The McClellan Oscillator by Richard Mogey
ARTICLE SYNOPSIS ...The McClellan Oscillator
by Richard Mogey
The earliest chartists used price data to evaluate markets and found that market prices continually
move from overbought to oversold and back again as if they were oscillating about an invisible, neutral
line. The need to learn when the market was overbought or oversold led analysts to search for ways other
than price to track the market. This led, in time, to the tracking of advances and declines. If a stock was
higher at the close than the previous day, it was said to advance. If it was lower, it was said to decline.
It became obvious, however, tha...