UK Accounting Glossary
The McClellan Summation Index is more suited to major trends.
The McClellan Summation Index is the ongoing sum of the daily McClellan Oscillator. The two parameters for the oscillator are the slow and fast Exponential Moving Average periods which are used to compute the McClellan Oscillator values.
McClellan Oscillator = EMA (#Advancing – #Declining),19) – EMA (#Advancing issues – #Declining),39)
The McClellan Summation Index is a market breadth indicator which indicates a bull market beginning at the trough (minimum point) of the index and ending at the index peak. A bear market is indicated from the peak to the trough of the index.
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This glossary post was last updated: 23rd March 2020.