Changes

The McClellan Oscillator calculates the difference between Advancing Issues and Declining Issues, and then calculates two exponential averages of this difference. The difference between the 2 averages is then calculated and plotted on the chart. The difference between advancing issues and declining issues is known as market breadth. For example, if a stock market index is rallying but there are more issues declining than advancing, then the rally is narrow and much of the stock market is not participating.

The McClellan Oscillator uses averages and differences based on this data to gauge market breadth. To plot the McClellan Oscillator accurately, the The chart must contain both the Advancing Issues and the Declining Issues and the inputs must specify the correct DataN number for eachfor the McClellan Oscillator to be plotted accurately. Because As the McClellan Oscillator uses exponential averages, the numeric value of the McClellan Oscillator will depend on the data available in the chart.