BankNifty Modified McClellan Oscillator

The McClellan Oscillator developed by Marian McClellan is a useful breadth indicator because it describes the acceleration that takes place in the breadth numbers.
How to read McClellan Oscillator

• A positive or negative value gives a simplistic bullish or bearish statement about the short-term trend of the market
  
• Very low readings show oversold conditions
  
• Very high readings show overbought conditions
  
• Divergences are also important to look for as a sign that the strength of a trend is waning
  

Here same oscillator is rebuilded for BANKNIFTY using the difference between Capital weighted Up Volume and Down Volume instead of Advance - Decline.

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Updated default weights of banks as of 31st Dec'21