McClellan Oscillator – Ratio Adjusted

ThinkScripter — Fri, 15 May 2009 15:47:53 +0000

I got tired of heading over to other sites to see the McClellan Oscillator so I coded this one up. The only rub appears to be a TOS data issue in that this study needs to be plotted on a daily chart of a market internal such as $TICK, $UVOL, etc. If you try to plot it on an equity or future, the line is no longer correct.

McClellan Oscillator - Ratio Adjusted

# TS_McClellanOscillator
# (c) 2009 http://www.thinkscripter.com
# thinkscripter@gmail.com
# Last Update 14 May 2009
#
# **** NOTE: This indicator must be run on a chart
# **** of a market internal such as $TICK to work properly

declare lower;

def EMA19 = expAverage(1000*(close("$ADVN") -close("$DECN")/(close("$ADVN")+close("$DECN"))),19);
def EMA39 = expAverage(1000*(close("$ADVN") -close("$DECN")/(close("$ADVN")+close("$DECN"))),39);

plot MCO = EMA19-EMA39;
MCO.setDefaultColor(color.red);
plot zero= 0;
zero.setDefaultColor(color.white);

ThinkScripter » McClellan Oscillator

McClellan Oscillator – Ratio Adjusted