McClellan oscillator
The momentum of market breadth: a fast average of advance–decline minus a slow one.
Formula
Oscillator = EMA₁₉(ADD) − EMA₃₉(ADD)
How to read it
Above 0: breadth is improving. The summation index adds the oscillator up over time.
How to use it
Breadth momentum: a turn in the oscillator often leads a turn in the index.
In Kereon
Market. Over this server's own record of ADD readings, not daily exchange closes, so it needs a history to accumulate before it reads.
Also called: mcclellan, mcclellan oscillator, oscillator, summation.