McClellan_Summation_Index - MetaTrader 5 Script - MT4/MT5 Resource
Summation based on the indicator Oscillator Index McClellan Oscillator In turn, this is based on the value of the McClellan indicator Lana displays the value of McClellan_Oscillator, taking into account the previous day's value.
It has three input parameters:
McClellan Composite Index = McClellan Oscillator + Previous Day McClellan Composite Index
Where:
McClellan oscillator = (MA(RANA(19)) - MA(RANA(39))) * (fast MA period + slow MA period)
- MA(RANA(19)) - 19-day MA based on RANA;
- MA(RANA(39)) - 39-day MA based on RANA.
RANA = (upper - Dn)/(upper + Dn)
- Up - the number of bullish candlesticks on all symbols;
- Dn - the number of bearish candlesticks for all symbols.
It should be noted that when first launching or switching timeframes, the indicator will take some time to download the necessary history for all required symbols.
The indicator RANA is not required for operation - it is calculated independently by the indicator.
Attachment download
📎 mcclellan_summation_index.mq5 (18.22 KB)
Source: MQL5 #20691
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