what is the mcclellan oscillator 
the mcclellan oscillator is a market breadth indicator that is based on the difference between the number of advancing and declining issues on a stock exchange such as the new york stock exchange nyse or nasdaq 1the indicator is used to show strong shifts in sentiment in the indexes called breadth thrusts it also helps in analyzing the strength of an index trend via divergence or confirmation the formula for the mcclellan oscillator isthere are two formulas for the mcclellan oscillator the original formula and one that adjusts for changes in the number of stocks listed on the stock exchange the adjusted formula allows for a better comparison of values over longer periods of time 2mcclellan oscillator 19 day ema of advances declines 39 day emaof advances declines 19 day ema current day advances declines 0 10 prior day ema39 day ema current day advances declines 0 05 prior day emaadj mcclellan oscillator 19 day ema of ana 39 day ema of ana adj net advances ana advances declinesadvances declines19 day ema current day ana prior day ema 0 10 prior day ema39 day ema current day ana prior day ema 0 05 prior day ema begin aligned text mcclellan oscillator text 19 day ema of advances text declines text 39 day ema text of advances text declines text 19 day ema text current day advances text declines 0 10 text prior day ema text 39 day ema text current day advances text declines 0 05 text prior day ema text adj mcclellan oscillator text 19 day ema of ana text 39 day ema of ana text adj net advances ana frac text advances text declines text advances text declines text 19 day ema text current day ana text prior day ema 0 10 text prior day ema text 39 day ema text current day ana text prior day ema 0 05 text prior day ema end aligned mcclellan oscillator 19 day ema 39 day ema adj mcclellan oscillator adj net advances ana 19 day ema 39 day ema 19 day ema of advances declines 39 day emaof advances declines current day advances declines 0 10 prior day ema current day advances declines 0 05 prior day ema 19 day ema of ana 39 day ema of ana advances declinesadvances declines current day ana prior day ema 0 10 prior day ema current day ana prior day ema 0 05 prior day ema 