It's called the McClellan Oscillator.Developed by Sherman and Marian McClellan, the McClellan Oscillator is a breadth indicator derived from Net Advances, the number of advancing issues less the number of declining issues. Subtracting the 39-day exponential moving average of Net Advances from the 19-day exponential moving average of Net Advances forms the oscillator.
I should first thank Moh before putting this chart up as he advanced this chart to Viren who forwarded it to me. Thank you Moh.
The blue line in the charts is the Nifty spot and the brown shaded region is the indicator reading. The oscillator operates in a -80 to +80 region which are in itself extreme readings.
At -110 after yesterday's close, it has registered the most extreme reading in 5 months and is calling for a pull back.
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5 comments:
thnx moh..shai..viruuuuuuuu
can u update for may month ..lets compare again..
one more thing..whr is that nymo charts..are these interlinked..
Hi Shai,
Your interpretation is the actual value. Thanks for your useful post. Happy to share thoughts with you & Viren. Have a nice weekend! :)
Hi Manu,
NYMO is SnP500 McClellan Oscillator,
that is, this very oscillator applied to SnP.
Rather Shai & Viren have presented it to our Nifty itself for a better context.
btw, the down wick 46 of unitech replenished some of your losses from unitech earlier hopefully at 60 :)
hi mok..
thnx fr unitech..plz shai or u ..can u show a detailed nymo indicator for the month of may 2010 and jan 2008..if so by this evening..i will add intersting thing on it..msci ex japan index..
i wanna back test
manu,
one correction, NYMO is NewYork StkExchange McC Osc,
I put here the link for current below. Not able to get earlier one, [am sitting on a guest comp, so cannot do much now]
current NYMO chart
If i get back to my comp by this evening I will try for the data.
Have a great trading time.
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