McClellan Summation Index is a breadth indicator derived from McClellan Oscillator (www.tradingview.com/v/8YstxIAf/).
The Summation Index is simply a running total of the McClellan Oscillator values. Even though it is called a Summation Index, the indicator is really an oscillator that fluctuates above/below zero. As such, signals can be derived from bullish/bearish divergences, directional movement and centerline crossovers. A moving average can also be applied to identify upturns and downturns.
Indicator uses the advancing/declining stocks from NYSE by default, but you can change them to any market in the options dialog.
More info:
- www.mcoscillator.com...tor_summation_index/
- stockcharts.com...school/doku.php?id=chart_s...
Complete list of my indicators:
docs.google.com...ByMEvm5MLo/edit?usp=sharin...
The Summation Index is simply a running total of the McClellan Oscillator values. Even though it is called a Summation Index, the indicator is really an oscillator that fluctuates above/below zero. As such, signals can be derived from bullish/bearish divergences, directional movement and centerline crossovers. A moving average can also be applied to identify upturns and downturns.
Indicator uses the advancing/declining stocks from NYSE by default, but you can change them to any market in the options dialog.
More info:
- www.mcoscillator.com...tor_summation_index/
- stockcharts.com...school/doku.php?id=chart_s...
Complete list of my indicators:
docs.google.com...ByMEvm5MLo/edit?usp=sharin...
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
//
// @author LazyBear
// List of all my indicators:
// https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing
//
study("McClellan Summation Index [LazyBear]", shorttitle="MSI_LB")
advissues=input(defval="ADVN", title="Advancing Stocks Symbol", type=symbol)
decissues=input(defval="DECN", title="Declining Stocks Symbol", type=symbol)
isRA=input(true, title="Stockcharts version (Ratio Adjusted)?")
rm=input(defval=1000, title="RANA ratio multiplier")
useCTF=input(false, title="Use Custom Timeframe?"),
tf=useCTF?input("D", type=resolution, title="Custom Timeframe"):period
ai=security(advissues, tf, close), di=security(decissues, tf, close)
rana=rm * (ai-di)/(ai+di)
e1=isRA?ema(rana, 19):ema(ai-di, 19),e2=isRA?ema(rana, 39):ema(ai-di, 39)
mo=e1-e2,msi=nz(msi[1])+mo
hline(0, title="ZeroLine")
plot(msi<0?msi:0, style=area, color=red, title="MSI_Negative")
plot(msi>=0?msi:0, style=area, color=green, title="MSI_Positive")
plot(msi, style=line, color=black, title="MSI", linewidth=2)