| JUL 1993
Traders' Tips by Technical Analysis, Inc.
Traders' Tips by Technical Analysis, Inc. • THE MCCLELLAN OSCILLATOR AND SUMMATION INDEX The McClellan oscillator is the difference between a 19-day exponential moving average (EMA) and a 39-day EMA of the daily difference between the number of advancing issues and the number of declining issues on the NYSE. In Figure 1, the Excel spreadsheet calculates the difference between the advancing issues and the declining issues in column D. The formula for calculating the difference beginning with cell D2 is: =B2-C2 The smoothing process begins with column E. An exponential moving average uses the previous day's EMA in the calculation. To start calculating the EMA, begin with the raw data to be smoothed as the first day' EMA. In cells E2 and F2, the data is copied over from cell D2.
by Technical Analysis, Inc.
Technical Analysis of STOCKS & COMMODITIES
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