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The McClellan Oscillator is a very popular market breadth indicator often used by traders to gauge the general market sentiment. This indicator is derived from the Advance-Decline Line, which is simply the difference between the number of stocks that closed higher minus the number of stocks that closed lower.
The McClellan Oscillator main interpretations are as follows:
- When the McClellan Oscillator is positive, it generally means that the market is attracting money; when it is negative, market is repelling money.
- When the McClellan Oscillator reaches a very high value, this indicates that the market is overbought, when it falls at a very low value, this indicates that the market is oversold.
The McClellan Summation Index is the daily addition of the McClellan Oscillator, and it is mainly used for intermediate and long-term interpretation of the direction and strength of the stock market.
The daily historical data of these two breadth indicators as well as the NYSE McClellan volume summation index are downloaded by this item. Only the last 6 months data is available.
Three symbols will be added to your symbols database:
^mcc_ad_osc: NYSE McClellan Advance-Decline Oscillator
^mcc_ad_summation: NYSE McClellan Advance-Decline Summation Index
^mcc_volume_summation: NYSE McClellan Volume Summation Index
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
