The McClellan Oscillator is a powerful tool that traders can utilize in MetaTrader 5. It calculates the difference between a 19-day moving average (MA) and a 39-day moving average, using data from the McClellan RANA indicator.
This oscillator has three key input parameters:
- Base Currency: This defines the base currency of the symbols in your Market Watch for RANA calculations.
- Fast MA Period: The period for the fast MA, which defaults to 19.
- Slow MA Period: The period for the slow MA, also defaulting to 39.
Now, let’s break down the calculations:
McClellan Oscillator = (MA(RANA(19)) - MA(RANA(39))) * (Fast MA period + Slow MA period)
Where:
- MA(RANA(19)): This is the 19-day moving average based on the RANA indicator.
- MA(RANA(39)): This is the 39-day moving average based on the RANA indicator.
RANA = (Up - Dn) / (Up + Dn)
- Up: The total number of bullish candlesticks across all symbols.
- Dn: The total number of bearish candlesticks across all symbols.
It's important to note that when you first launch the indicator or switch timeframes, it will take some time to download the necessary historical data for all relevant symbols.
Also, you won’t need the RANA indicator to be separately implemented; the McClellan Oscillator calculates it independently.
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