McClellan Summation Index

Advances Declines

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McClellan Summation Index

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Description: Breadth Indicators, advance/decline issues, analysis, advances and declines, technical analysis.

The McClellan Summation Index was developed by Sherman and Marian McClellan and is a market breadth indicator that is based on the McClellan Oscillator which are based on the advance/decline data. The McClellan Summation Index is calculated as a running total of the McClellan Oscillator values:

Index = Previous Index's Value + Current McClellan Oscillator Value

Because of its cumulative nature, the Summation Index is slower than the McClellan Oscillator, respectfully it generates fewer signals. In technical analysis Summation Index is considered as a longer-term version of the McClellan Oscillator and is analyzed usually on the mid- and long-term frames in similar to oscillators way - by looking on bullish/bearish divergences, directional movement and centerline crossovers.

Chart 1: NASDAQ 100 Index (^NDX) - McClellan Summation Index

Nasdaq 100 McClellan Summation Index

V. K.

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