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McClellan Oscillator and Summation Index
A market-breadth momentum oscillator built from advancing-minus-declining issues, plus a cumulative running total used to track longer-term breadth trends.
The McClellan Oscillator, developed by Sherman and Marian McClellan, is calculated from the difference between a shorter and longer EMA of advancing-minus-declining issues (a market-breadth measure of how many assets are rising versus falling), functioning as a breadth-based momentum oscillator.
The McClellan Summation Index is a running cumulative total of the Oscillator's daily values, used to track longer-term breadth trends rather than the shorter-term momentum the Oscillator itself captures. See Kaavon's dedicated article for the full calculation of both.
Examples
- The McClellan Oscillator applies a MACD-style, difference-of-two-EMAs calculation to breadth data (advancing minus declining issues) instead of to price.
- The McClellan Summation Index's cumulative nature makes it better suited to spotting longer-term breadth trends than the faster-moving Oscillator alone.