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:
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.