McClellan Oscillator Calculator
Calculate the McClellan Oscillator and Summation Index from advances and declines data. Identify overbought/oversold market breadth conditions and breadth thrust signals.
Advances & Declines Data
Format: Advancing Issues, Declining Issues (comma separated)
Net Advances = Advances − Declines
McClellan = 19-day EMA(A-D) − 39-day EMA(A-D)
Summation Index = Cumulative Sum of McClellan
Market breadth is extremely strong. Consider taking profits or waiting for pullback.
Quick Reference
- • > +100: Overbought (potential pullback)
- • +50 to +100: Strong bullish breadth
- • -50 to +50: Neutral zone
- • -100 to -50: Strong bearish breadth
- • < -100: Oversold (potential bounce)
| Day | Advances | Declines | Net A-D | 19-EMA | 39-EMA | McClellan | Summation |
|---|---|---|---|---|---|---|---|
| 1 | 2,000 | 1,800 | +200 | 200.00 | 200.00 | +0.00 | +0 |
| 2 | 2,100 | 1,700 | +400 | 220.00 | 210.00 | +10.00 | +10 |
| 3 | 1,900 | 1,900 | +0 | 198.00 | 199.50 | -1.50 | +9 |
| 4 | 2,200 | 1,600 | +600 | 238.20 | 219.53 | +18.67 | +27 |
| 5 | 2,050 | 1,750 | +300 | 244.38 | 223.55 | +20.83 | +48 |
| 6 | 1,850 | 1,950 | -100 | 209.94 | 207.37 | +2.57 | +51 |
| 7 | 2,150 | 1,650 | +500 | 238.95 | 222.00 | +16.95 | +68 |
| 8 | 2,300 | 1,500 | +800 | 295.05 | 250.90 | +44.15 | +112 |
| 9 | 2,100 | 1,700 | +400 | 305.55 | 258.36 | +47.19 | +159 |
| 10 | 1,950 | 1,850 | +100 | 284.99 | 250.44 | +34.55 | +193 |
| 11 | 2,250 | 1,550 | +700 | 326.49 | 272.92 | +53.58 | +247 |
| 12 | 2,400 | 1,400 | +1,000 | 393.84 | 309.27 | +84.57 | +332 |
| 13 | 2,200 | 1,600 | +600 | 414.46 | 323.81 | +90.65 | +422 |
| 14 | 2,050 | 1,750 | +300 | 403.01 | 322.62 | +80.40 | +503 |
| 15 | 2,350 | 1,450 | +900 | 452.71 | 351.49 | +101.23 | +604 |
| 16 | 2,150 | 1,650 | +500 | 457.44 | 358.91 | +98.53 | +702 |
| 17 | 2,000 | 1,800 | +200 | 431.70 | 350.97 | +80.73 | +783 |
| 18 | 2,300 | 1,500 | +800 | 468.53 | 373.42 | +95.11 | +878 |
| 19 | 2,450 | 1,350 | +1,100 | 531.67 | 409.75 | +121.93 | +1,000 |
| 20 | 2,200 | 1,600 | +600 | 538.51 | 419.26 | +119.25 | +1,119 |
How to Use the McClellan Oscillator Calculator
- Enter Breadth Data: Input daily advancing and declining issues, one day per line, comma-separated. You can get this data from NYSE, NASDAQ, or other exchanges.
- Review the Oscillator: The McClellan Oscillator shows the difference between the 19-day and 39-day EMAs of net advances. Positive values indicate bullish breadth; negative values indicate bearish breadth.
- Check the Summation Index: The cumulative sum of the McClellan Oscillator provides a longer-term view of market breadth trends.
- Identify Extremes: Values above +100 suggest overbought conditions; below -100 suggest oversold conditions. Watch for breadth thrusts as potential trend signals.
What is the McClellan Oscillator?
The McClellan Oscillator is a market breadth indicator developed by Sherman and Marian McClellan in 1969. It measures the momentum of advancing versus declining stocks by calculating the difference between two exponential moving averages (19-day and 39-day) of net advances (advancing issues minus declining issues).
Unlike price-based indicators that focus on index levels, the McClellan Oscillator reveals the underlying health of the market by showing whether the majority of stocks are participating in a move. This makes it invaluable for confirming trends and identifying potential reversals.
McClellan Oscillator Formula
The calculation involves three steps:
- Net Advances: Calculate the difference between advancing and declining issues each day (A - D).
- Calculate EMAs: Compute the 19-day EMA and 39-day EMA of the net advances. The EMA formula uses a multiplier of 2/(period + 1).
- McClellan Oscillator: Subtract the 39-day EMA from the 19-day EMA. This gives you the oscillator value.
McClellan Summation Index
The McClellan Summation Index is the cumulative sum of daily McClellan Oscillator values. While the oscillator is a short-term indicator, the Summation Index provides a longer-term perspective on market breadth trends.
- Rising Summation Index: Indicates sustained bullish breadth and a healthy uptrend.
- Falling Summation Index: Indicates sustained bearish breadth and a weakening market.
- Zero Line Crossings: Crossings above or below zero can signal intermediate-term trend changes.
Interpreting the McClellan Oscillator
- Above +100 (Overbought): Extremely strong breadth. While bullish, the market may be due for a pullback or consolidation.
- +50 to +100 (Bullish): Healthy positive breadth momentum. More stocks advancing than declining.
- -50 to +50 (Neutral): No strong directional bias in market breadth.
- -100 to -50 (Bearish): Negative breadth momentum. More stocks declining than advancing.
- Below -100 (Oversold): Extremely weak breadth. While bearish, the market may be due for a bounce.
Breadth Thrust Signals
A breadth thrust occurs when the McClellan Oscillator moves rapidly from oversold territory (below -50) to overbought territory (above +50) within a short period. This rare signal historically precedes significant market rallies.
The famous "Zweig Breadth Thrust" looks for the 10-day EMA of advances/(advances + declines) to move from below 0.40 to above 0.615 within 10 days. While our calculator uses a simplified version, the concept remains the same: rapid breadth improvement is bullish.
Trading with the McClellan Oscillator
- Confirm Trends: Use the oscillator to confirm price trends. A rising market with positive breadth is more sustainable than one with negative breadth.
- Identify Divergences: When price makes new highs but the oscillator doesn't, it may signal weakening breadth and a potential reversal.
- Overbought/Oversold: Use extreme readings as potential entry or exit signals, but always confirm with other indicators.
- Zero Line Crossings: Crossings above zero can signal bullish momentum; crossings below zero can signal bearish momentum.
Where to Get Advances/Declines Data
- NYSE: The New York Stock Exchange publishes daily advancing and declining issues data.
- NASDAQ: Similar breadth data is available for NASDAQ-listed stocks.
- Financial Data Providers: Services like Bloomberg, Reuters, and free sources like Yahoo Finance provide historical breadth data.
- TradingView: The $ADV and $DECL symbols show advancing and declining issues.
FAQs
What is a good McClellan Oscillator reading?
A "good" reading depends on context. Positive values indicate bullish breadth, while negative values indicate bearish breadth. Readings between +50 and -50 are considered neutral. Extreme readings above +100 or below -100 often precede reversals.
How is the McClellan Oscillator different from RSI?
RSI measures price momentum of a single security, while the McClellan Oscillator measures market breadth—the number of stocks advancing versus declining. The oscillator shows whether the broader market is participating in a move, not just the index itself.
What is the McClellan Summation Index used for?
The Summation Index is the cumulative total of daily McClellan Oscillator values. It provides a longer-term view of market breadth trends and is useful for identifying intermediate-term market direction.
Why use 19-day and 39-day EMAs?
These periods were chosen by Sherman McClellan based on extensive research. The 19-day EMA captures short-term breadth momentum, while the 39-day EMA captures intermediate-term trends. The difference between them reveals changes in breadth momentum.
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