Oscillator represents the difference between 19-day MA and 39-day MA, based on the values of McClellan RANA indicator.
It has three input parameters:
- Base currency - name of the base currency of symbols in the Market Watch for calculating the RANA.
- Fast MA period - fast MA period (19 by default);
- Slow MA period - slow MA period (19 by default).
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 = (Up - Dn)/(Up + Dn)
- Up - number of bullish candlesticks on all symbols;
- Dn - number of bearish candlesticks for all symbols.
It should be noted that, at the first launch or at switching the timeframe, the indicator will need some time to download the necessary history for all the symbols required.
Indicator RANA is not required for operation - it is calculated by the indicator independently.