The Summation Index oscillator based on indicator McClellan_Oscillator that, in its turn, is based on the values of McClellan’s indicator RANA shows the values of McClellan_Oscillator, considering the values of the previous day.
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).
Calculations:
McClellan Summation Index = McClellan Oscillator + McClellan Summation Index of the previous day
where:
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.
