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BankNifty Modified McClellan Oscillator

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Oscillators Trend Analysis Breadth Indicators BANKNIFTY bankniftytrend bankniftytradesetup mcclellanoscillator
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oscillator trendanalysis breadthstudies banknifty bankniftytrend bankniftytradesetup mcclellanoscillator
The McClellan Oscillator developed by Marian McClellan is a useful breadth indicator because it describes the acceleration that takes place in the breadth numbers.
How to read McClellan Oscillator
  • A positive or negative value gives a simplistic bullish or bearish statement about the short-term trend of the market
  • Very low readings show oversold conditions
  • Very high readings show overbought conditions
  • Divergences are also important to look for as a sign that the strength of a trend is waning

Here same oscillator is rebuilded for BANKNIFTY using the difference between Capital weighted Up Volume and Down Volume instead of Advance - Decline.
Release Notes:
Updated default weights of banks as of 31st Dec'21
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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