rathiabhi

BankNifty Modified McClellan Oscillator

The McClellan Oscillator developed by Marian McClellan is a useful breadth indicator because it describes the acceleration that takes place in the breadth numbers.
How to read McClellan Oscillator
  • A positive or negative value gives a simplistic bullish or bearish statement about the short-term trend of the market
  • Very low readings show oversold conditions
  • Very high readings show overbought conditions
  • Divergences are also important to look for as a sign that the strength of a trend is waning

Here same oscillator is rebuilded for BANKNIFTY using the difference between Capital weighted Up Volume and Down Volume instead of Advance - Decline.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

Comments

good dear, keep continue
Reply
what time frame we can use this algo , 1 day seems to less useful for inttraday traders
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out