NYSE MCCLELLAN OSCILLATOR — Indicator by minorplanet2

The McClellan Oscillator is a breadth indicator derived from Net Advances, the number of advancing issues less the number of declining issues. The McClellan Oscillator is similar to a MACD for the Advance/Decline Line for the NYSE. Signals can be generated with breadth thrusts, centerline crossovers, overall levels and divergences.

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.

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Want to use this script on a chart?

study("NYSE MCCLELLAN OSCILLATOR")
ADV=security("ADVN",period,close)
DEC=security("DECN", period,close)
RANA=1000*((ADV-DEC)/(ADV+DEC))
MA1=ema(RANA,19), MA2=ema(RANA,39)
MCC=MA1-MA2
plot(MCC, color=black, title="MCL Osc", linewidth=3)
hline(0,color=black, linestyle=dotted, title="0 line")