CALCULATING THE McCLELLAN INDICATORS - Technical Anlaysis, Inc.
The McClellan oscillator can be used for measuring changes in momentum of price, volume,
advances and declines. The most common use is for measuring the momentum of the New York
Stock Exchange (NYSE) listing of the daily number of stocks that advanced and the number of
stocks that declined.
The calculation of the McClellan oscillator is a three-step process. First, determine the
difference between the number of stocks advancing and the number of stocks declining for each
day. This raw number is then smoothed with two exponential moving averages (EMA) to create
two different time series. The difference between these two time series is the McClellan