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The McClellan Oscillator shows overbought and oversold trends in the market. When this market breadth indicator is positive it indicates money coming into the market and negative values indicate money leaving the market. The market is considered to be overbought when this indicator lies between 70 and 100 and oversold when the indicator lies between -70 and -100. Over 100 and below -100 are considered to be extremely overbought and oversold conditions, respectively.
The McClellan Oscillator is constructed as the difference between a fast and a slow exponential moving average of the daily market breadth (daily advancers - decliners within the stockworm database). The two parameters for this indicator are the fast and slow ema periods.
