The McClellan Oscillator custom Metatrader 5 indicator is an oscillator that depicts the difference between 19-day moving average and 39-day moving average, in relation to the values of the McClellan RANA indicator.
There are three input parameters that are in display within the McClellan Oscillator MT5 indicator:
Base currency – this parameter defines the base currency symbol that appears within the Market Watch and gets used for calculating the RANA.
Fast MA Period – this explains the period for the fast moving average (set at a default value of 19);
Slow MA period – this explains the period for the slow moving average (set to a default value of 29).
The McClellan_Oscillator custom Metatrader 5 indicator uses the following calculations in its formula:
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 – represents the number of bullish candlesticks on the entire symbols;
Dn – defines the number of bearish candlesticks on all symbols.
When first launching or switching the timeframe of the McClellan_Oscillator MT5 indicator, it should be noted that the indicator needs around 20 secs to download the necessary history for the symbol of interest.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Base currency, First MA period, Slow MA period), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the McClellan_Oscillator.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)