feed functionalities enables traders to assess market strength or weakness by analyzing the McClellan Oscillator’s movements. This AFL aids traders in understanding the overall market sentiment and making informed decisions based on breadth indicators.
/ // // The McClellan Oscillator, developed by Sherman and Marian McClellan, is a // market breadth indicator that is based on the smoothed difference between // the number of advancing and declining issues on the New York Stock // Exchange. The McClellan Oscillator is one of the most popular breadth // indicators. Buy signals are typically generated when the McClellan // Oscillator falls into the oversold area of -70 to -100 and turns up. Sell // signals are generated when the oscillator rises into the overbought area of // +70 to +100 and then turns down. Extensive coverage of the McClellan // Oscillator is provided in their book "Patterns for Profit" . // //------------------------------------------------------------------------------ /* McClellan Oscillator */ Graph0 = Ema( AdvIssues()-DecIssues(), 19 ) - Ema( AdvIssues()-DecIssues(), 39 );