McClellan Oscillator - Smoother - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources

The basic principle of this oscillator is that during medium-term overbought and oversold periods, the shorter moving averages tend to rise faster than the longer-term moving averages. However, if investors wait for the moving average to reverse, most of the price movement has already occurred. The ratio of two moving averages is much more sensitive than the ratio of a single moving average and will often reverse direction at the same time or before price reverses, especially when the ratio reaches extremes.

It should be used as described by the inventor of the oscillator, but I found that with this version, setting the multiplier to a higher value (see the second example with the multiplier set to 3), the zero crossing can be used as a signal on many occasions if used on a chart with the relevant base symbol

Attachment download

📎 mcclellan_oscillator.mq5 (12.1 KB)

Source: MQL5 #24346