McClellan Oscillator
This measurement is generally used for short to intermediate-term trading and emphasizes overly bought or sold markets based on the market indexes, such as the NYSE. It peovides insight regarding the overall strength of the market trend. It also determines the "market breath" which is the percentage of stocks that contribute in a market move. A market breath is exists when two-thirds of stocks in the exchange participating in the same movement. The McClellan Oscillator equals the difference between a 19-day EMA advances and declines minus the difference of a 39-day EMA advance and decline.
